FICIL High Council 2024 was held on 26-27 September  

On 26-27 September 2024, FICIL members and high-level public sector representatives met at the 28th FICIL High Council. The first day was held at “Jaunā Teika”, while the second at the Cabinet of Ministers. During both days FICIL emphasised the need for a clear, long-term development strategy of Latvia. To truly accelerate economic growth the government should set priorities to achieve a real positive change.

The High Council discussions centered around the following topics – labour availability and upskilling/reskilling, combatting the shadow economy, modernisation of the public sector and reduction of the administrative burden, fostering a fair competition and a more transparent, predictable environment for businesses. In addition, significant attention has been paid to the green economy and energy sector development.

FICIL has recently published position papers, offering recommendations in above-listed areas, namely – human capital, public administration, investment protection, sustainable development, and combatting shadow economy.  

The 28th High Council Meeting kicked off with the presentation from the Ministry of Smart Administration and Regional Development, delivered by Ilze Oša and Gatis Ozols.  They provided insights on the government’s upcoming plans, highlighting reforms designed to improve the efficiency of local governance and enhance the overall business environment for the foreign investors. The following discussion focused on the regional policy and development of municipalities, territorial planning, optimisation of resources, administrative burden reduction, and digital transformation.

In the afternoon, FICIL organised four working groups, which included both the foreign investors and the public sector officials, to develop a Latvia’s long-term development strategy. The working groups focused on the following thematic areas:

• People and Society; 
• Economy; 
• Governance;  
• Environment and Infrastructure.   

We are very thankful to Ignitis Renewables Latvija and TechMahindra for supporting the first day of the High Council Meeting!

On the 27th of September, FICIL members met with the Prime Minister, Evika Siliņa, and the Cabinet of Ministers – Minister of Finance, Arvils Ašeradens, Minister of Economics, Viktors Valainis, Minister of Transportation, Kaspars Briškens, Minister of Justice, Inese Lībiņa-Egnere, Minister of Environmental Protection and Regional Development, Inga Bērziņa, Minister of Climate and Energy, Kaspars Melnis, Minister of Education and Science, Anda Čakša, and Minister of Welfare, Uldis Augulis. FICIL reflected on the progress in addressing challenges which investors are facing, indicating that while we appreciate efforts of the government to attract new investment, efforts are needed to ensure that investors stay in Latvia and expand their business activities. In view of this, FICIL presented key recommendations to improve the business climate in the country.

Similarly, the acting director at the Investment and Development Agency (LIAA), Raivis Breimšmits, highlighted the key initiatives of the government in improving the investment climate and in reducing the administrative burden in the country. Following both presentations, the government and FICIL representatives engaged in a productive discussion. A few key messages are indicated below:

• The foreign investors are highly welcome in Latvia and the government is committed to continue collaborating with FICIL;
• The human capital remains a concern for investors and the government will increase efforts to speed up progress in this area;
• The government plans to introduce significant reforms in the public sector to reduce the administrative burden;
• Combatting the shadow economy, ensuring fair market competition and stimulating the development of the green economy will remain key priorities;
• The long-term development strategy of Latvia is necessary to enhance synergies between the public sector institutions and to allocate available resources more effectively and efficiently.

At the end of the meeting the Chairperson of the FICIL Board, Zlata Elksniņa-Zaščirinska, and the Prime Minister, Evika Siliņa, signed a joint Communiqué outlining steps that the Government will take to boost Latvia’s competitiveness and to attract investment.

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