Translated using ChatGPT service.
At the 10th session of the Intergovernmental Commission on Economic, Industrial, Scientific, and Technical Cooperation between Ukraine and Latvia (hereinafter referred to as the IGC), co-chairs Latvian Minister of Economics Viktors Valainis and Ukrainian Cabinet Minister Oleh Nemchinov issued a joint statement expressing confidence that the cooperation between the two countries will not only strengthen the economic ties between Latvia and Ukraine but also contribute to the creation of a stable, prosperous, and secure region. They also committed to ensuring that the partnership between the two countries serves as an example to other nations and inspires them to build equally strong and productive relationships.
Latvia has provided significant support to Ukraine during Russia's armed aggression, offering humanitarian and military aid, and actively engaging in security and economic initiatives. Valainis and Nemchinov agreed that security and defense will continue to be priorities in their cooperation, aimed at strengthening regional security by sharing experiences and implementing joint defense initiatives.
"While close cooperation in defense is essential, it is equally important to strengthen and expand our mutual economic ties, particularly from the perspective of a future where Ukraine will be a war-free European country with a large market and a need for investments in the reconstruction of infrastructure destroyed during the war," emphasized the Latvian Minister of Economics.
Over the past decade, Ukraine and Latvia have strengthened trade ties, increased bilateral investment flows, and initiated joint projects that have fostered economic growth and improved the welfare of their citizens.
Valainis and Nemchinov particularly highlighted the importance of joint projects in the transport sector. By modernizing transport corridors connecting the two countries, they aim to ensure fast and reliable transportation of goods and services. Both parties expressed their commitment to investing in infrastructure development to further enhance the efficiency and reliability of transport routes. This includes the development of rail, road, and air connections, promoting closer ties between the nations and expanding economic cooperation opportunities.
Plans are also in place to expand cooperation in the energy sector. Joint projects in this area will help establish sustainable and environmentally friendly energy systems, ensuring energy independence and security for both countries.
The IGC co-chairs agreed that another important area of cooperation will be digitalization. They plan to implement joint projects to develop digital infrastructure, introduce the latest technologies, and support startups, fostering innovative development in their economies.
In their joint statement, Latvian Minister of Economics Viktors Valainis and Ukrainian Cabinet Minister Oleh Nemchinov emphasized their commitment to further strengthening the ties between their countries. A key direction will be Ukraine's full integration into the European Union, which will not only symbolize the shared commitment to European values but also open new avenues for cooperation and growth.
As known, this week a large delegation of Latvian officials and nearly 50 Latvian entrepreneurs, led by Minister of Economics Viktors Valainis, visited Ukraine. The delegation aimed to highlight Latvia's support for Ukraine and express Latvia's interest in not only continuing but also expanding economic cooperation between the two countries, as a strong economy is a crucial driving force towards Ukraine's victory in the war.
During the visit, the Latvian-Ukrainian Intergovernmental Commission on Economic, Industrial, Scientific, and Technical Cooperation held a meeting to discuss various economic cooperation issues and Latvia's support for Ukraine's reconstruction efforts. A significant focus of the minister's visit was on issues related to the restoration of Ukraine's electricity supply system damaged during the war. Additionally, the visit included a Latvian-Ukrainian business forum and numerous business meetings.