A cooperation agreement was signed between Latvian and Californian business organizations during the Latvian business delegation's visit to San Francisco

During the trade mission to the US, organized by the Ministry of Economics and the Investment and Development Agency of Latvia (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. The signing occurred in the presence of California State Treasurer Fiona Ma and Latvian Minister of Economics Viktors Valainis.

"The signing of this cooperation agreement, in the presence of Fiona Ma, 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 V. 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. A prime example is LMT, which, in the field of drone technology, is not only keeping pace with organizations like NASA but, in certain instances, even leading. Several projects are also underway to attract investment. Entrepreneurs expressed strong appreciation for the opportunities provided by the technology accelerator 'Plug and Play,' which connects innovators with major corporations, allowing developed products to be tested in addressing the challenges faced by these large enterprises," stated Raivis Bremsmits, Director General of LIAA.

The recently signed Memorandum of Cooperation between the Latvian Chamber of Commerce and Industry (LTRK) and the Californian business organization is a significant step in strengthening the economic relations between Latvia and California. 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 contacts we establish through foreign visits alongside the country's top officials are crucial for us. The presence of the President and the Minister of Economics is especially significant, as it opens doors that might otherwise be difficult to access. The best outcomes are achieved when officials and business representatives work together toward common objectives. Attracting investments is essential for the growth of our economy, and the US can offer these opportunities. This will not only strengthen our economy but also our strategic partnership,' stated A. Rostovskis."

California State Treasurer Fiona Ma visited Latvia from July 25 to 28, accompanied by a large delegation of business representatives, to explore Latvia's business environment and potential investment opportunities. Also now, as the largest-ever Latvian trade mission is taking place in the US from September 16 to 24, the California State Treasurer has expressed her support for Latvian entrepreneurs and provided practical support by helping to arrange meetings with essential partners. 

During the visit to San Francisco, President Edgars Rinkevics and Minister of Economics Viktors Valainis are accompanied by companies and organizations such as: Handwave; RIX Technologies AS; PrintyMed; TestDevLab; Codnity Dev; Fokker Next Gen Latvia; Latvian Chamber of Commerce and Industry; SAF TEHNIKA; Helve; Tet; AJ Power Holding; LMT; Delta Green Line EU; BATWATEX; SWH SETS; Moon Inc; Riga Chair Factory; Orbit8; Ax Group; Asya; GRINDEKS; AD VERBUM; Goldingen G.B.; Siltumelektroprojekts; Hyper; Latgale Planning Region; KBZ; Abillio; Sehaci; Latvenergo; Risk Focus LV; RĪGAS SILTUMS; Slokenbergs PLLC; UPCODE; Latvian State Radio and Television Center; APPLYIT; JEFF; Pelegrin. 

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 Programme for Small and Medium-sized Enterprises (SMEs), co-financed by the European Union with support from the European Regional Development Fund and national funding.