BAKU, Azerbaijan, August 6. The Latvia–Israel Business Forum was held today in Riga, organized by the Ministry of Economics of Latvia and the Investment and Development Agency of Latvia (LIAA), in cooperation with leading business and innovation organizations from both countries. The forum took place in honor of the official visit of the President of Israel, Isaac Herzog, to Latvia, Trend reports.
The gathering convened premier executives from Latvia and
Israel, inaugurated by President Herzog alongside Latvian Minister
of Economics Viktors Valainis.
In his inaugural address, President Herzog underscored the robust
prospects for synergistic collaboration between Israel and Latvia
across sectors such as commerce, scientific innovation,
technological advancement, and the tourism industry.
“Our objective is to cultivate enhanced synergies between our
nations and to exponentially increase our trade throughput,” he
articulated.
Minister Valainis, in turn, expressed appreciation for Israel’s achievements in innovation and the development of startups.
“We are open to future joint projects and invite Israeli entrepreneurs to take advantage of Latvia’s strengths—fast decision-making and trusted partnerships, which are the foundation of long-term success,” Valainis noted.
The main goal of the forum was to strengthen cooperation in the fields of innovation, manufacturing, research, and high technology.
During the event, a Memorandum of Understanding was signed between the Israel Export Institute and the Latvian Exporters Association “The Red Jackets,” as well as between the Manufacturers Association of Israel and the Latvian Chamber of Commerce and Industry.
“Latvia sees vast opportunities for economic collaboration with Israel, especially in innovation development and the defense sector. Israel is one of the world’s leading innovation hubs, and we can work together on technology transfer and the development of new solutions, leveraging the advantages of the European Union market,” said Ieva Jaunzeme, Director of LIAA.
At the forum, Jānis Ošlejs, CEO of the Latvian company Primekss Group, shared insights from more than a decade of experience in the Israeli market.
The company has installed over 130,000 m² of innovative concrete flooring in Israel, helping to save more than 5,000 tons of CO₂ emissions. Currently, exports to Israel account for about 8 percent of the company’s turnover.
Latvia sees Israel as a key partner for several reasons:
Israel is a global leader in innovation, with the high-tech sector contributing nearly 50 percent of its GDP.
Latvian and Israeli companies already collaborate in digital health, military technologies, and green innovation.
Israeli businesses are seeking to expand in Europe, and Latvia can serve as a strategic gateway to the EU market.
The forum led to agreements to explore new forms of cooperation, including joint research projects, startup initiatives, and innovation partnerships. Both sides committed to expanding collaboration in defense technologies, hydrogen solutions, semiconductors, and precision medicine.
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