Latvia is a safe place for investment, said US Ambassador Extraordinary and Plenipotentiary to Latvia Christopher Robinson on Friday, July 26, addressing participants in the Latvia-California business discussions. This forum took place as part of a three-day visit to Latvia by a delegation from the American state of California. Latvia has demonstrated interest in American investment – including in the energy sector. On Friday, July 26, a business forum between Latvia and the State of California was held, organized by the Ministry of Foreign Affairs (MFA) in cooperation with the Ministry of Economy and the Latvian Investment and Development Agency of Latvia ( LIAA). The California delegation will be in Latvia until July 28. She is accompanied by the Honorary Consul of Latvia in the United States, in Southern California, Juris Bunkis. During the visit, the delegation will take part in a business forum, meet with representatives of the Seimas and the Cabinet of Ministers, the leadership of LIAA, and visit the Riga Technical University and JSC SAF Tehnika. The delegation will also get acquainted with the proposed business opportunities at the representative office of the city of Valmiera in Riga. US Ambassador to Latvia Christopher Robinson noted that economic security is as important as military security, and Latvia is currently doing a lot to improve security. In particular, Latvia pays attention to military security, cyber threats and information threats. In addition, Latvia is one of the leaders in the fight against disinformation. “Latvia is ready for the challenges of today and tomorrow, so yes, Latvia is a safe place to invest,” Robinson said. The US Ambassador to Latvia emphasized that the Latvian energy sector is a good environment for investment, and Latvia can become an exporter of green energy in the European Union. Robinson also praised the planned disconnection from the Russian-controlled BRELL energy ring in February next year. Latvian Minister of Economy Viktors Valainis (Union of Greens and Farmers) noted that in the coming years it is planned to significantly increase the scale of the Latvian economy, so there is a lot of work and thinking to do on how to attract investment, including in the energy sector. The minister also added that with the disconnection from BRELL next year, Latvia is moving towards energy independence. Speaking about cooperation between Latvia and the state of California, Valainis noted that there are already companies from California that have invested in Latvian enterprises. Valainis also expressed hope for further cooperation with California in various areas. California State Finance Minister Fiona Ma emphasized that Latvia and California have similar goals and challenges. She noted that California is open to cooperation. The government supports California's investment in Latvia, Prime Minister Evika Silina (New Unity) said on Friday after meeting with a California delegation led by California Finance Minister Fiona Ma. As LETA was told in the State Chancellery, the purpose of the meeting was to confirm the support of the Latvian government in attracting investments from the state of California, USA. The Prime Minister noted that Latvia is a clean, green, safe and digital country, and there are several economic sectors that are promising for investment, such as energy, port development and high technology. “The government will continue to actively work to improve the business environment, including reducing the administrative burden,” the Prime Minister emphasized. In turn, Latvian Foreign Minister Baiba Braze (New Unity) informed the California delegation about Latvia's achievements in the field of technology and IT, digital solutions with high added value, as well as 5G services. “Economic cooperation between Latvia and California has been consistently growing in recent years, and Latvia is interested in expanding and developing economic cooperation with like-minded states. We have the knowledge, skills and achievements to strengthen mutual trade and economic ties,” said Brase. The minister also highlighted Latvia's investments in security, which in 2024 will amount to 4% of GDP. In the area of security, Braže focused on Latvia's responsibility and contribution to security on the eastern border of the EU and NATO. The Foreign Minister emphasized that 1% of GDP is allocated to support Ukraine, military and humanitarian assistance. Vice-President of the European Commission Valdis Dombrovskis (New Unity) joined the conversation with the California delegation remotely. He emphasized the investment opportunities that Latvia and the EU can offer US companies, and that the US is the EU's largest and most important trading partner. In 2022, bilateral trade between the EU and the US was worth $1.6 trillion, and the US and EU economies together account for 42% of global GDP. According to the Central Statistical Office (CSO), in 2023 the total volume of Latvia's foreign trade in goods with the United States amounted to 737 million euros, with the United States occupying 15th place in the list of countries. Last year, Latvia's trade balance with the United States was positive – 278.4 million euros. Major exports to the United States included timber and wood products, coal, electrical equipment and apparatus, sound recording and reproducing apparatus, television and audiovisual apparatus and their parts and accessories, optical instruments and apparatus, photographic and film apparatus and apparatus. , measuring and control instruments and apparatus, precision instruments and equipment, medical and surgical instruments and apparatus, parts and accessories thereof. Major imports from the United States included aircraft, spacecraft and parts thereof, electrical equipment and devices, and sound recording and reproducing equipment. , television and audiovisual devices and their parts and accessories, optical instruments and equipment, photographic and film instruments and equipment, measuring and control instruments and equipment, precision instruments and equipment, medical and surgical instruments and equipment, their parts and accessories. According to the Bank of Latvia, exports of services to the United States in 2023 amounted to 444 million euros, while imports of services amounted to 270 million euros. The balance of US investment in Latvia in the first quarter of 2024 was EUR 451 million, while the balance of Latvian direct investment in the US was EUR 61 million.
