Welcome to the 2024 Summer Edition of the FICIL Newsletter!
As the summer is coming to an end, we are excited to share the key activities and achievements that took place at FICIL between June and August. It has been a dynamic season, filled with strategic discussions, new collaborations, and impactful events aimed at enhancing Latvia’s economic environment. We are also happy to announce an upcoming High Council event.
Strategic Meetings and New Members
Upcoming High Council Meeting for FICIL members
FICIL will hold the 28th High Council meeting on the 26th and 27th of September. This year’s meeting will focus on Latvia’s long-term development strategy. On the 26th of September, the foreign investors, together with the public sector officials, will be co-creating the strategy, while on 27th of September it will be presented in the Cabinet of Ministers.
FICIL warmly welcomed two new members – RUT and Tech Mahindra!
This year, on June 4, FICIL held a pivotal members’ meeting at Swedbank. During the meeting, FICIL welcomed two new members – Rīgas Universālais Termināls (RUT) and Tech Mahindra. The inclusion of these companies was unanimously supported by FICIL members.
“RUT is a stevedoring service providing company, which has been operating in Latvia for many years. At FICIL, we look forward to sharing our expertise in the area of environmental, energy, and labour policies!”- Jānis Kasalis, general manager at PORTEK.
Tech Mahindra is an Indian IT company with more than 260,000 employees in over 100 countries globally, working to create sustainable businesses with lasting change. Their focus is on leveraging next-generation technologies, including 5G, blockchain, metaverse, quantum computing, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.
Active Engagement and New Collaboration
Enhanced engagement with stakeholders
Throughout July, FICIL significantly ramped up its engagement with both national and international stakeholders. This involved strategic discussions with embassies, ministries, public sector institutions, the European Commission, and with the Foreign Investors Council in Estonia (FICE) and with the Investors’ Forum in Lithuania. We were also actively involved in the Rail Baltica project, providing support to foreign investors. FICIL’s objective was to strengthen relationships, share knowledge, and explore new collaboration opportunities. In addition, FICIL met with a few current and potential members, showcasing FICIL’s commitment to support its members and expanding its network.
Participation in the LAMPA Festival
FICIL played a prominent role at the LAMPA Festival on July 5-6, with six of our representatives participating in various panel discussions. These included Zlata Elksniņa-Zaščirinska, Chairperson of the Board; Māris Vainovskis, Board Member and Leader of the Investment Protection Work Group; Edvīns Elferts, Leader of the Data & Digitalisation Work Group; Evita Gosa, Leader of the Shadow Economy Combatting Work Group; Roberts Alhimionoks, FICIL Policy Expert; and FICIL Executive Director Tatjana Guzņajeva.
This event provided an excellent platform for engaging with the public on topics, such as governance, economic growth, and civic engagement. For instance, Zlata Elksniņa-Zaščirinska participated in a discussion on building a strong, sustainable economy between the USA and Latvia. Other notable contributions included discussions on sustainable financing, artificial intelligence, and green initiatives, reflecting FICIL’s diverse expertise and commitment to public engagement. This event provided an excellent platform for engaging with the public on topics such as governance, economic growth, and civic engagement. For more information, please check our website.
FICIL’s Chairperson provides a vision for economic development of Latvia
Chairperson of the FICIL Board, Zlata Elksniņa-Zaščirinska, was interviewed by the newspaper “IR” and explained how Latvia can become an Economic Tiger. Zlata Elksniņa-Zaščirinska emphasized the need for Latvia to find a niche where it can excel, such as leveraging its natural resources and exploring advanced manufacturing sectors, such as robotics and prosthetics. She highlighted the importance of maintaining fiscal discipline, reducing bureaucracy, and strategically supporting priority sectors to drive economic growth. Despite Latvia’s relatively good economic performance compared to its neighbors, Zlata noted that untapped opportunities remain, and a strategic, visionary approach is essential to accelerate progress. Finally, she underscored that while tax reduction and minimal state intervention are theoretically appealing, Latvia’s unique circumstances require a more tailored approach to economic policy. The full interview is accessible here!