Latvia and Poland have potential for joint project development in defense industry, digital solutions and smart energy - LIAA

RIGA - Latvia and Poland have the potential to develop joint projects in the defense industry, digital solutions and smart energy, Ieva Jagere, Director of the Investment and Development Agency of Latvia (LIAA), told LETA.

According to LIAA, the Latvian-Polish Business Forum organized by LIAA started on Thursday in Warsaw. It brings together business people, policy makers and industry experts from both countries to strengthen economic cooperation and build new partnerships in the defense and security, information and communication technologies (ICT) and energy sectors.

Jagere noted that Poland is one of the most promising cooperation partners for Latvian companies, especially in the fields of technology and energy. There is great potential for the development of joint projects in the defense industry, digital solutions and smart energy. LIAA's role is to help companies not only to start negotiations, but also to reach concrete contracts and long-term cooperation in international supply chains.

Opening the forum, Economics Minister Viktors Valainis (Greens/Farmers) stressed that Poland is a strategically important partner for Latvia, both economically and geopolitically. Cooperation is based on common interests in strengthening regional security, developing technologies and building sustainable supply chains. The Forum is an opportunity to move from talks to concrete projects, especially in areas where Latvian companies can offer high added value solutions.

Michal Baranowski, State Secretary at the Polish Ministry of Economic Development and Technology, said that Poland is an important partner for the Baltic states, including Latvia. Economic ties are currently strong - Poland is one of Latvia's main trading partners, with trade worth around EUR 3.1 billion, of which more than EUR 2.5 billion are Polish exports. At the same time, there remains significant potential for further growth, in particular through increased imports from Latvia.

LIAA notes that after the Latvia-Poland Business Forum, the Latvian delegation will continue its visit to Ukraine, where a similar business forum will be held, focusing on practical cooperation and the involvement of Latvian companies in Ukrainian reconstruction projects.

The participation in the trade mission abroad is organized by LIAA within the framework of the Innovative Business Development Program for Small and Medium-sized Enterprises (SMEs) co-financed by the European Union with the support of the European Regional Development Fund and state funding.

As reported, Valainis and a delegation of Latvian businessmen will visit Poland and Ukraine from Thursday to Saturday, April 25, to strengthen cooperation in the fields of defense, technology and energy.

The main events of the visit are the Latvian-Polish Business Forum in Warsaw and the Latvian-Ukrainian Business Forum in Kyiv.

The aim of the visit is to strengthen economic cooperation with both countries, promote new partnerships and expand export and cooperation opportunities for Latvian companies in the fields of defense, technology and energy.