“We all know that export forms the backbone of Latvia’s economy: it accounts for two thirds of national GDP. Promoting the development of Latvian companies, export, attracting investments and partners call for close and strategic cooperation between public authorities, businesses and international partners,” the Minister of Foreign Affairs, Baiba Braže, underlined at the Foreign Economic Policy Coordination Council.
Baiba Braže recalled that in 2024 the work of public institutions, including the foreign service, the Ministry of Economics, the Investment and Development Agency of Latvia, and other organisations has resulted in the attraction and implementation of large investment projects, such as Fibenol, VanOord, Golden Fields, and Syfood. Export volumes of Latvian companies have also increased not only to European countries, but also to more distant markets – the USA, India, Japan, Egypt, the Republic of Korea, Australia, and Canada. Also, for instance, due to engagement by the Ministry of Foreign Affairs, the Origin Robotics company has secured EUR 4.5 million from the European Defence Fund for the development of a man-portable ISTAR drone with target laser designation capability.
On Wednesday, 22 January, the Council held its 21st meeting. Key items on the agenda were Latvia’s economic growth and international competitiveness. The aim of the Council is to ensure coordinated cooperation between public administration, various institutions and the non-governmental sector in order to shape and implement external economic policy as successfully as possible.
The Minister introduced the Council to the work accomplished by the foreign service in 2024 and its plans for Latvia’s foreign policy and EU affairs. She also underlined that alongside security and defence and public engagement, economic growth is a priority for the foreign service, and that embassies and honorary consuls will continue to actively support Latvian export-oriented businesses in resolving problems and establishing business contacts.
Members of the Council welcomed current cooperation with the Latvian embassies and representations abroad, and they also discussed the plans for senior officials’ economy-related visits in 2025.
The Minister of Economics, Viktors Valainis, highlighted the priorities set by the Ministry of Economics – supporting entrepreneurs, reducing administrative burden, and increasing competitiveness.
The Director of the Investment and Development Agency of Latvia (LIAA), Ieva Jāgere, briefed those present about the work accomplished in 2024 and plans for 2025, as well as highlighting reforms implemented by LIAA and its future plans to mobilise investment.
The Minister of Education and Science, Anda Čakša, spoke about Latvia’s achievements in the space sector and gains from the membership of the European Space Agency. The participants noted the importance of integrating into the EU space sector to gain larger benefits for Latvian businesses. Latvia’s space industry is well-developed, and emphasis on security issues has been increased.
The Minister of Culture, Agnese Lāce, pointed out that Latvia ranks third in Europe as to the share of cultural goods in total exports and that the film industry has an important role to play in promoting the international visibility of Latvia, as well as ensuring economic return. The participants agreed that cinema and cultural projects should be given more support to attract investment and increase export volumes.
Further information
- The meeting was attended by the Ministers of Economics, Education, Culture, and Agriculture, advisers to the Ministry of Transport and the Prime Minister, and the directors of LIAA, the Employers’ Confederation of Latvia, and the Latvian Chamber of Commerce and Industry.
- The Foreign Economic Policy Coordination Council, established by the Cabinet in 2012, is a collegial coordinating institution chaired by the Minister of Foreign Affairs. The Council aims at ensuring concerted action by public authorities, other institutions and the non-governmental sector in creating and implementing external economic policy as successfully as possible.
