Latvian business delegation's meetings with major US IT and hi-tech companies should be used to identify cooperation opportunities - Rinkevics

RIGA - The Latvian business delegation's meetings with major US IT and hi-tech companies should be used to identify cooperation opportunities in areas like artificial intelligence (AI) and semiconductor technology, among others, President Edgars Rinkevics said Monday during a meeting with Economics Minister Viktors Valainis (Greens/Farmers).

As the president's adviser Martins Dregeris informed LETA, the meeting between the president and the economics ministry focused on foreign economic relations, access to finance for economic development, cutting red tape in construction, and the development of the AI and defense industries from the economic perspective.

During the meeting, the president and the economics minister discussed the planned visit of a Latvian business delegation to California, US, in mid-September, and Latvian entrepreneurs ' planned visits to Germany in October and to South Korea in November. 

"It is equally important to support Latvian companies' export of goods and services, as well as to facilitate investment attraction for the growth of Latvian start-ups, which is particularly important in the context of Latvia's economic growth," said Rinkevics.

The president and the economics minister also discussed the Economics Ministry's broader involvement in the development of the National Centre for Artificial Intelligence, which the Smart Administration and Regional Development Ministry is already working on. The officials  exchanged views on how to expand the idea of the National Centre for Artificial Intelligence from the development of academic skills to the creation of new opportunities for local and foreign businesses in the sector.

As reported, the National Security Council at a meeting on April 24 approved the establishment of the National Centre for Artificial Intelligence to develop competence of AI use for national security purposes and the growth of a knowledge-based economy.

The Latvian National Centre for Artificial Intelligence is to be established in cooperation with the University of Latvia, Riga Technical University (RTU) and Riga Stradins University (RSU), using the joint resources of the three university consortiums.