Today, September 10, the Minister of Economics Viktors Valainis and representatives from the Investment and Development Agency of Latvia (LIAA) met with entrepreneurs set to participate in the trade mission to the USA, led by the President of Latvia and Minister of Economics, from September 16 to 24. More than 60 companies will take part in the trade mission.
“Such a large business delegation has never traveled to the USA before. I am confident that during this visit, we will succeed in attracting investments of at least 1 billion euros, which will have a noticeable impact on the Latvian economy within the next 3 to 5 years. I also believe that, largely due to this visit, Latvian exports to the USA will double within that timeframe,” the Minister of Economics Viktors Valainis said during the introductory event for entrepreneurs.
The goal of the trade mission is to create conditions for developing economic relations with the USA - to double trade relations within five years, reaching a turnover of 1.9 billion euros. Companies participating in the visit are also expected to increase their trade turnover with the USA by 15% within a year. In terms of investments, the mission seeks to identify at least three new investment projects with a total potential value of up to 150 million euros.
"The USA is, in a way, an untapped opportunity as we trade more with our neighbors and EU countries. However, we see that the service industries are growing dynamically in Latvia's exports, and they have good prospects in the USA market, as services are less affected by logistics costs. I am pleased that around 80% of the participants in the trade mission, whose total turnover is about 2 billion euros, represent the service industries," emphasizes Director General of LIAA Raivis Bremsmits.
The visit will take place in three cities in the USA. In Houston, the focus will be on energy and logistics, seeking new partnerships to attract investments in green energy projects and maritime freight transport. Latvian ports are interested in cooperating with the USA in the development of military cargo and energy projects. Additionally, there are plans to expand cooperation in timber exports to the USA via Latvian ports. In this niche, the world's largest wood panel producer, "Kronospan," which acquired a cargo terminal in the Port of Riga this summer, sees significant potential. In Houston, participation is planned in one of the world's most prestigious energy conferences, "Gastech Houston," and the "Global Energy Summit."
The second stop of the trade mission will be San Francisco, the USA technology hub, where meetings with companies like Meta, Google, Microsoft, and OpenAI are planned. Several Latvian tech companies will use this visit to meet potential partners and explore opportunities for attracting investments. Some meetings will focus on Latvia’s plan to establish an artificial intelligence excellence center, where large USA companies are looking for partnerships in Europe.
In Denver, the delegation will learn about the Latvian company's "SAF Tehnika" experience in the US market, meet with local business organizations, and engage with the Latvian community. Several companies have scheduled individual meetings in Denver, with opportunities to sign cooperation agreements.
The primary objectives of the trade mission are to establish contacts with investors, potential clients, and USA partners, explore new cooperation opportunities, and foster joint Latvian-USA projects. The mission will also provide a chance to familiarize Latvian businesses with USA market opportunities and regional economic trends.
Companies and organizations that have registered for the visit include: Latvenergo; LMT; TET; TestDevLab; Asya; JEFF; RixTechnologies; SWH Sets; Freeport of Riga Authority; Liepaja Special Economic Zone; Freeport of Ventspils Authority; Fokker Next Gen; Codnity Dev; Delta Green Line EU; PrintyMed; Salaspils Siltums; AJ Power Holding; Liepājas enerģija; Siltumelektroprojekts; Rigas Siltums; GRINDEKS; Olpha; Latvian Chamber of Commerce and Industry; Kurzemes Zvejniecības Ražotāju Organizācija; Latgale Planning Region; RTU; SAF Tehnika; Handwave; Delta Green Line EU; BATWATEX; Moon Inc; Orbit8; Goldingen G.B.; Hyper; Abillio; Sehaci; Risk Focus LV; UPCODE; Computer Science Center; Latvian State Radio and Television Center; APPLY; Pelegrin; Helve; Ax Group; AD VERBUM; Liepaja Special Economic Zone SIA; GI Terminal; Riga Chair Factory; AmberBirch.
