Translated using ChatGPT service.
The trade mission to the U.S., led by President Edgars Rinkēvičs and Minister of Economy Viktors Valainis, has concluded. Held from September 16 to 24, the mission covered three cities—Houston, San Francisco, and Denver. A total of 70 entrepreneurs participated in the visit, which included attending the world-leading energy exhibition “Gastech” in Houston, the technology sector exhibition “Dreamforce” in San Francisco, and the Latvia-U.S. Business Forum in Denver. Alongside, numerous individual meetings were held, world-leading technology companies were visited, cooperation agreements were signed, and steps were outlined for future cooperation with the U.S., with the goal of doubling trade turnover to €1.9 billion in the next three to five years.
“We have already received much positive feedback from entrepreneurs regarding the recently concluded, historically largest visit of a Latvian business delegation to the U.S. Countless meetings were held, including with representatives from organizations and companies such as ‘Microsoft,’ ‘Google,’ ‘Meta,’ ‘NASA,’ ‘Groq,’ ‘OpenAI,’ and others. Latvian entrepreneurs signed several cooperation agreements, two of which are in the energy sector, and established new contacts, initiating discussions on investment projects and opportunities to strengthen Latvian-U.S. economic relations. Many thanks to everyone involved, especially the entrepreneurs for their persistence and dedication throughout the visit, and to the Latvians living in the U.S. who not only helped organize the visit but also uphold Latvia’s name daily,” said V. Valainis.
During the visit, three significant cooperation agreements were signed, and discussions were initiated on investments in sustainable energy, biomedical, and infrastructure development. Preconditions were established for further collaboration between Latvian startups and venture capital and technology development funds. Examples such as “SAF Tehnika,” which supplies Latvian-manufactured technical equipment to all major U.S. television companies and to one of the largest U.S. energy corporations, “Chevron,” illustrate the good prospects for Latvian companies entering the U.S. market. Additionally, “TestDevLab” has been working in the U.S. for eight years, collaborating with technology companies like “Microsoft,” “ZOOM,” and “Discord.” The high-level Latvian delegation visit expands opportunities in the U.S. market for companies already operating there.
“Initially, the idea of such a large-scale trade mission seemed ambitious, but by mobilizing the resources of the Latvian Investment and Development Agency (LIAA) and the Ministry of Economy, we managed to organize an extensive program for entrepreneurs from various industries. And now we see that such large-scale trade missions can deliver results. We will bring home several initiatives from the U.S. with high potential for attracting investments,” emphasized LIAA Director Raivis Bremšmits.
During the Houston section of the visit, a cooperation agreement was signed between the U.S. company “KBR,” one of the leading U.S. engineering solutions providers, and the Liepāja Special Economic Zone company “GI Termināls.” According to the agreement, “KBR” will offer patented engineering solutions and equipment for the establishment of a new sustainable aviation fuel (SAF) production plant with an expected capacity of up to 100,000 tons per year. The fuel will be produced from CO₂ emissions and hydrogen. The partnership will also include consultations and other forms of support. At the “Gastech” conference in Houston, attended by over 50,000 participants, several discussions took place on potential green energy investment projects. Latvian companies had the opportunity to learn about the latest technologies and solutions for transitioning from fossil fuels to renewable resources.
In San Francisco, President Rinkēvičs joined the trade mission and, together with companies, met with major U.S. technology companies. Representatives from these companies highlighted challenges posed by EU regulations, which have so far hindered their broader entry into Europe. In this regard, Latvia's plan to establish a center of excellence for artificial intelligence could serve as a basis for attracting international partners. The center's goal will be to promote the education of new talent, develop AI solutions, and enhance the international competitiveness of Latvian companies.
An important step in strengthening Latvian-California economic relations was the signing of a memorandum of understanding between the Latvian Chamber of Commerce and Industry and a California business organization. The memorandum aims to create a flexible cooperation framework to promote collaboration in trade and investment attraction. The signing of the agreement was also attended by California State Treasurer Fiona Ma, who expressed support for California’s cooperation with Latvia.
In Denver, the Latvia-Denver Business Forum was held, and a significant agreement for the development of Latvia’s energy sector was signed. AS “Latvenergo” and the U.S. National Renewable Energy Laboratory (NREL), the leading energy research institution in the U.S., signed a research and development agreement to implement an energy transformation and industrial research project, which will involve modeling several investment scenarios for Latvenergo. The results of this study will primarily be used in developing Latvenergo’s investment strategy and are critical for achieving Latvia’s ambitious goal of reaching net-zero greenhouse gas emissions by 2050.
The largest trade mission ever organized by LIAA included companies and organizations such as “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,” “Liepāja Energy,” “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,” Liepāja Special Economic Zone “GI Termināls,” “Riga Chair Factory,” and “AmberBirch.”
Participation in high-level state official visits abroad organized by LIAA is part of the EU co-financed Small and Medium-Sized Enterprises (SME) innovative entrepreneurship development program with support from the European Regional Development Fund and state funding.
Photos: https://flic.kr/s/aHBqjBJMaK
