BAKU, Azerbaijan, August 6. The Latvia–Israel
Business Forum was held today in Riga, organized by the Ministry of
Economics of Latvia and the Investment and Development Agency of
Latvia (LIAA), in cooperation with leading business and innovation
organizations from both countries. The forum took place in honor of
the official visit of the President of Israel, Isaac Herzog, to
Latvia, Trend
reports.
The gathering convened premier executives from Latvia and
Israel, inaugurated by President Herzog alongside Latvian Minister
of Economics Viktors Valainis.
In his inaugural address, President Herzog underscored the robust
prospects for synergistic collaboration between Israel and Latvia
across sectors such as commerce, scientific innovation,
technological advancement, and the tourism industry.
“Our objective is to cultivate enhanced synergies between our
nations and to exponentially increase our trade throughput,” he
articulated.
Minister Valainis, in turn, expressed appreciation for Israel’s
achievements in innovation and the development of startups.
“We are open to future joint projects and invite Israeli
entrepreneurs to take advantage of Latvia’s strengths—fast
decision-making and trusted partnerships, which are the foundation
of long-term success,” Valainis noted.
The main goal of the forum was to strengthen cooperation in the
fields of innovation, manufacturing, research, and high
technology.
During the event, a Memorandum of Understanding was signed
between the Israel Export Institute and the Latvian Exporters
Association “The Red Jackets,” as well as between the Manufacturers
Association of Israel and the Latvian Chamber of Commerce and
Industry.
“Latvia sees vast opportunities for economic collaboration with
Israel, especially in innovation development and the defense
sector. Israel is one of the world’s leading innovation hubs, and
we can work together on technology transfer and the development of
new solutions, leveraging the advantages of the European Union
market,” said Ieva Jaunzeme, Director of LIAA.
At the forum, Jānis Ošlejs, CEO of the Latvian company Primekss
Group, shared insights from more than a decade of experience in the
Israeli market.
The company has installed over 130,000 m² of innovative concrete
flooring in Israel, helping to save more than 5,000 tons of CO₂
emissions. Currently, exports to Israel account for about 8 percent
of the company’s turnover.
Latvia sees Israel as a key partner for several reasons:
Israel is a global leader in innovation, with the high-tech
sector contributing nearly 50 percent of its GDP.
Latvian and Israeli companies already collaborate in digital
health, military technologies, and green innovation.
Israeli businesses are seeking to expand in Europe, and Latvia
can serve as a strategic gateway to the EU market.
The forum led to agreements to explore new forms of cooperation,
including joint research projects, startup initiatives, and
innovation partnerships. Both sides committed to expanding
collaboration in defense technologies, hydrogen solutions,
semiconductors, and precision medicine.
Stay up-to-date with more news on Trend News
Agency’s WhatsApp channel