AmCham is a great place for networking, exchanging ideas and generating new business directions.
Peteris Kokovkins, Director of Baltic Technology Group
Following Saeima’s election on October 1, 2022 and the formation of a new government, AmCham has developed recommendations for increasing the nation’s competitiveness, proactive investment attraction, and targeted investments in Latvian human capital.
“At a time of unprecedented geopolitical change and disruption, it is of utmost importance to focus on securing existing and attracting new investments in order to overcome the expected economic downturn and increase national competitiveness and external security. As the voice of international business, we look forward to working with the new government and other stakeholders to reach our common objectives for a more competitive and prosperous Latvia" said AmCham Chairman of the Board and President John Tully,
AmCham recognizes the efforts of the current policy-makers to tackle the current geopolitical crisis and mitigate its effects on the economy and the well-being of society. Nonetheless, the business community is increasingly worried about the expected economic downturn and its effect on Latvia’s ability to attract and retain investments. More could and should be done to improve the country’s competitiveness. With the help of a long- and short-term action plan, the state would prioritize investment attraction, reduce the negative impact of the upcoming downturn, and overall improve the nation’s competitiveness.
International companies make a significant contribution to the Latvian economy and can be part of the solution. Prioritizing investment attraction would help overcome the upcoming downturn and set Latvia on a path of stronger growth. The ultimate objective is to ensure that companies that operate here keep and expand their operations in Latvia and that together we can convince prospective investors to select Latvia to grow their business.
Based on the input of industry experts from AmCham member companies, actionable recommendations have been developed in two priority areas:
Regarding the first priority of increasing competitiveness, the following issues should be addressed: transition to an innovative, high-value-added economy, increasing productivity, targeted attraction of FDI, capital market development, implementation of good corporate governance in all state-owned enterprises, fair tax policy, equal access to financial sector services, data-driven decision-making and strengthening Latvia's reputation as an attractive investment destination.
In the field of human capital development AmCham proposes: revision of state employment policy, attracting and retaining talent, upskilling and reskilling based on the labor market needs, increasing state investments in science, research and education as well as implementing strategic investments in healthcare, introducing more effective healthcare organizational model based on value-based healthcare and health digitalization.
Due to the current geopolitical crisis, Latvia's priorities are undoubtedly to increase investments in security and defense, as well as to ensure energy independence. However, increasing investment in human capital is equally important for Latvia’s future. AmCham is committed to working closely with Latvian policymakers and other stakeholders to reach the common goals for a more competitive and prosperous Latvia.
Today is the key moment to demonstrate the values we share with AmCham and support like-minded businesses
Jekaterina Novicka, Partner of Business Development, Orients Audit & Finance