From 11 to 14 April, the official visit of the President of Latvia Egils Levits to Portugal will be accompanied by a delegation of 34 entrepreneurs organised by the Investment and Development Agency of Latvia (LIAA). The entrepreneurs will get acquainted with the Portuguese innovation ecosystem, meet with current and potential business partners, and participate in the Portugal-Latvia Business Forum.
“The objective of the State visit is to strengthen economic ties between Latvia and Portugal by stimulating investment and export growth. Portugal is currently investing significant resources in the development of innovation, which is attractive for Latvian companies to establish new partnerships in science-intensive sectors. We see opportunities for cooperation with Portuguese companies in various fields, especially in information technology and biomedicine,” explains Director General of LIAA Kaspars Rožkalns.
According to the programme of the visit, on 12 April, the entrepreneurs will visit the Hub Criativo do Beato, an innovation centre for creative and technological enterprises, and the innovation and technology city of Cascais, which was nominated as the second best among European new innovation hubs in 2021. The city is well known for its innovation and entrepreneurship ecosystem, attracting entrepreneurs from all over the world.
The Portugal-Latvia Business Forum, organised by the LIAA in cooperation with the Portuguese Trade and Investment Agency, will take place in Lisbon on 13 April and will be opened by the Secretary of State for Economy of Portugal, Pedro Cilínio, and the Minister for Environmental Protection and Regional Development of Latvia, Māris Sprindžuks.
During the Business Forum, a cooperation agreement will be signed between the Champalimaud Foundation and Pauls Stradiņš Clinical University Hospital, Rīga Stradiņš University and Riga Technical University. This mutual agreement will promote the development of biomedical research projects in both countries, as well as the creation of new science-intensive companies in the biomedical sector.
During the Business Forum, investment offers from both countries will be presented and a discussion on biomedicine as one of the areas of business cooperation between the two countries will be held. The Forum will be closed with speeches by the President of Latvia Egils Levits and the President of Portugal Marcelo Rebelo de Sousa.
The President of Latvia will be accompanied on his official visit to Portugal by the Freeport of Ventspils authority, Unami production, Luula, Prometal Group, H2YO and other companies.
In 2022, Latvia's total trade in goods and services with Portugal amounted to EUR 109.2 million, ranking Portugal 47th among Latvia's foreign trade partners. Exports to Portugal amounted to EUR 45.3 million, an increase of 2% compared to 2021. The most important export products to Portugal were chemical products (21%), vegetable products (16%) and machinery, plant and electrical equipment (13%).