Analytics, EU – Baltic States, Financial Services, Latvia, Markets and Companies

Joachim Gauck and Valdis Dombrovskis. Riga, 8.07.2013. Photo: flickr.com

Valdis Dombrovskis emphasised that targeted support to the production sector and exports has contributed to Latvia’s return on the development path becoming a country with the highest growth rate in Europe. The Government is committed to further work in order to enhance the investment and business environment, and improvements are also indicated by international surveys and business environment ratings.

The Prime Minister and the President of Germany shared the view that bilateral economic cooperation of Latvia and Germany still possesses some untapped potential; therefore businesses of both countries should further examine the respective opportunities. The President of Germany is accompanied by a delegation of German entrepreneurs who will meet representatives of Latvia’s companies during the Latvian-German Business Forum in order to discuss new trade opportunities and develop closer cooperation.

The Head of the Latvian Government acknowledged Germany’s initiative to undertake a leading role in fostering youth employment throughout Europe and expressed Latvia’s commitment to support the activities associated with this initiative. The Prime Minister stressed that the dual model of vocational education employed by Germany is an efficient instrument for developing cooperation of the education and production sectors, and that Latvia intends to build on this positive experience by reforming its vocational education.

Valdis Dombrovskis expressed gratitude to Germany for its support to Latvia’s intention to join the euro zone, as well as the Organisation for Economic Cooperation and Development (OECD). The Prime Minister noted that both moves would strengthen Latvia’s competitiveness in international trade, contribute to attracting new investors in the production sector and create new jobs.

German President Joachim Gauck, continuing his visit to Latvia, visited Valmiera Primary School yesterday.

Gauck said he was delighted to become familiar with the culture of Latvia during the Song and Dance Festival, but the purposefulness of Latvians surprised him the most.

Gauck lauded Latvia's efforts to observe the European Union's demands and progress toward the introduction of the euro. Latvia's austerity measures most likely would not have been possible in Germany since Germans would not be as purposeful and complying, admitted the president. "You showed Europe that sacrifices can be made to achieve a great goal," said Gauck.

He also lauded the efforts of Latvian President Andris Berzins to popularize the German language in Latvia.

During Gauck's visit to Valmiera Primary School, Latvian Education and Science Minister Vjaceslavs Dombrovskis (Reform Party) and German Ambassador to Latvia Andrea Wiktorin signed a declaration of intent on cooperation in vocational education and training between the Latvian Education and Science Ministry and the German Education and Research Ministry.