Foreign Investors' Council in Latvia

Did you know that nearly 23% of Latvia’s GDP in 2023 stemmed from the shadow economy? This pervasive issue erodes fair competition, social equity and trust in governance. In a recent LV Portāls interview, Evita Gosa, leader of the Shadow Economy Combatting Work Group at Foreign Investors' Council in Latvia, called for a unified action to reduce the size of the shadow economy! The Shadow Economy Reduction Plan (2024–2027) of the Finanšu ministrija/ Ministry of Finance of the Republic of Latvia aims to tackle critical issues, such as envelope wages and financial transparency, with a goal of reducing shadow activities by 1% of GDP by 2027. Yet, success hinges on more than policy - it requires cultural change, effective implementation and collaboration across sectors. As Evita emphasized, "The shadow economy undermines sustainable development. Only through collective efforts can Latvia build a fair, transparent economy." 💡 Let’s work together to foster trust, fairness, and sustainable growth! Read the full interview here: https://lnkd.in/dX3c6Zqy. 

FICIL is grateful to the Latvian small and medium-sized enterprise association (Latvijas Mazo un vidējo uzņēmumu asociācija) for a productive meeting today! We have discussed key challenges that face both large and small enterprises, particularly the high administrative burden, lack of human capital and of the long-term economic development strategy of Latvia! The small companies in Latvia are in a particularly vulnerable position. Despite that, they are committed to continue doing business in the country, contributing to its economic growth and development, and call the Latvian government to remove barriers for entrepreneurship! #business #entrepreneurship #labour #humancapital #redtape #latvia #sme

Our CEO Emrush Ujkani had a productive meeting today with Ms.Tatjana Guznajeva - Executive Director of the Foreign Investors' Council in Latvia. We shared insights on both countries' private sector landscapes, and explored potential avenues for collaboration between the councils. We look forward to exploring avenues of collaboration that benefit both countries’ private sectors. #InvestmentOpportunities #Kosovo #Latvia #EIC

Today Tatjana Guznajeva, our executive director, was pleased to meet with Emrush Ujkani, executive director of the European Investors Council! The meeting was devoted to the discussion of potential collaboration, challenges and best practices in attracting the foreign investment. Both Latvia and Kosovo at times struggle to highlight advantages of doing business in their countries, therefore it is essential to develop a clear and attractive international image and build strong international networks! #foreigninvestment #investment #latvia #kosovo

📢 Today, on November 27th, Tatjana Guznajeva, the Executive Director of Foreign Investors' Council in Latvia joined the discussion on the programme “Krustpunkts” on Latvijas Radio, alongside Latvijas Investīciju un attīstības aģentūra - LIAA director, Ieva Jagere EMBA, Member of the Saeima Committee on National Economy, Jānis Patmalnieks, Luminor bank chief economist, Peteris Strautins, and Chairman of the Board of AS "SAF Tehnika", Normunds Bergs. The discussion focused on how Latvia succeeds in attracting foreign investors and on challenges they face in the country. Tatjana pointed out that Latvia lacks a long-term economic development strategy, which is crucial for developing a clear story on what advantages Latvia provides for investors. Moreover, she highlighted that the strategy would help to align policy goals across public sector institutions, encouraging the building of synergies. In view of Tatjana, the government should find the right approach that would both stimulate attraction of foreign investment and support the development of local businesses. Despite the challenges that the foreign investors face in Latvia, 67% of them plan to increase investments in Latvia. This is a good signal on existing strengths of Latvia as an investment destination - export opportunities, effective tax policies, good infrastructure (including digital), and a skilled workforce. As a small country, Latvia must focus on solving its challenges, while in parallel showcasing its strengths. For the full recap of the discussion, visit: https://lnkd.in/eZFVf64V. #Investment #EconomicGrowth #Latvia #Collaboration 

It has been a privilege to be an active member of the Foreign Investors' Council in Latvia for over three years. As I transition to a new entrepreneurial venture, I fully support the decision to merge Public Sector Reform and Data & Digital Transformation working groups. With Reinis Azis and Renārs Rūsis, CFA, leading the combined teams, I am confident they will continue to drive meaningful progress in public sector and digital reforms across the country.

Exciting news from Foreign Investors' Council in Latvia! To foster deeper synergies on FICIL priority areas and to boost our expertise and capacity, we have decided to merge our Public Sector Reform and Data & Digital Transformation work groups! Does this imply a change of our priority areas? Not at all! The joint leadership and stronger collaboration between the work groups is expected to strengthen our efforts in driving modernisation of the public sector and digital agenda in Latvia. We extend our gratitude to Edvins Elferts for his outstanding contributions to FICIL, as he transitions to a new entrepreneurial venture, and give a warm welcome to Renārs Rūsis, CFA, Chief Digital & Customer Experience Officer at BALTA, who will support Reinis Azis in driving FICIL's agenda. Together, they will champion public sector and digital reforms in the country to foster a smarter, more innovative, result-oriented and efficient transformations! To learn more about changes, please visit our website: https://lnkd.in/dxwpbHcJ #Innovation #PublicSectorReform #DigitalTransformation #ESG #Latvia 

Today, on November 20th, Foreign Investors' Council in Latvia representatives met with the Minister of Economics, Viktors Valainis, and the new Director of Latvijas Investīciju un attīstības aģentūra - LIAA, Ieva Jagere EMBA! Key points discussed during the meeting:  ➡️ Introduction of LIAA’s new director and future collaboration; ➡️ Human capital strategy; ➡️ Long-term economic strategy of Latvia. FICIL remains committed to working closely with LIAA and the Ekonomikas ministrija/ Ministry of Economics to make Latvia an attractive destination for foreign investment! To learn more, please read the full article at: https://lnkd.in/dWV7Acjv  #Investments #HumanCapital #Latvia #EconomicGrowth

The CSR Latvia board and Foreign Investors' Council in Latvia are working closely with Parliament and the government to improve the #greentransition legislation transposition process. About 150 legislation initiatives (link in comments) are approaching the industries and businesses from the EU and will shape the #newreality of business management/ leadership and #transition of business models. If you want to be in front of the curve with practical actions, shape business opinion, or be just updated about the coming changes, join CSR Latvia as a member. More: www.csrlatvia.lv/biedri

🌍 Exciting News from #COP29! 🌍 We are thrilled to share that Evita Gosa, leader of FICIL's Shadow Economy Combating work group, is participating at COP29 in Baku, Azerbaijan!  #COP29, the 29th United Nations Climate Change Conference, brings together global leaders, policymakers, and innovators to tackle pressing climate challenges and craft sustainable solutions for our shared future.  At Foreign Investors' Council in Latvia, we believe that a fair and transparent economic environment goes hand in hand with environmental responsibility. Whether it's reducing the shadow economy, promoting green investment, or advocating for sustainable reforms, we understand that a thriving, sustainable future must balance economic growth with environmental stewardship. Evita Goša’s participation reflects our commitment to being part of this global movement, offering perspectives on sustainability, economic resilience, and transparency to ensure impactful outcomes. We would like to thank SCHWENK Latvija for ensuring Evita's participation at COP29! #COP29 #Sustainability #ClimateAction #GreenEconomy #COP29Azerbaijan