Cooperation agreement signed between Latvian and Californian business organizations

RIGA - During the trade mission to the US, organized by the Economics Ministry and the Latvian Investment and Development Agency (LIAA), a Memorandum of Cooperation was signed between the Latvian Chamber of Commerce and Industry (LTRK) and the California State Friendship Committee, which facilitates international business cooperation between California and foreign partner organizations, LETA learned from LIAA. 

The signing occurred in the presence of California State Treasurer Fiona Ma and Latvian Economics Minister Viktors Valainis (Greens/Farmers).

The purpose of the memorandum is to establish a flexible framework for cooperation to promote collaboration in trade and investment attraction.

Following signing the memorandum, LTRK President Aigars Rostovskis emphasized that this agreement lays a solid foundation for establishing future connections.

"The signing of this cooperation agreement signifies an important step in enhancing political-level support for collaboration between Latvian and Californian entrepreneurs. This development is particularly noteworthy, given that California is home to leading technology companies such as Microsoft, Google, Meta, Groq, OpenAI, and others, with whom Latvian entrepreneurs engaged in presenting their offerings and exploring potential partnership opportunities. The numerous business meetings held over the past few days are expected to positively impact the Latvian economy, particularly in exports and investments," stated Valainis.

Company executives from the US technology sector emphasized the challenges posed by EU regulations, which have thus far restricted their broader expansion into the European market. In this context, Latvia's initiative to establish an AI Center of Excellence offers a strategic opportunity to attract international partners. The center will focus on fostering new talent, developing AI solutions at the local level to enhance companies' international competitiveness, and building collaboration networks with global industry leaders.

"Meeting with Silicon Valley companies has reinforced our confidence that many Latvian companies can already operate at this advanced level," said Raivis Bremsmits, Director General of LIAA.

The trade mission will continue in Denver, where meetings focused on attracting investments and promoting exports are scheduled until September 24.

LIAA organizes the participation of high-ranking government officials in international visits within the framework of the Innovative Business Development Program for Small and Medium-sized Enterprises (SMEs), co-financed by the European Union with support from the European Regional Development Fund and national funding.