Latvia has undergone major transformation since last EBRD meeting in Riga - Braze

RIGA - Since the last meeting of the European Bank for Reconstruction and Development (EBRD) in Riga 26 years ago, Latvia has undergone a major transformation by acceding to the European Union (EU) and NATO, as well as achieving economic resilience, Foreign Minister Baiba Braze (New Unity) said Friday as she opened the 35th Annual Meeting of the EBRD Board of Governors.

Braze said that she attended the previous EBRD meeting in Riga in 2000 as a diplomat. The minister noted that during this period, Latvia has undergone a historic transformation, as accession to the EU and NATO and international partnerships have been crucial drivers of Latvia's economic and social progress.

Comparing Latvia's objectives in cooperation with the EBRD now and 26 years ago, Braze said that Latvia's key objectives remain the same: security and defense, economic growth, community engagement, and caring for people. The foreign minister also underlined that security and defense are the most important issues today, adding that in the current geopolitical situation, it is still critical to balance political security with economic development.

Braze indicated that Latvia's portfolio has grown significantly during this period, with various large-scale projects implemented in sectors such as energy.

Braze also highlighted Latvia's achievements in information and communication technologies, as well as in digital infrastructure. She explained that almost half of Latvia's population is concentrated in Riga and the Pieriga region, so the development of digital infrastructure has been a necessity to facilitate access to services for people in all regions.

As LETA reported, the 35th Annual Meeting of the EBRD Board of Governors and Business Forum are taking place in Riga from today to June 7, bringing together government representatives, investors, business leaders, policymakers, and opinion leaders from around the world. The event will combine high-level policy discussions with a business forum program.

The main theme of the meeting is "Volatile to versatile: Economies innovating in a changing world", highlighting how economies are adapting to today's changing conditions by fostering innovation, digitization, and sustainable economic growth.