03.10.2022 - Economy

U.S. businesses invited to invest in Latvia

On 19 September 2022, the Latvian Minister of Foreign Affairs, Edgars Rinkēvičs, took part in the United States-Latvia Business Forum, during which he invited United States businesses to invest in the economy of Latvia.

The Minister informed those present that this past June, Latvia hosted the Three Seas Initiative Summit and Business Forum as its input to the strengthening of transatlantic cooperation with likeminded partners, especially in economy. Working in the Three Seas format, the countries should pool efforts to address the needs for the diversification of energy supplies, according to an account by the Ministry of Foreign Affairs.

The Trade and Technology Council established last year is vital for the European Union and the United States to respond to and address common geopolitical problems, Edgars Rinkēvičs said. He welcomed enhanced cooperation in the areas such as export control and investment screening, in particular, in view of joint sanctions against Russia, resilience of supply chains, and security and safety of critical technologies. Our work on this council will reinforce the global leadership of the European Union and the United States based on our common values, for instance, the rule of law and human rights, the Minister underlined.

He also called on the United States to develop liquefied natural gas terminals to ensure the availability of gas for regional and EU markets, the Minister noted. He added that Latvia had taken a decision to replace Russian gas with alternative supplies of liquefied natural gas as from 1 January 2023.

The Minister informed the audience about Latvia’s plans to develop a cross-border offshore wind park project and about the opportunities for developing and manufacturing high technologies in Latvia.

Source: eng.lsm.lv

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