A meeting of the Intergovernmental Ukrainian-Latvian Commission on Economic, Industrial, Scientific and Technical Cooperation was held in Latvia

On March 26, in Riga, Latvia, the 11th meeting of Intergovernmental Ukrainian-Latvian Commission on Economic, Industrial, Scientific and Technical Cooperation was held in Riga. The meeting focused on the development of trade, economic and investment relations between the two countries.

The Latvian co-chair of the Commission was Viktors Valainis, Minister of Economics of the Republic of Latvia, and the Ukrainian co-chair was Oleg Nemchinov, Minister of the Cabinet of Ministers of Ukraine and member of the Board of Directors of UkraineInvest.

During the meeting, Oleksandr Melnychenko, Acting Executive Director of UkraineInvest, emphasised the importance of Latvia’s support for Ukraine and expressed his gratitude for Latvia’s assistance in rebuilding the Ukrainian economy. He also highlighted the significant progress in Ukraine’s investment policy, in particular due to the adoption of new legislation in 2023 to support investment projects with large investments. This legislation enabled the Ukrainian government to sign two special investment agreements offering state preferences and benefits of up to 30% of the investment.

As part of the meeting, both parties signed the Protocol of the 11th Session of the Intergovernmental Commission, which outlines the next steps in strengthening the economic partnership. In addition, the Ukrainian-Latvian Business Forum was held in Riga, focusing on the potential for cooperation between the two countries. UkraineInvest was represented at the event by Andrii Kakusha, Advisor to the Executive Director, and Maksym Bondarenko, Head of the Investment Advisory Department.

The forum included B2B meetings with Latvian companies, discussions on conditions for Ukrainian companies to enter the Latvian market and mechanisms of state support for foreign investors. UkraineInvest continues to actively cooperate with the Latvian Investment and Development Agency (LIAA) to develop a strategic partnership between the two countries and attract investment to the Ukrainian economy.

In 2023, foreign direct investment from Latvia to Ukraine amounted to EUR 18.2 million, placing Latvia 22nd among investor countries. The main sectors of Latvian investment between 2009 and 2024 are wholesale and retail trade (EUR 42.5 million), manufacturing (EUR 9.8 million) and real estate (EUR 7.5 million). UkraineInvest identifies significant potential for increased investment in logistics, green energy, agro-processing and IT.

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