Translated using ChatGPT service.
Today, on September 16, the Latvian trade mission to the U.S. kicked off with a business delegation of around 100 participants. The first stop of the mission is Houston, where Minister of Economy Viktors Valainis, entrepreneurs, and representatives from the Latvian Investment and Development Agency (LIAA) are meeting with energy companies and potential investors. The mission will continue in San Francisco, where President Edgars Rinkēvičs will join, and will conclude on September 24 in Denver.
“We are starting our U.S. visit in Houston, which is home to many of the world's leading energy companies, and this year it is also hosting Gastech, the largest energy exhibition and conference, with around 50,000 attendees. During and outside the conference, I, along with Latvian business representatives, have several meetings scheduled to discuss and finalize agreements on cooperation with local companies,” said Minister Valainis.
One of the visit’s objectives is to strengthen Latvia's energy independence by developing new partnerships. Latvia has much to offer in this regard, as the global demand for green energy is growing rapidly, and Latvenergo already generates 78% of its total energy portfolio from green energy.
"Houston is the fourth-largest city in the U.S., with a concentration of energy and logistics companies. During meetings with potential partners, we will offer collaboration on green energy projects, such as producing aviation fuel from CO₂ emissions. Additionally, cooperation with Houston-based companies could extend to cargo transportation, including military cargo, which is why representatives from Ventspils, Riga, and Liepāja ports are also part of this visit," explained Raivis Bremšmits, Director of LIAA.
On the first day of the visit, a memorandum of understanding is expected to be signed between the U.S. company KBR, a leading provider of engineering solutions, and the Liepāja Special Economic Zone company GI Termināls. According to the agreement, KBR will offer patented engineering solutions and equipment for a new Sustainable Aviation Fuel (SAF) production plant with a capacity of up to 100 kilotons per year. The aviation fuel will be produced from CO₂ emissions and hydrogen. The partnership will also include consultations and other forms of support.
Latvia's current trade balance with the U.S. is just under one billion euros, with services accounting for around 50% of exports. This is quite different from Latvia’s overall export portfolio, where around 70% consists of goods exports. In this U.S. trade mission, 80% of participants are service exporters, representing sectors such as data storage, IT services, financial technologies, logistics, artificial intelligence (AI) solutions, and others.
The second stop of the mission will be San Francisco, where meetings with companies such as Meta, Google, Microsoft, and OpenAI are planned. Many Latvian tech companies will use the visit to meet with potential partners and seek investment opportunities. One of the main goals is to negotiate with U.S. corporations to establish an AI excellence center in Latvia. A startup meeting with potential investors will also be organized. Ēvalds Urtāns, founder of Asya, noted that U.S. tech companies and investment funds could play a significant role in developing Latvia’s AI industry. “We need to be flexible with regard to regulation in this sector, as it can provide a crucial competitive advantage in collaboration with the U.S.,” Urtāns said.
In Denver, individual meetings for businesses are planned. There will be opportunities to learn from the experience of SAF Tehnika in the U.S. market, meet with local business organizations, and connect with members of the Latvian community in Denver. Several companies may finalize cooperation agreements in Denver that were initiated before this planned trade mission to the U.S.
Participating companies and organizations in the trade mission include Latvenergo, LMT, TET, TestDevLab, Asya, JEFF, RixTechnologies, SWH Sets, Riga Freeport Authority, Liepāja Special Economic Zone Authority, Ventspils Freeport Authority, Fokker Next Gen, Codnity Dev, Delta Green Line EU, PrintyMed, Salaspils Siltums, AJ Power Holding, Liepājas Enerģija, Siltumelektroprojekts, Rīgas Siltums, GRINDEKS, Olpha, Latvian Chamber of Commerce and Industry, Kurzeme Fisheries Producers Organization, Latgale Planning Region, RTU, SAF Tehnika, Handwave, Delta Green Line EU, BATWATEX, Moon Inc, Orbit8, Goldingen G.B., Hyper, Abillio, Sehaci, Risk Focus LV, UPCODE, Data Center, Latvian State Radio and Television Center, APPLY, Pelegrin, Helve, Ax Group, AD VERBUM, GI Termināls (Liepāja Special Economic Zone), Rīgas Krēslu Fabrika, and AmberBirch.
Participation in high-level state visits abroad, organized by LIAA, is supported by the European Union co-financed Small and Medium-Sized Enterprises (SME) Innovation and Entrepreneurship Development Program, funded by the European Regional Development Fund and state financing.