Your professional activities represent many areas. Each of you has unique experience to help Latvia and its people to open new ways of cooperation and engagement with your countries.
Many business contacts have developed because of your assistance. Latvian companies have received your support to find new markets. Your knowledge about Latvia has helped foreign companies to find new contacts in Latvia. Wide representation abroad provides opportunities to promote Latvia as a tourism destination and helps our companies and travelers to travel safer.
In two years since last Honorary Consuls’ meeting, our country has experienced good period of economic growth. In the same time, geopolitical instability in the East and South of Europe has created new challenges. First of all, we need to invest more in our defence. Secondly, we are looking forward NATO summit in Warsaw, in just one week from now, to have clear and strong message on reinforcement of security of the Eastern flank of NATO. Thirdly, because of the sanctions imposed by Russia, our companies, especially in food sector, have lost their traditional markets and need to search for new markets. Many of them have become successful in emerging markets. It is a good sign of high competitiveness of our companies. Fourthly, unexpected challenge of Brexit has opened fresh discussion about future of the EU and reforms needed to make EU more viable and understandable to its citizens.
It seems that geopolitical challenges will remain with us for a while. In the same time we need to ensure stable growth of our economy in these conditions. In my view, favourable business environment is a key to our success. We are proud of our excellent IT infrastructure. Our Internet is the 5th fastest in the world and the second fastest in Europe. This is an excellent precondition for future growth.
Tomorrow Latvia will become a Member of Organisation of Economic Cooperation and Development (OECD). Accession to the OECD gave us an opportunity to achieve higher standards in the areas of governance of state companies, banking supervision and on fight against corruption. Our future membership of OECD will help us to keep high competitiveness of our economy through exchange of best practices and advice on reforms. Latvia has constantly improved its position in Doing Business ranking and currently holds the 22nd place among 189 countries.
For a small and open economy like Latvia, exports and foreign investment are vital to achieve stable development. Foreign investment usually goes to the areas, where the country has experience, know-how, and relevant infrastructure. In Latvia, the areas of our competence are logistics, transportation, machinery, and technical science. I believe that future foreign investment will help these areas to grow faster and open new opportunities for expansion of our economy.
Information technologies, education, pharmacy, agriculture, and forestry are the most advanced areas of our economy with high export potential. I hope that we can find even more opportunities for our companies both in new and traditional export markets with your assistance.
In conclusion, I would like to touch upon the next meeting of Honorary Consuls that will take place in 2 years’ time – in 2018. During that year, Latvia will celebrate 100 years of statehood. It will be an important time, when we will reflect on our achievements and experiences and set our goals for future. Your increased efforts to promote culture and economy of Latvia will be an excellent present to Latvia at its 100 years’ anniversary. I hope that you all will find a possibility to come to Latvia again.
Let me thank you for your hard work, support, and devotion to my country! Your efforts to promote ties between the countries, their people and businesses are great investment in development and future success of Latvia.
Have a nice day here, in Riga and also in Latvia. I hope we will meet soon again in your countries or better – here in Latvia.