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Cabinet officials

Latvia Seeks to Attract Foreign Investment and Revitalize its Economy

Strategic Insights

— 2 min read

The 17th regular meeting of the Foreign Economic Policy Coordination Council, chaired by Minister of Foreign Affairs Edgars Rinkēvičs, considered reports on Latvia's economic development, progress with the national image-building strategy, and proposals for defining the desired profile of a foreign investor. The meeting aimed to promote export, innovation, and investment, as well as tourism, in the wake of the COVID-19 crisis.

Key Takeaways:

  • The strategy for the development of Latvia's economy, presented by Minister of Economy Jānis Vitenbergs, aims to minimize the negative impact of the crisis on the economy and business in the short term, and achieve structural change in favor of knowledge-intensive development of goods and services in the medium term.
  • The new concept on Latvia's economic and business development will include and integrate the 24 existing strategy lines for the country's image, with a focus on promoting export and innovation, and attracting investment and tourism.
  • A concept for a uniform image of the country in economic terms is of special importance for those representing Latvia abroad, and the Council unanimously expressed its readiness to use the marketing offer for the economic image of the country in its work at both the national and international level.
  • LIAA's proposals for delineating the profile of a foreign investor desirable for the Latvian state have been highlighted in the context of recovery of Latvia's economy, focusing on attracting investors based in national business environments that are democratic, reliable, and secure.
  • The investment situation worldwide is complicated, characterized by caution among investors, mobilization of significant public funds, and vulnerability of many sectors.
  • LIAA plans to optimize its network of representative offices, currently having 20 offices in 18 countries, by closing separate offices and opening others in priority countries and cities within the assigned budget.
  • The Minister of Foreign Affairs invited the Ministries of Economy, Transport, and LIAA to closely cooperate on promoting incoming tourism from countries less affected by the pandemic while gradually expanding the area of free travel in the Baltic States.

Statistics:

  • Latvia has 24 existing strategy lines for its image that will be integrated into the new concept on Latvia's economic and business development.
  • LIAA has 20 representative offices in 18 countries that will be optimized in line with interviews among businesses, evaluation of costs, effectiveness, and contributions, as well as consultation with the Ministry of Foreign Affairs.

Sources:

  • "17th meeting of the Foreign Economic Policy Coordination Council chaired by Minister of Foreign Affairs". (21 May 2020). Provided by SyndiGate Media Inc. ( Syndigate.info ).

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