In August, the Latvia-Israel Business Forum was held in Riga, organised by the Ministry of Economics and the Latvian Investment and Development Agency (LIAA) in cooperation with major business and innovation organisations of both countries. The event was held in honour of the official visit of the President of Israel, Isaac Herzog, to Latvia and brought together representatives of business, research and public administration.
The main task of the business forum was to strengthen bilateral relations and create new opportunities in the fields of economy, innovation, technology and research. The forum serves as a bridge between Latvian entrepreneurs and the Israel innovation environment, helping to establish B2B contacts, develop partnerships and attract investments.
High-level representation
The forum was opened by the President of Israel, Isaac Herzog, and the Minister of Economics of Latvia, Viktors Valainis. In his speech, the President of Israel emphasised the potential for cooperation between the two countries, indicating the possibility of significantly increasing mutual trade. The Minister of Economics emphasised Latvia's advantages – fast decision-making and reliable partnership, which can serve as a basis for sustainable cooperation. LIAA Director Ieva Jāgere particularly highlighted the importance of innovation and defence technologies in future cooperation.
Forum progress
The forum programme included thematically focused discussions on innovation, research and technology development. During the discussions, the need for closer cooperation in the field of green technologies and digital health was emphasised. The discussions were attended by heads of both Latvian and Israel companies, representatives of academic institutions and investment experts. In addition to the discussions, practical meetings were held, where entrepreneurs discussed cooperation opportunities and specific projects in detail.
Concrete results
Two memorandums of understanding were signed during the forum – between the Israel Export Institute and the Latvian Exporters Association “The Red Jackets”, as well as between the Israel Manufacturers Association and the Latvian Chamber of Commerce and Industry. An agreement was also reached on the creation of new forms of cooperation in the fields of research, start-ups and the innovation industry. Cooperation in the development of defence technologies and medicine was particularly highlighted.
Business delegations and B2B meetings
The forum was attended by large delegations of business people from both countries. Latvian business people represented the construction, information technology, medicine and energy sectors, while the Israel side sent a delegation to represent them in the areas of start-ups and high technologies. During the B2B meetings, opportunities for joint development of digital health solutions, security technologies and green energy projects were discussed.
Business experience
The forum also served as a platform for exchange of experience. Jānis Ošlejs, the head of the Latvian Primekss Group, shared the company’s experience in the Israel market, where it has been operating for more than ten years. The company has installed more than 130,000 m² of innovative concrete floor coverings, reducing CO₂ emissions by more than 5,000 tonnes. Currently, around 8% of the company’s turnover is made up of exports to Israel.
Strategic partnership for the future
Israel is a global innovation leader, with its high-tech sector accounting for almost half of GDP. Cooperation with this country opens up opportunities for Latvian companies in the areas of digital health, military technology and green innovation. Israel entrepreneurs, in turn, can use Latvia as a gateway to the European Union market.
The role of the Investment and Development Agency of Latvia in promoting cooperation
The Investment and Development Agency of Latvia (LIAA) confirmed its role as a mediator in international cooperation. In addition to organising the forum, LIAA provided entrepreneurs with the opportunity to participate in B2B meetings, helped prepare for negotiations and identified potential partners. With its network of international representative offices, the Investment and Development Agency of Latvia promotes the competitiveness of Latvian companies, export growth and investment attraction, positioning Latvia as a reliable and innovative partner.
