FICIL High Council Meeting 2025

This year, on October 30 to 31, Foreign Investors Council in Latvia (FICIL) held its 29th High Council meeting, the country’s central forum for dialogue between investors and the government, organized annually since 1999. The meeting brought together ministers, senior public officials, and business leaders from various sectors to discuss strategically important issues for Latvia’s economic development and improving the investment climate.

On the first day, FICIL members met with the Minister of Economics, Viktors Valainis, and the Board member of the Competition Council, Kārlis Piģēns, to discuss priorities for promoting market development, strengthening competition, and improving the governance of state-owned enterprises.

In the afternoon, FICIL organised three working groups, where practical discussions took place in the areas of:

• Fair & Robust Competition;  
• Public Procurement;  
• Good Governance & Effectiveness of Public Administration. 

In the evening, participants were welcomed to join the FICIL Networking Dinner, co-organised together with the
Investment and Development Agency of Latvia (LIAA). The evening was filled with incredible discussions, inspiring ideas, and real opportunities for collaboration. It was exciting and refreshing to witness government representatives actively engaging with the foreign investors – a strong sign of the public sector’s openness to partnership, innovation, and growth.

We are very thankful to AFI Management, particularly to Ilona Striga – COO at AFI Managment, for supporting the first day of the High Council Meeting!

On 31 October, FICIL members met with the Prime Minister, Evika Siliņa, and the Cabinet of Ministers. The meeting began with a presentation by FICIL, addressing the progress in implementation of FICIL Work Group recommendations and outlining the new FICIL recommendations.  Afterwards, the Investment and Development Agency of Latvia (LIAA) presented the agenda on how to make Latvia more attractive for investors. Following presentations, participants engaged in a productive discussion.

A few key messages are indicated below:

• Strengthening the investment environment – make a particular focus on building investor confidence;
• Ensure fair, transparent public procurement reform, focused on best value and impact;
• Introduce performance-based budgeting, with clear KPIs, accountability mechanisms;
• Ensure fit-for-purpose legislation: deregulation and delegation of authority closer to the ‘business’;
• Developing 3-5 capital investment projects, which foster collaboration between public and private companies, based on selection criteria (i.e., value for the public, strategic importance);
• Ensure successful execution of FICIL recommendations!

Besides that, FICIL repeated a few calls to the Government:

• Be bold, ambitions and take unpopular, but necessary decisions!
• Address the human capital-related challenges, transform the public sector to make it efficiency and effective!
• Utilise opportunities of the green transition and boost implementation of the Shadow economy restriction plan!

At the end of the meeting, the Chairperson of the FICIL Board, Reinhold Schneider, and the Prime Minister, Evika Siliņa, signed a joint Communiqué outlining steps that the Government will take to boost Latvia’s competitiveness and to attract investment.