FICIL members underlined that greater competitiveness and attractiveness of Latvia as an investment target in the Baltic Sea region depends on clear vision for businesses and predictable business environment. Predictability is one of the factors influencing investment decisions, and businesses rely on it.
President of Latvia agreed with FICIL members and pointed out that vision for businesses should be more pronounced, however, national development vision is an integrated concept for addressing various needs of a diverse range of sectors. ‘National Development Plan (NDP) details the overarching national development vision. Political agenda should stronger reflect the NDP, i.e. greater coherence between government declarations and NDP should be sought,’ said Egils Levits.
FICIL members underlined that it is important to reform higher education in order to attract more investment to Latvia, namely, provide better education standards, boost university competitiveness at the European level, implement modern and robust university governance models. According to investors, availability of workforce is linked to quality education.
President Levits agreed with FICIL. He stressed the importance of reforming Latvia’s higher education system and building more synergies with scientific sector, as well as need to boost the competitiveness of universities to attract more foreign students. However, Egils Levits also reminded that the effects of any new governance model will become visible only 5-10 years later and Latvia should find the most suitable model for itself instead of copying frameworks created in other countries.
President and members of FICIL also agreed that major efforts are needed to convince Latvian students that are currently studying abroad to return and apply their knowledge here, thus contributing to development of Latvia. One of the ways to ensure that is to create intellectually challenging and fulfilling jobs that would attract these students. Internationally educated workforce would greatly benefit Latvia in the long run and also attract more potential investors.
Meeting also focused on the necessary changes in Latvia’s judicial system. Such reforms should go hand in hand with digital transformation. FICIL members expressed their strong support for envisaged special court for economic offences.
Alise Pīka, President’s new economic policy adviser (CV), also took part in this meeting.