Indriksone to visit Saudi Arabia next week to sign economic cooperation agreement

RIGA - Economics Minister Ilze Indriksone (National Alliance) will be on a working visit to Riyadh, Saudi Arabia June 5 through 8, during which an agreement on economic cooperation between Latvia and Saudi Arabia will be signed, as the Economics Ministry told LETA.

During the visit, Indriksone and Saudi Economy and Planning Minister Faisal bin Fadhil Alibrahim will sign the Latvian-Saudi economic cooperation agreement, which will regulate bilateral economic cooperation between the two countries, foster trade and investments, and give an additional impetus for businesses in both countries to implement new cooperation projects.

During the visit, Indriksone will also meet with Saudi officials and business organizations to discuss bilateral economic cooperation and promote export opportunities for Latvian businesses in the Arabian Peninsula.

According to Indriksone, Latvia is interested in expanding economic cooperation and mutual investment flows with Saudi Arabia.

Indriksone believes that mutual cooperation projects in IT solutions for construction, pharmaceuticals and medicine, digitalization, as well as food industry have the best prospects.

During the working visit, the minister is also scheduled to meet with Saudi investment and trade ministers, Public Investment Fund, Digital Government Fund, and business organizations. The minister will open a Latvian-Saudi business and meet with representatives of the Latvian diaspora in Riyadh.

During the visit to Saudi Arabia, Indriksone will be accompanied by Latvian Ambassador to the United Arab Emirates Atis Sjanits, Economics Ministry's State Secretary Edmunds Valantis, Latvian Investment and Development Agency Director Kaspars Rozkalns, as well as a large business delegation representing the construction, ICT, medical and pharmaceutical industries.