BAKU, Azerbaijan, June 17. From June 16 to 18, the Ministry of Foreign Affairs of Latvia is hosting its annual economy-focused training workshop for Latvian diplomats stationed abroad, Trend reports with reference to the Ministry of Foreign Affairs of the Republic of Latvia.
For the first time, the workshop is being held in close cooperation with the Investment and Development Agency of Latvia (LIAA), emphasizing Latvia’s growing focus on economic diplomacy, foreign investment attraction, and export development.
Foreign Minister Baiba Braže, in her opening address, highlighted the importance of supporting Latvian businesses in foreign markets and attracting international investment. “Support for businesses through promoting their visibility abroad, entering external markets, and attracting partners is one of the core priorities of our Foreign Service. I thank LIAA for their active partnership in advancing Latvia’s economic interests,” she said.
Minister Braže also encouraged participants to explore the newly released EY European Attractiveness Survey 2025, which shows Latvia leading the Baltic region in foreign direct investment. Latvia saw 33 new foreign investment projects in 2024, a 50 percent increase compared to 2023. It was also the only Baltic state to show growth in both project numbers and jobs created.
Furthermore, the Foreign Investors Council in Latvia (FICIL) has noted a marked improvement in the country’s investment climate. In its latest Sentiment Index, Latvia’s score rose from 1.9 to 3 (on a 5-point scale), reflecting investor confidence in Latvia’s stability, defense sector development, and long-term prospects.
Defense sector representatives stressed the importance of cross-sector cooperation to build production capacities and integrate innovation into the national industrial landscape. Stronger ties between industry, academia, and government are seen as vital to Latvia’s resilience and competitiveness.
On June 17, a matchmaking event is being held where Latvian diplomats and LIAA experts will offer individual consultations to businesses on export opportunities and investment support across 33 countries, including the U.S., U.K., Germany, Japan, and emerging markets such as Uzbekistan and Azerbaijan. Special consultations are also available for countries without a local LIAA office.
Representatives from nearly 100 companies have registered to receive expert guidance. Latvian business associations such as LDDK, LTRK, the Red Jackets, and LIAK are actively participating in discussions about promoting Latvia’s business interests abroad.
On the final day, June 18, participants will tour leading companies in the Zemgale region, including SIA Lafora (peat extraction and processing) and SIA Fortes (wood gasification systems), providing firsthand insight into Latvia’s industrial innovation.
This year’s training marks the first time that Latvian diplomats responsible for economic affairs are directly engaging in joint sessions with LIAA representatives and businesses. Diplomats from 31 countries and LIAA staff from 17 countries are attending.
The initiative aims to foster strong cooperation between diplomatic missions and LIAA to support Latvian enterprises, facilitate exports, and position Latvia as a competitive, stable, and innovative partner in the global economy.
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