Largest-ever trade mission to the US concludes with the signing of landmark energy development agreement

The trade mission to the US, led by Latvian President Edgars Rinkevics and Minister of Economics Viktors Valainis, has successfully concluded. The mission, which took place from September 16 to 24, spanned three major cities - Houston, San Francisco, and Denver - and included the participation of 70 entrepreneurs. During the visit, the Latvian delegation attended the world-renowned energy exhibition "Gastech" in Houston, the technology exhibition "Dreamforce" in San Francisco, and the Latvia-Denver Business Forum in Denver. In addition, numerous individual meetings were held, visits to leading technology companies were conducted, significant cooperation agreements were signed, and concrete steps were outlined to enhance bilateral trade to reach an ambitious goal of doubling trade turnover to EUR 1.9 billion over the next three to five years.

"We have already received a great amount of positive feedback from entrepreneurs about the largest-ever Latvian business visit to the US. There were countless meetings, including those of leading organizations and companies like Microsoft, Google, Meta, NASA, Groq, OpenAI, and others. Latvian businesses have signed several cooperation agreements, including two in the energy field. New contacts were established, discussions on investment projects were initiated, and steps were taken to strengthen economic ties between Latvia and the US. I want to extend my gratitude to everyone involved, especially to the business delegation's participants for their perseverance and dedication throughout the visit, as well as to the Latvian diaspora in the US, who not only played a crucial role in organizing this mission but also continue to honor Latvia daily," said V. Valainis.

During the visit, three major cooperation agreements were signed, and discussions on investments in sustainable energy, biomedicine, and infrastructure development were initiated. A strong foundation has also been laid for future collaboration between Latvian start-ups, venture capital firms, and technology development funds in the US. Notable success stories, such as SAF Tehnika—supplying Latvian-made technical equipment to all major US television stations—and Chevron, one of the largest US corporations in the energy sector, demonstrate that Latvian companies have significant opportunities to enter the US market. TestDevLab, operating in the US for eight years, has also established partnerships with technology giants like Microsoft, Zoom, and Discord. The visit by a high-level Latvian delegation has also created new opportunities and expanded prospects for companies already operating in the US market.

"Initially, the idea of such a large trade mission seemed ambitious. However, by mobilizing the resources of the Investment and Development Agency of Latvia (LIAA) and the Ministry of Economics, we successfully organized a comprehensive programme for businesses across various sectors. Now, we can see that large-scale trade missions like this can deliver results. We will bring back several initiatives from the US with high potential for attracting investment," said Raivis Bremsmits, Director General of LIAA.

During the visit to Houston, a Memorandum of Understanding was signed between KBR, one of the leading US companies in design engineering solutions, and Liepaja Special Economic Zone company GI Terminals. Under this agreement, KBR will provide proprietary engineering solutions and equipment for a new sustainable aviation fuel (SAF) production facility with an anticipated capacity of up to 100,000 tonnes per year. The aviation fuel is expected to be produced using CO₂emissions and hydrogen. The partnership will also include consultancy services and additional support. The Gastech conference in Houston, which attracted over 50,000 participants, facilitated several discussions on potential investment projects in green energy. Latvian companies had the chance to explore the latest technologies and solutions for transitioning from fossil fuels to renewable energy.

After Houston, the Latvian business delegation, joined by the President of Latvia, Edgars Rinkevics, met with major US technology companies in San Francisco. Companie's executives highlighted the EU regulatory challenges that have hampered their entry into Europe. In this context, Latvia's intention to establish an AI Centre of Excellence could serve as a precondition for attracting international partners. This center will aim to nurture new talent, develop advanced AI solutions, and enhance the global competitiveness of Latvian companies.

The Memorandum of Cooperation between the Latvian Chamber of Commerce and Industry (LTRK) and the California business organization significantly strengthens economic relations between Latvia and California. This Memorandum aims to establish a framework for flexible collaboration to enhance trade and investment opportunities. California State Treasurer Fiona Ma also attended the signing of the agreement and expressed her support for California's cooperation with Latvia.

The Latvia-Denver Business Forum occurred in Denver, where a key agreement for advancing Latvian energy development was signed. Latvenergo and the US National Renewable Energy Laboratory (NREL), one of the leading energy research institutions in the US, have signed a research and development agreement to implement an energy transformation and industrial research project to model several Latvenergo investment scenarios. The results of this research will be used primarily to develop Latvenergo's investment strategy and are essential for achieving Latvia's ambitious goal of zero greenhouse gas emissions by 2050.

In the largest-ever trade mission organized by LIAA participated companies and organizations such as: Latvenergo; LMT; TET; TestDevLab; Asya; JEFF; RixTechnologies; SWH Sets; Freeport of Riga Authority; Liepaja Special Economic Zone (LSEZ); Freeport of Ventspils Authority; Fokker Next Gen; Codnity Dev; Delta Green Line EU; PrintyMed; Salaspils Siltums; AJ Power Holding; Liepājas enerģija; Siltumelektroprojekts; Rīgas Siltums; GRINDEKS; Olpha”, Latvian Chamber of Commerce and Industry; Kurzeme Fisheries Producers Organization; Latgale Planning Region; RTU; SAF Tehnika; Handwave; Delta Green Line EU; BATWATEX; Moon Inc; Orbit8; Goldingen G.B.; Hyper; Abillio; Sehaci; Risk Focus LV; UPCODE; Datorzinību centrs; Latvian State Radio and Television Center; APPLY; Pelegrin; Helve; Ax Group; AD VERBUM; GI Terminals within LSEZ; Riga Chair Factory; AmberBirch.

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.