During the month of May, FICIL has actively continued to work on developing recommendations for the Goverment of Latvia for a successful economic recovery after the Covid-19 crisis in the long-run as well as improve the overall business environment in Latvia. FICIL Task Force will soon launch a set of proposals for getting the most out of the crisis, by strategically and effectively transforming the economy to return back to normal, covering such areas as human resource, infrastructure and entrepreneurship. Before you leave your desk to enjoy the summer vacation, take a look at some of the latest topicalities in FICIL.

FICIL Task Force has been actively working on developing a set of recommendations for the Government on Latvia’s economic recovery in the long-run, covering 3 crucial blocks: human resource, infrastructure and entrepreneurship. These recommendations are available here.

FICIL Board held a video conference with President of Latvia, Mr. Egils Levits to give insight of the investors’ views on sustainable economic recovery process in light of Covid-19. Several topics were discussed such as human resources, uspkilling employees, higher education reform as well as digitalisation in Latvia. Read more about the meeting here.

On May 29, an online debate took place among the Prime Minister of Latvia, Mr. Krišjānis Kariņš and investors, including FICIL Board member Zlata Elksniņa-Zaščirinska, hosted by FICIL and AmCham. The speakers discussed the crisis-induced challenges that entrepreneurs are currently facing and the next steps for Latvia’s economic transformation, stimulating employment, supporting business, boosting productivity, digitalisation and other areas. Full recording of the discussion is available here.

FICIL and SSE Riga launched a follow-up report on the crisis impact on foreign investor companies in Latvia in order to observe the development of the situation as well as to provide an assessment by foreign investors on the policy-makers work in response to the crisis and what still needs to be done to improve the business environment in the long run, as well as find out their future investment plans in Latvia. Full report is available here.

FICIL Board members and Healthcare issues work group met with the Minister of Health to discuss the necessary reforms in the Healthcare sector, securing proper funding, improving access to healthcare services and focusing on long-term sustainability. FICIL and the Minister agreed that ensuring appropriate funding for the healthcare sector, including medical professionals, should be seen as a long-term investment in the country.

FICIL Education work group leader Claudio Rivera participated in Saeima Education, Culture and Science Committee meetings to support the necessary changes in higher education institution governance. In FICIL’s view, the aim of the reform is to make Latvia’s education system more competitive globally as well as to promote innovation and development of science, which in return will create added value to the economy. More information available here.

Over the course of the next few months we will update you on the rescheduled High Council meeting in fall, as well as other activities in FICIL. Meanwhile, have a joyful summer! As always, feel free to contact us at ficil@ficil.lv

-Your FICIL Team