On March 15th, FICIL met with the Executive Vice President of the European Commission, Valdis Dombrovskis. FICIL was represented by three Board Members – Zlata Elksniņa-Zaščirinska (PwC), Jānis Grants (DPD Latvija) and Liene Dubava (AmCham), and FICIL’s Executive Director Tatjana Guzņajeva. The discussion centred around critical issues faced by foreign investors, such as investment security, human capital and labour shortages, administrative burden, and the transition towards the green economy.

During the meeting, FICIL highlighted the challenge of sustaining Latvia’s investment attractiveness due to geopolitical tensions, stressing the importance of government support in retaining existing investors and attracting new ones. The parties emphasised the need for effective government communication to foster a sense of security for the investors.

FICIL named the administrative burden in Latvia as one of the key issues for the foreign investors, underlining that administrative burden is relatively high and it raises costs of business. The Commissioner V.Dombrovskis signalled European Commissions readiness to provide advice on how to tackle this issue.

The parties discussed the transition toward the green economy, as it is a priority for the European Commission. FICIL expressed concerns about Latvia’s slow progress in this transition, emphasising the necessity of improving climate and energy regulations and reviewing the Ministry of Climate and Energy’s strategy. FICIL underlined that innovation in the green sector might open new business opportunities, raise competitiveness, and foster energy security. However, it also requires investments, technical capabilities, and skilled workforce to ensure its effectiveness.

The shortage of human capital emerged as another pressing issue, with both parties agreeing on the need for initiatives in upskilling and lifelong learning. FICIL is committed to support the Ministry of Economics in its efforts to tackle the human capital challenges.