Translated using ChatGPT service.
As part of a trade mission to the U.S., organized by the Ministry of Economy and the Latvian Investment and Development Agency (LIAA), a Memorandum of Cooperation was signed between the Latvian Chamber of Commerce and Industry (LTRK) and the California State Friendship Committee, in the presence of California State Treasurer Fiona Ma and Latvian Minister of Economy Viktors Valainis. This committee promotes international business collaboration between California and foreign partner organizations.
The signing of this cooperation agreement, with Fiona Ma’s participation, signifies that political doors are opening wider for collaboration between Latvian and Californian entrepreneurs. This is particularly important as California is home to major technology companies such as Microsoft, Google, Meta, Groq, and OpenAI, with which Latvian entrepreneurs met, presenting their offerings and discussing potential partnerships. "There have been numerous meetings during these few days, and they will undoubtedly bring positive contributions to Latvia's economy, especially in terms of exports and investments," said V. Valainis.
Representatives from U.S. technology companies highlighted the challenges posed by EU regulations, which have slowed their broader entry into Europe. Latvia's plan to establish a center of excellence for artificial intelligence could serve as a foundation for attracting international partners. The center’s goal will be to foster talent development, advance AI solutions locally to enhance companies' global competitiveness, and build international collaboration networks with industry leaders.
"Our meetings with companies in Silicon Valley have given us confidence that many Latvian companies are already capable of operating at this level. A prime example is LMT, whose drone technology is on par with organizations like NASA, and in some cases, even ahead. Several projects are also in progress in the area of attracting investments. Entrepreneurs highly appreciated the opportunities offered by the Plug and Play technology center, which connects idea creators with large corporations, offering the chance to test developed products in solving major corporate challenges," said LIAA Director Raivis Bremšmits.
A key step in strengthening economic relations between Latvia and California is the signed memorandum of understanding between LTRK and a Californian business organization. The memorandum aims to establish a flexible framework for cooperation to promote trade and attract investments.
After the signing of the memorandum, LTRK President Aigars Rostovskis emphasized that this agreement provides a solid foundation for future collaboration. "These types of contacts are crucial, and we gain them by traveling abroad with high-ranking state officials. The presence of both the president and the minister of economy is significant, as it opens doors that would otherwise be more difficult to access. The best results can be achieved when officials and business representatives work together towards common goals. Attracting investments is critically important for the development of our economy, and the U.S. can provide them. This will strengthen not only our economy but also our strategic partnership," said A. Rostovskis.
From July 25 to 28, California State Treasurer Fiona Ma visited Latvia with a large business delegation to explore the Latvian business environment and potential investment directions. During the ongoing Latvian trade mission to the U.S. from September 16 to 24, Fiona Ma expressed her support for Latvian entrepreneurs and provided practical assistance, helping to organize meetings with key partners.
Accompanying President Edgars Rinkēvičs and Minister of Economy Viktors Valainis in San Francisco were companies and organizations such as SIA Handwave, AS RIX Technologies, SIA PrintyMed, SIA TestDevLab, Codnity Dev SIA, SIA Fokker Next Gen Latvia, Latvian Chamber of Commerce and Industry, AS SAF TEHNIKA, SIA Helve, SIA Tet, SIA AJ Power Holding, SIA Latvijas Mobilais Telefons, SIA Delta Green Line EU, SIA BATWATEX, SIA SWH SETS, SIA Moon Inc, SIA Rīgas Krēslu Fabrika, SIA Orbit8, SIA Ax Group, SIA Asya, AS GRINDEKS, SIA AD VERBUM, SIA Goldingen G.B., AS Siltumelektroprojekts, SIA Hyper, Latgale Planning Region, SIA KBZ, SIA Abillio, SIA Sehaci, AS Latvenergo, SIA Risk Focus LV, AS Rīgas Siltums, Slokenbergs PLLC, SIA UPCODE, AS Latvian State Radio and Television Center, SIA APPLYIT, SIA JEFF, and SIA Pelegrin.
The trade mission will continue in Denver, with various meetings planned until September 24, focusing on attracting investments and promoting exports.
Participation in high-level state visits abroad, organized by LIAA, is supported by the European Union co-financed Small and Medium-Sized Enterprises (SMEs) Innovation and Entrepreneurship Development Program, with funding from the European Regional Development Fund and state resources.