At the video-conference of Foreign Ministers of the Three Seas Initiative countries, the Latvian Foreign Minister underlines the importance of regional cooperation in implementing infrastructure projects of strategic importance

01.07.2020. 07:29

On 30 June 2020, the Ministers of Foreign Affairs of the Three Seas Initiative (TSI) countries met in a video-conference. Preparing for this year’s TSI Summit on 19–20 October, the Ministers discussed the ways to strengthen cooperation between the 12 Baltic, Adriatic and Black Sea countries in the TSI framework in order to facilitate the economic growth of the region.

The Latvian Foreign Minister underlined the key role of the TSI in reinforcing regional connectivity in the digital, energy and transport sectors. The Minister said that to confirm that commitment, on 7 May, the Latvian Government made a decision to contribute 20 million EUR to the TSI’s economic dimension – the TSI Investment Fund.

Edgars Rinkēvičs welcomed the United States involvement in the TSI and he expressed support for the Blue Dot Network principles related to the transparency and sustainability of investment, and responsibility in the implementation of international infrastructure projects that would bridge the gaps in the north-south connectivity between the EU’s regions. The TSI aims at enhancing the EU-level cohesion and transatlantic cooperation.

The impact of the COVID-19 pandemic on economy and finance has precipitated the need for cooperation and infrastructure development. The TSI Investment Fund provides a platform that enables the development of a strong backbone for regional economies through the implementation of strategically important infrastructure.

 Background information

The TSI is presidential initiative of geopolitical importance launched in August 2016 by 12 EU Member States: Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. Germany, the European Commission and the United States also take part in the TSI Summits with partner status.

Four TSI Summits have been held so far: in Croatia, Poland, Romania, and Slovenia. On 19–20 October 2020, a TSI Summit and business forum will be hosted by Estonia.

The TSI Investment Fund, officially established on 29 May 2019, is an expression of the readiness of the Baltic, Black Sea and Adriatic states to be strengthening the competitiveness of their regions through promotion of financing and development of infrastructure projects. The TSI Initiative Fund has currently been joined by Poland, Romania, Estonia, Latvia, and Hungary.

On 27 February 2020, Riga hosted a meeting of the TSI Initiative Fund organised by the ALTUM, a state-owned development finance institution, and the Polish Development Bank, Bank Gospodarstwa Krajowego, which brought together representatives from the Investment Fund’s member countries, politicians, as well as Latvian business and opinion leaders.

At its 7 May meeting this year, Latvia’s Cabinet of Ministers endorsed the participation of ALTUM in the TSI Investment Fund.

Further information on the TSI can be found online at: http://www.3seas.eu

 

 


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