On Friday 27 May, the 20th FICIL and Latvian government High Council Meeting will be held. Key topics for this year include sustainable economic development, justice and the rule of law, the availability of workforce and education, as well as efforts to counter the informal economy. In light of the fact that this is the 20th meeting, the meeting’s participants will discuss the progress in the implementation of priorities so far.
One of the core themes discussed by officials and foreign investors this year is related to investment attraction in Latvia and improvements in the business environment. To ensure more active investment attraction and to be able to compete more efficiently with neighbouring countries, the foreign investors call for a hastened pace of reforms in the fields of justice, education and health. The FICIL's study on the informal economy in Latvia from the perspective of investors, which includes specific proposals to reduce the informal economy, will also be presented to government representatives.
The meeting will traditionally be opened by Prime Minister Māris Kučinskis and Stephen Oldfield, FICIL Honorary Chairman and PricewaterhouseCoopers UK partner.
Prime Minister Māris Kučinskis remarked, "In order to have economic development in the country, it is important that the government cooperates with business organizations. Major efforts are needed to restrict the informal economy and improve tax policy. Investment, including foreign investment, is crucial for any country. In this area, Latvia competes with European countries and other countries in the world. Therefore, Latvia has to be able to offer investors conditions which make the investment environment here attractive."
Ģirts Greiškalns, FICIL Executive Director also commented, “This year, we have given a great deal of thought to what should be done to ensure a more rapid increase in investment volume directly in equity of enterprises in Latvia. Our members admit that they would like to see faster progress and, above all, tangible results in the areas which have already been on the 'to-do list' for some time: justice, labour availability and the associated health and education reforms, and improvement of the business environment. There is a need to further restrict the informal economy; as the result of the informal economy, considerable financial resources do not reach the Treasury, and the competitiveness of fair entrepreneurs and investors is disrupted. We do hope that the Prime Minister and ministers will be ready for constructive cooperation with the foreign investors' representatives to address these issues."
The 20th FICIL and Latvian government High Council Meeting will be held on 27 May at 9.00 in the Green Hall of the Cabinet of Ministers (Office of the Cabinet of Ministers, 2nd floor). Media opportunities: TV / photo opportunity at the beginning of the meeting; a family photo in the lobby of the Cabinet of Ministers (1st floor) at 10.15.
A press conference will be held after the meeting at 12.35 in the Press Conference Room of the Cabinet of Ministers (3rd floor). M.Kučinskis and S.Oldfield will participate in the press conference.
The FICIL and government meeting:
FICIL is a public entity that brings together the largest foreign companies in Latvia, foreign chambers of commerce and the Stockholm School of Economics in Riga. FICIL actively searches for and proposes solutions to improve and develop the business and investment environment in the country in cooperation with the government of Latvia. According to the priority issues raised by investors, the working groups, which are composed of representatives of investors’ companies and foreign chambers of commerce, develop specific proposals within the FICIL framework.
High-level meetings of the government of Latvia and FICIL have been taking place since 1999 with the objective of providing structured information and the exchange of views between investors and local policy makers to improve the business environment and encourage foreign investment inflows in Latvia. The annual meetings of the government of Latvia and FICIL are attended by ministers, senior officials and heads of FICIL member organizations.
INFOGRAPHICS about the investment environment in Latvia.
Andrejs Vaivars
Press Secretary to the Prime Minister
Phone: 29228678
E-mail: Andrejs.Vaivars@mk.gov.lv
Zaiga Barvida
Deputy Head Communication Department
State Chancellery Republic of Latvia
Phone: 67082902
E-mail: Zaiga.Barvida@mk.gov.lv
Vineta Vilistere-Lāce
Head of the Public Relations Division
Investment and Development agency of Latvia
Phone: 67039422
E-mail: Vineta.Vilistere@liaa.gov.lv