Representatives of Latvia and American-Central European Business Association discuss opportunities for strengthening economic ties

RIGA - Representatives of Latvian state institutions and a delegation of the American-Central European Business Association (ACEBA) met at the Economics Ministry on Monday to discuss opportunities for strengthening economic ties between Latvia and the United States, the Economics Ministry informed LETA.

The ACEBA delegation is made up of representatives of leading US companies from the financial, technology, cybersecurity, defense and other sectors. During the meeting, cooperation opportunities with global companies such as Bristol Myers Squibb, The Coca-Cola Company, Eli Lilly and Company, Lockheed Martin, Palo Alto Networks and RTX Corporation were discussed.

The Economics Ministry notes that during the meeting it was emphasized that the United States is a strategic partner for Latvia in both security and economy, and that Latvia is interested in strengthening economic cooperation by promoting investments and joint projects with high added value. The Latvian side emphasized the country's competitive investment environment - access to the European Union market, qualified workforce, subsidized research and development costs, zero percent tax on reinvested profits, as well as special support instruments for large investment projects provided by the Investment and Development Agency of Latvia (LIAA).

During the meeting, future cooperation opportunities were discussed, building up on Economics Minister Viktors Valainis' (Greens/Farmers) visit to the United States in October 2025. During the visit to Washington, a Latvian business delegation participated in the Annual Meeting & Exposition defense industry exhibition and the Spotlight Latvia Business Conference. Its goal was to promote exports of Latvian dual-use and defense industry products to the United States and attract investment projects worth up to EUR 1 billion over the next three years.

According to the Economics Ministry, the United States is an important trade and investment partner of Latvia. In 2024, Latvia's total trade turnover in goods and services with the United States amounted to EUR 1.441 billion, placing the United States 11th among Latvia's foreign trade partners. Total exports of goods to the United States reached EUR 992 million and imports EUR 450 million. In the first half of 2025, trade turnover between Latvia and the United States stood at EUR 768 million, which is 3 percent more than in the first half of 2024.

In 2024, the amount of direct investment accumulated by the United States in Latvia reached EUR 455 million, which is 18.2 percent more than in 2023, while Latvia's accumulated investment in the United States was EUR 62 million, said the Economics Ministry. At the moment, LIAA is working on 20 investment projects in the US market in the fields of information and communication technologies, smart energy, bioeconomy, smart materials and photonics.