On 14 April, the FICIL Board re-elected Reinhold Schneider, Chairman of the Management Board of SCHWENK Latvija and CEO of SCHWENK Northern Europe, as Chairperson of the FICIL Executive Board. Reinhold has served on the FICIL Executive Board since 2022 and was one of its Vice-Chairpersons in 2022 and 2023. Since 2025, he has served as Chairperson of the FICIL Executive Board. With extensive experience in business leadership and industry development, Reinhold has been a strong advocate for sustainability, regulatory improvement, and reducing the shadow economy.
Reinhold Schneider: “We are still facing geopolitical turbulence and significant uncertainty. More than ever, we need a strong Europe, as well as a strong Baltic and Latvian voice within Europe. Investment security remains a key factor, and foreign investment is a clear sign of confidence in Latvia as a secure, stable and resilient country and society.
At the same time, we want to further strengthen Latvia as a hub for innovation and attract new investment. Our priority areas will continue to include energy security and energy independence as the foundation for new strategic industries, investment in defence and dual-use capabilities, labour force development and re-skilling in line with investor needs and reducing the shadow economy.
In addition, innovation and digitalisation are essential to improving the development, efficiency and performance of the public sector. FICIL has aligned its work groups around these priorities to develop targeted recommendations for the government. We will continue to be a strong voice for foreign investors in Latvia, while also serving as a critical friend and partner to the public sector in driving positive change in the business environment, strengthening security, and attracting further investment to Latvia.”
In addition, Māris Vainovskis, Senior Partner at Eversheds Sutherland, and Mindaugas Rakauskas, Chief Executive Officer of Bite Latvija, have been elected as Vice-Chairpersons of the FICIL Executive Board. Both bring substantial experience from their work on the Executive Board, and their contribution to FICIL in recent years has earned strong support for their candidacies.
Māris Vainovskis: “It is a privilege to continue serving FICIL in this role. The recent High Council discussions reaffirmed that Latvia’s growth lies in reinforcing trust, performance, and accountability across both public and private sectors. I am particularly motivated to continue advancing investment facilitation initiatives that improve governance standards, support capital market development, and ensure fair and transparent competition. By maintaining a clear focus on these priorities, we can strengthen investor confidence and contribute to a more competitive and innovation-driven business environment in Latvia.”
Mindaugas Rakauskas: “Latvia possesses all the essential fundamentals to evolve into a highly competitive and investment‑attractive economy. The priority now is disciplined execution – enhancing regulatory efficiency, and safeguarding fair, transparent, and equal market conditions for all participants, particularly in public procurement. I am highly motivated to advance this agenda in close collaboration with the FICIL Board”
These appointments ensure continuity in FICIL’s leadership and reinforce the work of the Executive Board through strong professional experience and long-standing involvement in the organisation. Together, this leadership team will continue to shape FICIL’s strategic direction and advance its work towards a more competitive and future-ready business environment in Latvia.
The Foreign Investors’ Council in Latvia (FICIL) is a non-governmental organisation established in 1999. It brings together the largest companies from various countries and sectors that have made significant investments in Latvia, as well as ten countries’ Chambers of Commerce in Latvia and the Stockholm School of Economics in Riga. FICIL’s mission is to improve Latvia’s business environment and overall competitiveness in attracting foreign investment. Drawing on the experience and expertise of its members, FICIL provides recommendations to the Latvian government and public institutions to help improve the investment climate. FICIL develops its recommendations through thematic work groups and its annual Sentiment Index research. Its current work covers five main areas: Innovation, Institutions & Development; Energy & Industrialisation; Shadow Economy Combatting; Investment Protection; and Labour Force & Requalification.