I look forward to promoting stronger U.S.-Latvia ties and working with AmCham members to ensure Latvia is a trusted destination for international business.
John Tully, Chairman of the Board of MikroTik
On April 24, FICIL presented the foreign investors’ assessment of the business environment in Latvia, taking a closer look at the development of public sector reform, workforce availability, fair competition, combatting shadow economy as well as other key topics of concern. Dr. Arnis Sauka gave a brief overview of the main results of FICIL Sentiment Index research. Journalist Jānis Domburs moderated the discussion among public sector representatives, politicians and investors.
Dr. Sauka outlined progress achieved over the last year and emphasized that most investors see the least progress in solving key issues such as - demography, access to labor, reducing uncertainty and the healthcare system.
The focus of the research and the discussion was on the effectiveness of the public sector and ways to improve cooperation among businesses and state administration. As part of the research, investors were asked to evaluate policymakers work over the last 12 months, as well as note what the next public sector reforms should focus on. Topics such as energy independence, workforce availability, and public sector efficiency were mentioned frequently, therefore the discussion will also cover these topics.
The FICIL Sentiment Index draws on a survey: mini case studies of foreign investors in Latvia. From January 2023 to mid-February 2023, we interviewed 55 senior executives representing companies that are key investors in Latvia. Altogether, these companies (including their subsidiaries) contribute to 21% of Latvia’s total tax revenue and employ 18% of the total workforce of companies with an annual turnover above 145 000 EUR and 50% foreign capital (data from Lursoft, 2021).
We re-affirm our commitment to the values that AmCham stands for and that we share.
Kārlis Danēvičs, Board member, Head of Credits and Risk at SEB Banka