FICIL in Action

This has been a short but productive month for FICIL and the impact of Sentiment Index 2018 launch event remains noticeable. In addition, FICIL representatives and work group leaders have participated in many Saeima Committee sessions and the Ministry of Economics meetings, representing FICIL views on the National Energy and Climate Plan, abolishment of OIK, certification of international experts, Rail Baltica, as well as the business environment development plan.

The Chairperson of the FICIL Board, Julia Sundberg, gave an interview to iFinanses and spoke about labour force unavailability and the impact this issue has on the investment climate in Latvia.

FICIL participated in the annual Social partners visit to the European Commission in Brussels, organised by the European Commission Representation in Latvia. The 2 day event included informative meetings on migration, trade, Brexit, economic tendencies in Europe and more.

Annual General Meeting

FICIL will hold its Annual General Meeting on 19 March, where important decisions shaping the future of FICIL will be made, including the re-election of the Board. Therefore, it is important for all members to attend or delegate a representative to be able to vote. This year four seats are up for election and we invite the members to nominate their most suitable candidates to become a FICIL Board member. We have a dedicated section on the webpage where you will find all the latest information. The meeting will take place at CIRCLE K, Duntes iela 6, 7th floor at 16:00 and you can register for the meeting here.

Updates from FICIL Work Groups

Investment protection and court efficiency

The work group held a meeting recently to discuss the necessary improvements concerning the quality of legislation, the need for specialised commercial court and the International Monetary Fund’s report on the progress of insolvency proceedings.

Education

The work group met with the Chairman of the Education Committee in Saeima, Mr Arvils Ašeradens, and presented FICIL’s recommendations regarding the necessary changes in the higher education system: higher education institution (HEI) governance model reform, consolidation of universities and a new law for HEI’s. Next steps – presenting our ideas to the Parliament Members.

Labour force issues

The work group held a meeting with representatives from the Ministry of Welfare, Ministry of Health and the Health Inspectorate to discuss the problems with the issuance and control of sick leaves in Latvia, as well as improving the EDS system.

Transport issues

The work group recently met with the Minister for Transport, Mr Tālis Linkaits, and spoke about large infrastructure projects, road quality in Latvia, governance of ports and rail transit and more. This meeting laid the ground for strong cooperation among FICIL and the Ministry.

Digitalisation

The work group is continuing to draft recommendations. The main topics of FICIL’s upcoming position paper include centralised registry and exchange of information as well as quality and usage of e-services.

Economic and Financial Crime issues

This work group is continuing meetings with dynamic conversations on AML, corruption and bribery, financial sector reputational crisis and progress on insolvency proceedings. In light of these debates, the position paper is coming along in great strides.

Energy and Waste Management

The work group has several focal points for the position paper: repeal of OIK, deposit system, SUP and the National Energy and Climate plan. Food and Drinks Industry work group decided to contribute to the position paper regarding waste management and circular economy.