The Minister of Foreign Affairs Baiba Braže: “The Drone Summit is a major event for our entrepreneurs and for Latvia as a whole – we are among the industry’s pioneers in drone development; we have been able to mobilise international funding for the advancement of drone technologies and to gain international recognition. This is an investment in our security and economy, while also contributing to practical military support for Ukraine.
International investors also welcome the progress made so far in the defence sector, as evidenced by a study published this week by the Council of Foreign Investors in Latvia on the investment climate of the Baltic states. Its results indicate that the drone industry has a considerable potential in the Baltics, and what has been achieved so far is highly appreciated.”
Overall, from the investors’ perspective, the defence sector should become a driving force for economic growth and investment in the Baltics, as well as further strengthening the development of innovation ecosystems. “It is interesting to note that, in the eyes of investors, the Baltic states underestimate themselves and are too modest about their achievements. However, we must take pride in our success, and the mindset must change – investors care about that as well,” says Baiba Braže.
The Drone Summit is held in Latvia for the first time, and against its backdrop, Foreign Minister Baiba Braže launched a drone start-up pitch: “Latvia has become an innovation hub with a dynamic start-up ecosystem. It is a great pleasure and honour to open today a competition for start-up innovation, with Latvian companies Origin Robotics and Submerge among the participants.”
Since its founding in February 2024, 18 countries have joined the Drone Coalition led by Latvia and the United Kingdom. “Belgium and Türkiye have also expressed an interest in joining the international Drone Coalition,” Baiba Braže added.
The total support of all coalition member states for Ukraine’s drone capabilities reached 1.8 billion euros last year. In 2024, Latvia sent approximately 5,000 combat drones of various types and capabilities to Ukraine. 12,000 drones supplied by two Latvian companies are to be delivered in the first half of 2025. Latvia allocated 20 million euros for the needs of the Drone Coalition in 2024 and the same amount has been pledged this year.
In May 2024, Foreign Minister Baiba Braže dedicated her first half-marathon run to aid Ukraine, calling for donations to purchase UAVs for the Armed Forces of Ukraine. Within a year, the project has raised 167,546 euros.
About FICIL Sentiment Index 2024
- Baltic States Reaffirm Commitment to Strengthen Investment Climate
- FICIL-Sentiment-Index-report_2024-1.pdf
- PPT PRESENTATION-FICIL-SENTIMENT-INDEX-2024.pdf
Background information
- Trump calls Putin ‘crazy’ for mass drone attack | The Observer
- Analysis: Europe Turns to Ukraine for the Future of Drone War
