Government and investors meet to discuss the improvement of investment environment

On Friday May 26, the 21st Foreign Investors' Council in Latvia (FICIL) and Latvian government High Council Meeting was held. The most important topics for this year included economic growth and tax policy, the fight against economic crime, higher education, transport and logistics, as well as waste management and energy.

This year's leitmotif for the dialogue was "Do!" One of the topics that was addressed by officials and major foreign investors in Latvia is how to promote and develop competitive advantages of Latvia in order to attract investment more actively and compete successfully with neighbouring countries. The officials also discussed what improvements are still necessary in the business environment. As traditional, the meeting was opened by Prime Minister Māris Kučinskis and Stephen Oldfield, FICIL Honorary Chairman, PricewaterhouseCoopers UK partner.

FICIL concluded that the government has launched a number of significant reforms and that there are industries where it sees positive changes. “‘Do!’ is our call for the government not to stop halfway and continue with the reforms already launched, as well as to begin new ones in order to make Latvia an open and modern economy," says Zlata Elksniņa-Zaščirinska, FICIL Chairperson of the Board about this year's topic. "Our vision is that by 2025, Latvia is the most attractive place for doing business in the Baltic Sea Region".

Foreign Investors' Council in Latvia is a public entity that brings together the largest foreign companies in Latvia, the foreign chambers of commerce and the Stockholm School of Economics in Riga. FICIL actively searches for and proposes solutions to improve and develop the business and investment environment in the country in cooperation with the government of Latvia. According to the priority issues raised by investors, the working groups, which are composed of representatives of investors' companies and foreign chambers of commerce, develop specific proposals within the FICIL framework.

The high-level meetings of the government of Latvia and FICIL have been taking place since 1999 with the objective to provide structured information and exchange of views between investors and local policy makers to improve the business environment and encourage foreign investment inflows in Latvia. The annual meetings of the government of Latvia and FICIL are attended by ministers, senior officials and heads of FICIL member organizations.

INFOGRAPHICS on the investment environment in Latvia.