LIAA: Latvia and Israel could cooperate in biomedicine

During the visit of the Latvian President and Latvian entrepreneurs to Israel, several cooperation memoranda in the field of biomedicine have been concluded, the Director of the Latvian Investment and Development Agency (LIAA) Kaspars Rožkalns told Latvian Radio December 1.

The Director of the LIAA said that the Latvian-Israel Business Forum concluded a number of cooperation memoranda in biomedicine. “It is a sphere in which Latvia has scientific excellence, in which Israel also has scientific excellence. Putting this knowledge together could create new products and new services to offer to the world," Rožkalns said.

“The idea is to create conditions in Latvia, so that the Israeli side can use Latvia's infrastructure while studying potential medicines, and vice versa, thereby creating new medicines,” Rožkalns said.

He said that science-based start-ups tend to be derived from universities by attracting external funding. Latvia would like to form joint ventures with Israeli businesses, using our technology and scientific achievements. Latvian start-ups still have a growth opportunity.

“And only then are they looking for world-class investors. Otherwise, if we have a very good scientific idea and sell it to global investors at a very early stage, the investor buys it relatively cheaply. On the other hand, if you have succeeded in creating a company that is profitable and then offering it to investors, then the competition for investments in such a company is much higher and the price is much higher. And the added value created in Latvia is incomparably higher," said Rožkalns.

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