A Latvian business trade mission took place in Washington in October of this year, during which more than 100 meetings with potential investors took place...
A Latvian business trade mission took place in Washington in October of this year, during which more than 100 meetings with potential investors took place, new deals were initiated and an agreement was signed on the representation of Latvian business interests in 29 US states.
In total, more than 200 businesspeople from Latvia and the US, as well as representatives of state institutions and academia, participated in the event to strengthen cooperation in the areas of security, defence, energy and digital services.
Important cooperation agreement signed
One of the most significant benefits of the visit is the cooperation agreement concluded by the Latvian Investment and Development Agency (LIAA) and the Latvian-American Chamber of Commerce and Industry (LACC). This will provide Latvian companies with access to support in 29 US states through the LACC network of representative offices, and will allow them to receive advice on market characteristics, attracting partners and creating investment opportunities.
Extensive cooperation opportunities and immediate benefits identified
As part of the trade mission, Latvian entrepreneurs participated in the defence industry exhibition AUSA Annual Meeting & Exposition and the business Spotlight Latvia conference, which confirmed mutual interest in strengthening cooperation ties and building long-term cooperation. Several high-priority investment projects were outlined during the mission, including an agreement on a 90-million-euro investment project in Kurzeme, where it is planned to develop the scale of military production. This was also the first visit, which will be followed by closer cooperation in certain scientific fields between the University of Latvia and Princeton University, which will promote cooperation in innovation and science.
Great potential and security issues
Minister of Economy Viktors Valainis emphasised that investments from the United States have increased by 18% over the past six months and that this trade mission marks even greater potential for cooperation. He noted that during the mission, investors have expressed their desire to invest in Latvia during meetings, and several of them are planning to visit Latvia this year to implement their investment plans. According to the minister, strengthening economic relations with the United States is not only an investment issue, but also a security issue, and with this visit Latvia has proven itself as a reliable partner.
Interest from US companies
From the US side, the forum and related events were attended by companies such as Anduril Industries, FedTech, AUVSI, Scout Ventures, Nvidia, Palantir Technologies, Meta, Google, AMS Group, Imprimatur, etc. These companies represent the defence, cybersecurity, artificial intelligence, energy and technology sectors.
Wide Latvian representation
The Latvian delegation was represented by many companies and organisations, such as the National Defence Corporation, Latvenergo, Edge Autonomy Riga, Oruga, ZAB Ellex Kļaviņš, LATVIA UNIVERSITY FUND, University of Latvia, Defence Partnership Latvia, SILMOR, Latvian Exporters Association “The Red Jackets”, Latvian Chamber of Commerce and Industry, Baltic Bullets, Latitude Construction, BELSS, Agricultural Organisations Cooperation Council, Ludzas Bio-Enerģija, MN TECH, SAPRA, Deep Space Energy, SAF, RTU/Rīga Business School, Amber Hill Studio, Emergn, SPIGULIS & KUKAINIS Law Office, PRIMEKSS, Ernst&Young Baltic, RIX, ZAB Eversheds Sutherland Bitāns, Frankenburg, LMT, Data Crunch.
The trade mission is organised by the Ministry of Economics and the Latvian Association of Foreign Trade and Investments in cooperation with the Latvian Embassy in the United States and the Latvian-American Chamber of Commerce and Industry. The mission is supported by the European Regional Development Fund.
