The other main outcome of the event was confirmation in the speeches of Chinese Prime Minister Li Keqiang and his Latvian counterpart Maris Kucinskis that China, Latvia, Poland and the Czech Republic would play roles in a new holding company that, according to an announcement by the Industrial and Commercial Bank of China reported by Xinhua on Sunday, will manage a €10 billion investment fund.
Latvia's exact role and the size of its contribution to the fund has not yet been announced, though Kucinskis said in his speech at the summit Latvia was on board.
"We have great opportunities to develop cooperation in the financial sector, which until now has been the weak link of the 16+1 cooperation. Today the 16+1 Investment Fund will be established and so far Latvia, The Czech Republic and Poland have confirmed their membership. We invite other countries to consider joining this financial instrument to attract funding for 16+1 projects," Kucinskis said.
The fund will be managed by the holding company (registered in Hong Kong), which in turn is owned by the bank, which in turn is owned by the Chinese state.
One other piece of news emerged from the 16+1 summit with Slovakia confirming its Prime Minister had been snubbed at the event by China because the Slovak president recently had a meeting with the Dalai Lama, the exiled Tibetan leader and religious figure.
The Dalai Lama was in Latvia in October, but only in a private capacity where he was lecturing to a paying audience.
On Sunday Li Keqiang departed Latvia for Moscow where he is having talks with Prime Minister Dmitry Medvedev and President Vladimir Putin.
