Update on FICIL`s High Council

Jun 08, 2016

The 20th High Council (HC) started off with the internal meeting where Chairperson of the FICIL Board set the scene for HC delegates and members about the aims and thinking behind the topics of the 20th HC.

The public section of the day started with a presentation for general public and media of the FICIL report "Foreign investors viewpoint on the Shadow economy in Latvia". It has been developed in close cooperation among FICIL, KPMG and the Stockholm School of Economics in Riga (SSER) and based on qualitative interviews with top management representatives from the largest foreign companies in Latvia who openly shared their observations as to why companies engage in shadow economy. The report also provides for specific recommendations for decreasing the shadow economy in Latvia. Presentation and the Report are available here.

The presentation was followed by a public discussion "Back to the Future". During the discussion FICIL in collaboration with other experts and policy makers assessed the progress achieved in the development of the business environment in Latvia during the past ten years focusing on three key areas: 1) rule of law and justice; 2) labor force issues and 3) Latvia and OECD membership. Panelists also discussed the risks and the measures that require immediate attention in order to secure stable investment levels in Latvia and prevent investment decrease in the future. Video material from the all three panel discussions can be accessed through the link here.

During the High Council meeting with the Government of Latvia that took place on the 27 May in the Cabinet of Ministers, FICIL presented the Shadow economy report, as well as gave presentation about implementation of FICIL recommendations over the last decade and the key focus areas for future. All the materials presented including the progress reports, FICIL presentation, final communiqué are available here.

Please do continue to use those documents, share them with your contacts and colleagues talking about FICIL priorities and recommendations.

Further details about FICIL, its activities can be obtained at

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MARS Latvia


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