In a series of meetings this November, the Foreign Investors’ Council in Latvia (FICIL) engaged in fruitful discussions with the Ambassador of Denmark, Mr. Morten Jespersen, and the Ambassador of Finland, Ms. Anne Saloranta, and the Ambassador of France, Mr. Manuel Lafont Rapnouil.
These discussions provided a platform for collaboration, offering an opportunity to showcase FICIL’s strategic priorities, learning about agendas of the embassies, while exploring opportunities for joint action. These meetings were instrumental not only in highlighting challenges faced by the foreign companies operating in Latvia, but also in indicating effective ways to address them. It has been agreed that transparency and clarity of the government strategies, efficiency of the public sector, combatting shadow economy and human capital development are critical for making Latvia a more attractive destination for foreign investment.
Throughout these discussions, a consistent theme was the recognition of Latvia’s untapped potential. The shared optimism between FICIL and the ambassadors underscored a collective commitment to turning challenges into opportunities and supporting the Latvian government in making necessary improvements. Workforce development, sustainability, energy independency, public sector reform and innovation are seen not as isolated priorities, but as interconnected pillars essential to Latvia’s progress. By addressing these priorities collaboratively, Latvia can unlock significant economic and social gains, and to re-establish itself as the most attractive place for investment among the Baltic States.
Among the current key opportunities that both FICIL and the ambassadors identified is to utilize significant investments in the defence sector to stimulate economic development and innovation in parallel. This would help Latvia to develop technologies with dual application, integrate various industries in the value chains and opening new horizons for research and innovation. Based on examples of other countries, this requires a well-thought-through strategy and sustainable funding. Earlier, FICIL published a short article on this on our website.
Sustainability emerged as another cornerstone of the dialogue, with FICIL advocating for a transition to a circular economy, increased investments in renewable energy, and the adoption of sustainable business practices. Given Latvia’s significant natural resources (especially wood and peat), the ambassadors highlighted how Latvia could benefit from green innovation, integrating global best practices and building reputation as one of most resilient and environmentally-friendly economies.
FICIL expresses gratitude for the ambassadors’ openness and valuable insights, which reinforced a shared vision for the future. These meetings marked a vital step in strengthening partnerships and aligning efforts to position Latvia as a hub for innovation, investment and sustainable development. Moving forward, FICIL remains dedicated to fostering collaboration with international stakeholders, ensuring that Latvia thrives as a destination of choice for forward-thinking businesses and investors.