Latvia’s Government and Foreign Investors hold their annual meeting

On June 7, representatives of the Latvian Government and the Foreign Investors Council (FICIL) held the annual High Council meeting to discuss future improvements in the business environment that would help to promote Latvia's global competitiveness and attract foreign investment.

This was the 22nd High Council meeting since the restoration of Latvia's independence. Held at the Cabinet of Ministers, the High Council meeting focused on labour supply, reforms in education, digitalisation of the economy, the fight against economic and financial crimes, as well as improvements in the investment environment and energy.

In his address to the participants of the meeting, Prime Minister Māris Kučinskis stressed that it is important to focus on the transition from a labour-intensive economy to a knowledge-intensive and technology-intensive economy, taking advantage of the opportunities provided to Latvia by global trends, and by placing more emphasis on digitalization. “We need to ensure horizontal digitization of all sectors of the economy. The standpoints of the Government and FICIL have much in common to successfully advance the country's development," said Kučinskis.

During the meeting, the foreign investors were presented with the latest trends in the national economy and the main activities undertaken by the government over the last year in the fields of taxation, reducing the shadow economy, the development of e-government, the improvement of the business environment, reforms in education, as well as initiatives to strengthen competitiveness of the economy. The Chairperson of the FICIL Board Zlata Elksniņa-Zaščirinska presented to the government officials FICIL’s vision regarding the key things to be achieved: main concerns of foreign investors and progress of SMART goals FICIL presented for government at the 21st High Council.

See this infographic for the latest trends on economy and foreign investment in Latvia.

Photos: State Chancellery