On 5 September 2019, the Ministry of Foreign Affairs hosted the 16th meeting of the Foreign Economic Policy Coordination Council, chaired by the Minister of Foreign Affairs, Edgars Rinkēvičs. The Council reviewed a report by the Ministry of Economy and the Latvian Institute on Latvia’s image as well as a report from the Investment and Development Agency of Latvia (LIAA) on the profile of investors favourable to Latvia.
Participants were presented with a proposal for the image of the state jointly formulated by the Ministry of Economy and the Latvian Institute, highlighting three interconnected areas – foreign affairs, economy and culture. The competence of the Ministry of Economy is covering tourism and direct marketing for the export and investment sectors, while the Latvian Institute is engaged in indirect marketing.
The meeting supported the strategy for the image building and branding proposed by the Ministry of Economy and the Latvian Institute, according to which, a working group is to be established by the end of September, with outputs aggregated by February 2020, an image concept devised by May 2020, an outline of strategic communications drawn up by July 2020, and an implementation plan prepared.
The participants also took note of the LIAA report on the profile of a foreign investor preferred by Latvia. The report looks at the prospective economic development of Latvia, LIAA strategic objectives for 2017–2019, the profile of LIAA clients in the priority areas for investments, as well as priorities and challenges in attracting investments.
Representatives from LIAA drew attention to the need for defining criteria to evaluate the quality of potential investment in order to assess the viability of investors and the compliance of investments with public interests, development planning documents and regulatory requirements.
Experts from LIAA presented an investment project assessment form containing criteria such as the investment sector, the company’s financial situation and the reputation of its owner, relevance to sectors named in the EU’s Development Impact Assessment Framework of Investment Facility Projects and those identified in national security legislation, including impact on the environment, health and society, and the need for State aid to implement the project.
The 16th meeting of the Foreign Economic Policy Coordination Council was attended by Ralfs Nemiro, Minister of Economy; Uldis Reimanis, Under-Secretary of State of the Ministry of Transport; Jānis Eglīts, Head of Office for the Minister of Agriculture; Elīna Pinto, Adviser to the President of Latvia on Modern State and Sustainability Issues; Jānis Upenieks, Economic Adviser to the Prime Minister; Andris Ozols, Director of the Investment and Development Agency of Latvia; Līga Meņģelsone, Director General of the Employers’ Confederation of Latvia; Jānis Endziņš, Chairman of the Board of the Latvian Chamber of Trade and Industry; Dace Vilsone, State Secretary of the Ministry of Culture; Eva Juhņēviča, Parliamentary Secretary of the Ministry of Culture; and Vita Timermane-Moora, Head of the Latvian Institute.