Zlata Elksniņa-Zaščirinska, the FICIL Chairperson of the Board, recently gave an interview to Dienas Business (DB) publisher, commenting on the TOP 60 foreign companies featured in the annual DB TOP 500+ publication. She emphasized the crucial role of the foreign companies for Latvia’s economic growth and export, and of the country’s significant, yet untapped, economic potential!
Zlata pointed out that the retail and wholesale industry are currently widely represented by international brands, ensuring availability of a broad range of consumer goods and fostering regional supply chains. Meanwhile, the foreign companies that represent the manufacturing industry have been enhancing Latvia’s export capabilities and boosting added value creation in such industries, as construction materials, woodworking, packaging, and technological innovation.
In comparison to its Baltic neighbors, Latvia experiences a lower speed of attraction of the foreign investment. In 2022, Latvia’s foreign direct investments totaled at €22.6 billion, thereby falling behind Estonia’s €32.8 billion and Lithuania’s €29.7 billion. In this context, Zlata stressed that FICIL (Foreign Investors’ Council in Latvia) advocates for a comprehensive economic transformation strategy, which would improve the entrepreneurial climate, clearly outline Latvia’s competitive advantages and key priorities that will boost investment attraction and overall competitiveness. Among the key measures that would support such transformation are listed the reduction of the shadow economy, improvement of workforce skills, digitalization and public sector efficiency. In view of FICIL, transparent corporate governance and result-driven budgeting are critical for fostering trust and creating a favorable business environment.
During the High Council meeting that took place in September this year, the Prime Minister of Latvia, Evika Siliņa, has acknowledged the importance of the foreign investors for the Latvian economic growth and development. To ensure greater attractiveness of Latvia as an investment destination, FICIL calls for tangible progress in addressing systemic challenges that affect entrepreneurship and economic growth. With strategic reforms and collaborative efforts, Latvia can unlock its potential and strengthen its position in the global market.