Economic relations between Latvia and Luxembourg are characterized by positive trade and investment dynamics - Levits

RIGA - Economic relations between Latvia and Luxembourg are characterized by positive trade and investment dynamics, President Egils Levits emphasized in his speech at the Latvia-Luxembourg business forum in Riga today, Justine Deicmane, head of the Media Center of the Presidential Chancery, informed LETA.

The President noted that we have been living in turbulent geopolitical times for some time now. Having not really recovered from the economic consequences caused by the pandemic, on the morning of February 24, Russia began an aggressive military invasion of Ukraine.

Levits emphasized that it has been causing indescribable suffering for the people of Ukraine for a year and at the same time it is affecting the world economy with both the energy crisis and rapid inflation. The President stated that Latvia and Luxembourg are united in their support for Ukraine and both countries are sure that they will soon be able to celebrate Ukraine's victory.

In the opinion of the President, in this era of economic uncertainty, one must be especially courageous and innovative. He expressed the opinion that research and development, as well as innovations in the field of technology, can play a decisive role in economic growth and sustainable development.

Levits also expressed his satisfaction that Latvian companies have significantly increased their exports to Luxembourg, as well as that Luxembourg companies are very interested in investing in Latvia. The President is convinced that the cooperation so far is a good basis for further development and expansion.

The President drew attention to the fact that Latvia has set the goal of economic transformation in the European Green Course, especially providing support to knowledge-intensive and high added value industries. Levits pointed out that the main topics of the business forum - digitization and sustainability - correspond to the common goals and initiatives that both countries are developing and promoting in the European Union. The topics also describe the individual priorities of the countries and determine a clear direction for bilateral cooperation, Levits said.

"Currently, Latvia's scientific capacity and support for entrepreneurs are being strengthened in such areas as information and communication technologies, smart energy and smart materials science, as well as biomedicine and knowledge-intensive bioeconomy. In each of these areas, Latvia and Luxembourg have their own scientific expertise and competitive companies. We can complement each other very well," noted the President.

He pointed out that the two countries also have common goals in achieving climate neutrality. According to the president, Latvia's wealth is forests, which cover more than half of Latvia's territory. He added that Luxembourg is also rich in forests. Levits emphasized that one of the most innovative companies in Latvia operate directly in forestry, so the president is pleased that one of the panels of the business forum will be dedicated to this sector.

"Forest management without the latest technologies is unthinkable today. For example, in Latvia, we have developed a necessary solution for forest management with technologies based on satellite data. It helps to assess tree species, their height and density, which in turn allows for the precise determination of forest stocks and relevant areas that can be handed over for felling," the president stated.

He pointed out that in 2021 Latvia became an associate member of the European Space Agency. According to the president, Latvia also has innovative companies in the field of space technology. Taking into account Luxembourg's strongly developed potential in space technology and space law, which is also a field of interest for the president, the two countries envision closer cooperation in both European Space Agency and Horizon Europe projects.