Strengthening economic ties between Latvia and California

The United States remains a crucial strategic partner for Latvia, with economic ties between Latvia and California experiencing steady growth. Approximately 15% of Latvia's total exports to the US are directed to California, while around 20% of imports from the US come from this state.

On July 25, 2024, a Latvia-California Business Forum was held in Riga, focusing on enhancing economic cooperation, particularly in sustainable energy and innovation. The forum featured high-level participants, including California State Treasurer Fiona Ma, Senator Josh Newman, former Senator Bob Hertzberg, Latvia's Minister of Foreign Affairs, Baiba Braze, Minister of Economics, Viktors Valainis, Director General of the Investment and Development Agency of Latvia, Raivis Bremsmits, and business delegations from both Latvia and California.

This forum represented a significant opportunity to further strengthen the cooperation between the two regions. California's vibrant startup ecosystem, renowned for its innovation, aligns perfectly with Latvia's growing tech scene, which has already attracted considerable interest from Silicon Valley, a global hub for high technology and innovation. Latvian companies such as Printful, Lightguide, and Aerones have made notable strides in California.

In addition, both Latvia and California are leaders in promoting sustainable energy solutions. Collaborative projects in renewable energy, particularly wind and solar power, are being developed, contributing to global sustainability goals.

The forum provided a valuable platform for Latvian companies to forge new collaborations and strategic partnerships, enhancing their growth and competitiveness on the global stage. To ensure the continuity of such initiatives, the Latvian delegation will embark on a business trip to the US from September 17 to 26, accompanied by the President of Latvia, Edgars Rinkevics, and the Minister of Economics, Viktors Valainis.

Source: Press release (LIAA)