The Council of Foreign Investors is not simply a non-governmental organization in Latvia. Foreign capital is responsible for a significant share of both employment and tax revenues. Accordingly, this organization has great political traction.
Several representatives of the government and the mayor of Riga came today to discuss with investors, who in their annual index for the investment environment in Latvia have given their lowest rating so far. From the very beginning, there is a call not to make excuses about the geopolitical situation.
“Yes, but the same applies to Estonia, Lithuania and Poland. It’s not an excuse, it doesn’t matter. It affects equally, the question is what do you do in this situation,” Florian Schröder, executive director of the German-Baltic Chamber of Commerce, described the situation.
Government representatives admit that the assessment is certainly not flattering.
“I also never want to be unsuccessful in my study and work process, and this is, of course, an absolutely unsuccessful grade,” said Minister of Transport Kaspars Briškens.
The capital plays a huge role in Latvia’s economy, and the mayor admits that his hands tend to be financially tied to do more.
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“What is there to hide? Riga has problems with infrastructure. We have dug into such city-level problems. Investors already need an intersection, an access road, some small things, but the moment you decide to repair the Vansu Bridge or create a local environment for five companies… without the Vansu Bridge, the city will come to a standstill,” commented Riga Mayor Vilnis Ķirsis.
Government representatives emphasized to investors that reducing bureaucracy is a priority and that progress is being made, including in the same construction, in relation to labor migration, state administration and other aspects.
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