On March 5th, during Foreign Investors’ Council in Latvia (FICIL) Annual General Meeting (AGM), FICIL’s members elected four new Executive Board members. Two new members will be joining the Board for a two-year term – Jānis Grants, Chairman of the Board of DPD Latvia, and Liene Dubava, Chairwoman of Nasdaq, representing American Chamber of Commerce in Latvia. Zlata Elksniņa-Zaščirinska, Country Managing Partner at PwC Latvija, and Reinhold Schneider, Chairman of the Board at Schwenk Latvija, were re-elected to the Board for another term.

Four Board members will continue their work as part of the FICIL Executive Board – Ilze Zoltnere, Head of Corporate Department for Luminor Bank, Juris Antužs, CEO and country manager at Enefit Green, Māris Vainovskis, Senior Partner at Eversheds Sutherland Bitāns, and Iain Kennedy, CEO of BALTA Insurance Company. FICIL Executive Board’s main responsibility is to develop and strategically guide the work of FICIL.

During the AGM, Chairperson of the FICIL Board, Zlata Elksniņa – Zaščirisnka, emphasised what FICIL has achieved during the last 12 months and highlighted that FICIL will celebrate its 25th anniversary. Ms. Elksniņa – Zaščirisnka also presented FICIL’s Financial Report and planned Budget for the next year. Given the impact of a rising inflation in the last two years, FICIL members agreed to raise the membership fees for the first time in almost 10 years. Chairperson of the Board thanked the work group leaders during the presentation, noting their immeasurable contribution to FICIL’s success.

The meeting was joined by three excellent guest speakers – Pēteris Strautiņš, Economist at Luminor, Morten Hansen, Head of Economics Department at SSE Riga, and Fredis Bikovs, Managing Director at Riga Investments and Tourism Agency. The discussion focused on the overall economic situation and investment climate of Latvia, Latvia’s competitiveness and comparative advantage. The discussion underlined the challenges of the labour market and the poor demographic situation, touched upon the role of AI as an opportunity for Latvia. FICIL’s members asked questions about the Human capital strategy, EU Green Deal, and future priorities of Latvia, highlighting that both strategy and consistency in the application are equally crucial elements of success.

Jānis Grants (DPD)

Jānis Grants’ previous professional experience has been closely related to work in leading foreign capital companies, where he has gained confidence in the need for dialogue between the State Administration and business representatives. Jānis Grants is sure that by closely cooperating with the State Administration, and investing more time and knowledge, FICIL can improve the business environment in Latvia, making it more attractive to both existing and new foreign investors. In addition, when faced with external challenges, FICIL, with specific examples of other countries and introduced policies, could create added value for the further development of Latvia as a sustainable, stable, and modern economy. By becoming a board member of the Foreign Investors Council in Latvia, Jānis Grants is ready to create added value to achieve FICIL’s goals.



Liene Dubava (Nasdaq)

Liene Dubava is the chairwoman of the Management Board of Nasdaq Riga Stock Exchange, leading a pan-Baltic team servicing listed companies. Nasdaq in the Baltics provides a leading platform to help Baltic companies, investors, financial institutions, and governments succeed in the capital markets. As a global company, Nasdaq offers world-class services to companies, banks, governments, and investors. Since 2018, she has been a Vice-president of the American Chamber of Commerce in Latvia.

Capital markets – that is Liene Dubava’s passion for over 20 years. She has greatly contributed to the development of the Latvian and Baltic capital markets; among other initiatives, she has been responsible for improving corporate governance and investor relations practices among listed companies, marking a shift towards greater transparency and market integrity.

Liene Dubava believes that her deep expertise, client focus, and long-standing experience will greatly contribute to advancing the Latvian capital markets and enabling local companies and global investors to tap new opportunities. The quality of the Capital market ecosystem is vital to ensure investor attraction and retention. Regulatory and tax regimes, sustainability aspects, transparency, and corporate governance – all of these are her focus areas, which match with initiatives and strategic goals of FICIL.


Reinhold Schneider (SCHWENK)

SCHWENK Latvija is one of the main industrial investors in Latvia, the only cement producer in the country and one of the biggest building materials producers in the region. By working in this industry for 28 years in various countries like Germany, Czech Republic, Sweden, and Norway, Reinhold Schneider has gained expertise in many areas important for sales, operations, and technical and economic development. For the last five years, he has worked as a CEO for SCHWENK in Northern Europe, developing business in Latvia as well as in Estonia and the Nordic countries.

In the upcoming years, one of the biggest challenges is the sustainable transformation of industry and transport. This is strongly related to one of FICIL’s priorities: “Energy Security based on green deal goals” where Reinhold Schneider can contribute with his experience and knowledge as well as to the other priorities of FICIL. He truly believes that FICIL will continue to be the vocal and solution-oriented partner of the government and the whole public sector and the engagement in FICIL can make a difference to the investment climate in Latvia.


Zlata Elksniņa-Zaščirinska (PwC Latvia)

Reflecting on recent events and the current situation, we live in challenging and uncertain times. These challenges not only pose threats to the security of our region but also represent another test for the Latvian economy, its residents, and businesses. In this context, attracting investments has become another crucial aspect that requires special attention. It is essential to continue initiatives that promote the development and stabilization of the investment environment, thereby strengthening the Latvian economy.

Zlata Elksniņa-Zaščirinska is confident that the initiatives and reforms initiated by FICIL and launched at the national level are essential instruments that will reduce administrative burdens, improve the regulatory environment, strengthen the rule of law, promote the development of education and workforce skills, and effectively combat the shadow economy. These measures are crucial for promoting predictability and long-term attractiveness of the investment environment, undoubtedly benefiting both investors and the country of Latvia.

FICIL plays a significant role in the development of the investment environment in Latvia by providing expertise, offering recommendations, and fostering dialogue between the government, businesses, and society. Zlata Elksniņa-Zaščirinska is confident that her international experience and leadership experience will provide a solid foundation to continue to advance FICIL’s initiatives to ensure the organization’s sustainable growth, effectively represent the interests of foreign investors, and promote a positive impact on Latvia’s investment environment and economy.