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On 5 June 2026, the Minister of Foreign Affairs, Baiba Braže, opened the 35th Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) and Business Forum in Riga, highlighting the importance of the Baltic region in strengthening Europe’s competitiveness, security, and resilience. The event brought together high-level policymakers, business leaders, investors and representatives of academia and civil society from EBRD member countries.
Opening the forum, which brought together more than 2,000 guests from 80 countries, the Minister highlighted Latvia’s growth since the last time the EBRD meeting was held in Riga.
“The Latvia that welcomes you today is significantly different from the Latvia that hosted the EBRD in 2000. Twenty-six years ago, we were talking about the transition to a market economy. Today we are talking about energy independence, technological leadership, innovation, and economic resilience,” Baiba Braže emphasised.
The Minister noted that Latvia has successfully consolidated its place in the European and transatlantic space by becoming a member of the European Union, NATO, the euro area, and the Organisation for Economic Co-operation and Development (OECD).
Describing Latvia’s strengths, the Minister emphasised the country’s ability to adapt quickly to change and make decisions.
“I would not describe Latvia as a small country. We are a country capable of making quick decisions, adapting rapidly, and bringing together government, business and society to achieve common goals. This is one of Latvia’s most significant economic advantages,” Baiba Braže noted.
The Minister emphasised that the foundation of Latvia’s competitiveness lies in talented people, innovation and technological development. Latvia ranks first in Europe in terms of the proportion of women among inventors – 30.6% of patent applicants are women, while the European average is 13.2%. At the same time, Latvia is making targeted investments in the development of artificial intelligence, quantum technologies, biotechnology and defence innovation, strengthening cooperation between universities, businesses, and the defence sector.
The Minister also highlighted that security and competitiveness are closely linked today. Energy independence, infrastructure resilience, defence and technological sovereignty have become integral parts of economic policy; therefore, Latvia is the first NATO Ally to enshrine defence spending of 5% of gross domestic product in law.
The EBRD Annual Meeting and Business Forum in Riga is taking place from 5 to 7 June. This year, the event is focusing on the development of the Baltic region, support for Ukraine, strengthening competitiveness and resilience, as well as investments in energy, infrastructure, digitalisation and innovation.
