Investments, exports and innovation are essential for Latvia's economic development and well-being of society - Silina

RIGA - Investments, exports and innovation are essential for Latvia's economic development and well-being of society, Prime Minister Evika Silina (New Unity) said at the opening of the High Council meeting between the Latvian government and the Foreign Investors Council of Latvia (FICIL) on Friday.

Foreign investment in Latvia is very welcome, said Silina. She thanked FICIL and all those who had been involved in addressing multiple issues of importance to the national economy, including moving forward with reducing real estate bureaucracy.

The government will in the near future review a bill reducing construction and spatial development timeframes, which is important for every investor and business, said Silina.

On Thursday, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department announced the lifting of the proposed sanctions against ABLV Bank. In her speech, Siliina noted that this 2018 decision had severe consequences for Latvia's reputation, and therefore the decision to lift the sanctions will improve the investment climate and international reputation of Latvia.

Also, improvements in the efficiency and overlapping of functions in public administration will be needed to increase business confidence in public administration and foster work on the state budget, said Silina.

She went on to say work was currently under way on the establishment of the National Center for Artificial Intelligence together with leading universities and industries.

The government has approved a number of measures and amended laws to organize the system for hiring foreign labor, added Silina.

FICIL board chairwoman Zlata Elksnina-Zascirinska emphasized that FICIL offered several recommendations every year, important not only for foreign investors, but for any investor in Latvia. These include reducing the administrative burden, human capital issues, long-term plans, digitization, making Latvia more attractive for new investments.