Advancement of leadership, digital, project management, language and data skills most needed

In a survey recently conducted by AmCham, members revealed top skills required and ways how they are upskilling their employees. The survey also included assessment of the government-subsidized upskilling programs if they have been used by member companies. The results showed that additional training is necessary in the following skill areas: leadership, digital, project management, English and Russian language and data.

CBRE Riga Report: New developments to increase

According to the latest CBRE Riga report, total stock of real estate has grown by 35,000 sqm and exceeded 739,000 sqm at the end of 2020. GBS centres are expanding their presence in Riga (Swisscom, Norwegian Air Resources and others) and rent rates remain stable.

Luminor Economist Peteris Strautins gave an overview of the economic forecast for 2021 including economic consequences of the pandemic, outlining the major industries of growth, impact on the trade sector and the labor market at the online meeting with AmCham members. He also touched upon possible scenarios for the recovery. To view the presentation!

FICIL work group update

The Foreign Investors Council in Latvia or FICIL is one of AmCham's closest advocacy partners. You are invited to take part in one of its many working groups. The following WGs have scheduled meetings in February 2021: healthcare, labor force, investment protection and court efficiency as well as tax policy and administration. If you would like to take part in one of the work groups, please sign up directly here. Please note that work groups formulate opinions relevant to the business climate as a whole, not individual investors.

Swedbank launches sustainability accelerator: Future Hub

In cooperation with the startup ecosystem players in our region, Swedbank is launching sustainability co-creation accelerator "Future Hub" with a goal to provide opportunities for market-leading companies to work on their business sustainability challenges by facilitating cooperation with GreenTech startups working in areas such as food, agriculture, mobility, energy, smart cities, supply chain logistics, CO2 tracking and other areas of corporate sustainability. Applications open until February 16!

Inese Voika, Member of the Parliament and Chair of the Work Group for Transparent Lobbying Framework, addressed AmCham members on the development of advocacy regulation in Latvia. She explained that the Defense, Interior Affairs and Corruption Prevention Committee of the Saeima has set an objective to develop a lobbying regulation that would include a broad definition of lobbying and the requirement for registering lobbying efforts. AmCham members are invited to submit comments to the draft law.

On January 14, AmCham held an online discussion on the new approach to supervision of the banking sector, including the upcoming changes in legislation and how it may affect the bank-customer relationship and attraction of foreign investment. Insigths by key stakeholders from the legislative and regulatory branches and the private sector were presented, including Santa Purgaile, Chairwoman of FCMC, Gatis Eglitis, Chairman of Saeima's Financial Sector Supervision Committee and Laima Letiņa, Advisor at Finance Latvia Association. To view the presentation of Santa Purgaile!

In the annual State of American Business speech on January 12 , U.S. Chamber of Commerce CEO Thomas J. Donohue outlined the path for a widespread economic recovery through a bold agenda of infrastructure investments, workforce reskilling, immigration reforms, and reinvigorating America’s global competitiveness. Additionally, he warned that excessive regulations and anti-competitive taxes would undermine the recovery.

U.S. Chamber condemns violence on Capitol Hill

The U.S. Chamber of Commerce has recently provided comments on violence at Capitol and certification of Joe Biden’s Election. A new panel discussion is added to State of American Business Event : “How Business Strengthens American Democracy” to be held on January 12 at 19:00 (Riga time).

5 projects to drive digital health

Based on our vision statement on Latvian healthcare, in 2021 the AmCham Healthcare work group will focus on carrying out five projects: Oncology Data Registry; Digital Health Strategy; Legal Framework for Secondary Use of Health Data; Health Data Summit and Value based healthcare approach, each of which will be led by a smaller work group. Read more and sign up for projects!