Canadian investors asked to consider Latvian opportunities

On June 3, the Parliamentary Secretary of the Latvian Ministry of Foreign Affairs, Zanda Kalniņa-Lukaševica, met with the Ministers of Foreign Affairs of Canada and Lithuania to open the Business Roundtable in Toronto with the participation of Canada’s largest pension funds, banks, as well as the energy sector.

The participants of the meeting discussed investment opportunities in the fields of infrastructure, energy, and technology in the Baltic region.

“I am convinced that this is the right time for the excellent bilateral relations to become the basis for expanding Latvian-Canadian economic cooperation,” said the Parliamentary Secretary according to a release from the Ministry.

Kalniņa-Lukaševica emphasized the impact of Russia’s war in Ukraine on the global economy and investment opportunities saying:

“Common values, security, and economic growth go hand in hand. Changes in the geopolitical and security situation caused by Russia’s aggression in Ukraine urge us to strengthen economic cooperation with our like-minded partners and pay more attention to the security and the reliability of investments.”

The Parliamentary Secretary called on the representatives of Canadian investment funds to invest in Latvia, especially highlighting the importance of the energy sector. Representatives of Canadian energy companies presented their achievements in the development of advanced small modular nuclear reactors, as well as the opportunities that will open up by the increased use of hydrogen as a future energy resource.

Kalniņa-Lukaševica invited businesspeople to participate in the Three Seas Summit and Business Forum hosted by Latvia this year, which will take place in Riga on 20-21 June. She also urged to invest in the Three Seas Investment Fund with a particular focus on energy, transport and communications sectors. 

The Parliamentary Secretary, together with the Minister of Foreign Affairs of Canada, Mélanie Joly, and the Minister of Foreign Affairs of Lithuania, Gabrielius Landsbergis, also participated in the Democracy Forum organized by the Metropolitan University of Toronto. The focus of the discussion was Russia’s aggression in Ukraine and its consequences on a global scale. 

Latvian businesspeople also visited Toronto to establish contacts with potential partners in the field of ICT, paying special attention to the opportunities provided by the development of 5G technologies.

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