At the Foreign Investors Council in Latvia (FICIL), we have long been at the forefront of shaping Latvia’s economic landscape, particularly through our continuous efforts to safeguard investments. Since our establishment in 1999, the Investment Protection Work Group has played a pivotal role in enhancing investor confidence by driving essential legislative and regulatory reforms, promoting efficiency and fairness in the judicial system, and strengthening fair competition – the cornerstones of a stable and attractive environment for foreign investors.
The Group is led by Māris Vainovskis, Head of M&A and Commercial, Banking, and Finance at Eversheds Sutherland Bitāns, alongside Māris Butāns, Senior Manager at PwC Legal Latvia and sub-group leader on Fair Competition & Public Procurement, and Daiga Zivtiņa, Co-Head of Dispute Resolution Practice at Ellex in Latvia, an sub-group leader on Court Efficiency and Digitalization. Under their leadership, over the past five years, FICIL has provided more than 32 recommendations, 53% of which have been fully or partially adopted by the government. These recommendations have facilitated business activities, ensured the protection of rights, and expedited dispute resolution, ultimately strengthening the investment climate in Latvia.
One of the most significant achievements of the Work Group has been the establishment of the Economic Affairs Court, a transformative step in reinforcing investor confidence and streamlining the resolution of commercial disputes. FICIL has also played a key role in advancing Latvia’s legal and regulatory framework, ensuring greater transparency, predictability, and fairness in business operations. Furthermore, the Group has been a strong advocate for court digitalization, increasing accessibility, reducing administrative burdens, and improving overall judicial efficiency.
Reflecting on these accomplishments, Māris Vainovskis highlights FICIL’s significance:
“The establishment of the Economic Affairs Court is a milestone achievement for FICIL and the Investment Protection Work Group. Alongside leadership in insolvency law amendments, arbitration court reform, and numerous improvements to modernize Latvia’s commercial, civil, and administrative procedure laws, this reflects our dedication to a stronger, more predictable business environment. We take pride in having played a key role in these developments, demonstrating that consistent and constructive dialogue between investors and policymakers leads to meaningful change.”
Recognizing the crucial role of an efficient judiciary, we have continued to advocate for specialized courts capable of handling complex commercial disputes with greater expertise and efficiency. Additionally, our commitment to public procurement reform remains vital in ensuring fair competition. By pushing for centralized procurement across public sector institutions and enhancing the competencies of procurement professionals, we strive to create a level playing field for all businesses. These improvements not only enhance the quality of goods and services but also ensure the efficient use of public resources, further strengthening Latvia’s competitive edge.
On the topic of judicial efficiency and accessibility, Daiga Zivtiņa underscores the importance of trust in the legal system:
“Access to a fair trial and trust in the court system is crucial both for local companies and investors to plan their business development and investments in Latvia. Constant improvements in procedural regulation have fostered accessibility to the state courts, and the recent arbitration reform in Latvia is an excellent opportunity for businesses to solve their cases faster and in a cost-efficient way based on internationally accepted standards.”
Fair competition is at the heart of investment attraction and economic development. Ensuring a free, open, and fair market is key to fostering innovation, productivity, and sustainable growth. As Māris Butāns explains:
“Free, open, and fair competition is the key to innovation, productivity, and investment. While we support choice, diversity, quality, and value, we resist barriers, inefficiencies, and rule-breakers. The ability of the competition authority to protect, foster, and safeguard this competition allows honest businesses to create and grow fairly.”
The impact of these efforts is widely recognized, including by Latvia’s Minister for Justice, Inese Lībiņa-Egnere, who commends FICIL’s contributions:
“I highly value the ongoing cooperation between the Foreign Investors’ Council in Latvia (FICIL) and the Ministry of Justice. The recommendations made by the Foreign Investors’ Council have both promoted and supported the reforms driven by the Ministry of Justice in strengthening the rule of law and the investment environment. We can be proud that Latvia has become one of the leaders in the European Union in providing digital solutions and an accessible judicial system, as recognized in the European Commission’s 2024 Rule of Law Report. I am pleased that the Foreign Investors’ Council has been present for 25 years in enhancing judicial efficiency, creating an increasingly attractive business environment for investments, and I believe in continued successful cooperation in the future!”
By diligently promoting essential reforms, the FICIL Investment Protection Work Group has been a key force in strengthening Latvia’s investment climate and economic stability. But our mission does not end here. We remain committed to driving change, fostering a fair and transparent business environment, and ensuring Latvia continues to be an attractive and secure destination for investors. We will keep advocating, innovating, and working tirelessly to shape a stronger, more competitive Latvia – now and for the future.
