RIGA - Cooperation among public institutions is of key importance in attracting and implementing large investment projects, said Latvian Foreign Minister Baiba Braze at the Foreign Economic Policy Coordination Council.
The minister noted that export forms the backbone of Latvia’s economy: it accounts for two thirds of national GDP. Promoting the development of Latvian companies, export, attracting investments and partners call for close and strategic cooperation between public authorities, businesses and international partners.
Braze reminded that in 2024 the work of public institutions, including the foreign service, the Ministry of Economics, the Investment and Development Agency of Latvia, and other organizations has resulted in the attraction and implementation of large investment projects, such as Fibenol, VanOord, Golden Fields, and Syfood.
Export volumes of Latvian companies have also increased not only to European countries, but also to more distant markets - the USA, India, Japan, Egypt, the Republic of Korea, Australia, and Canada. Also, for instance, due to engagement by the Ministry of Foreign Affairs, the Origin Robotics company has secured EUR 4.5 million from the European Defense Fund for the development of a man-portable ISTAR drone with target laser designation capability.
On Wednesday, January 22, the Council held its 21st meeting. Key items on the agenda were Latvia’s economic growth and international competitiveness. The aim of the Council is to ensure coordinated cooperation between public administration, various institutions and the non-governmental sector in order to shape and implement external economic policy as successfully as possible.
The Minister introduced the Council to the work accomplished by the foreign service in 2024 and its plans for Latvia’s foreign policy and EU affairs. She also underlined that alongside security and defense and public engagement, economic growth is a priority for the foreign service, and that embassies and honorary consuls will continue to actively support Latvian export-oriented businesses in resolving problems and establishing business contacts.
Members of the Council welcomed current cooperation with the Latvian embassies and representations abroad, and they also discussed the plans for senior officials’ economy-related visits in 2025.
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