EU – Baltic States, Financial Services, Forum, Latvia, Legislation

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In his remarks to the audience, Viktors Makarovs stressed that we should continue supporting the growth of partner countries not only by financial aid but also through transferring knowledge on strengthening good governance. Good governance is a pre-requisite for effectively and transparently directing financial resources to those who need it the most.

Viktors Makarovs also pointed out that financial support from the budgets of developed countries is far less than investments made into developing countries. The best incentives should be considered for encouraging the private sector, which is profit-oriented, to comply with environmental, social and economic standards.

Fair trade, the fight against corruption and the streamlining of tax systems were highlighted on several occasions during the conference as vital support mechanisms for developing countries to independently increase their budgets. In this context, it is important to share with partner countries the expertise in the fight against corruption, transparent decision-making and accountable institutions.

The aim of the event was to share best practices and seek new solutions for mobilising all possible donors to eradicate poverty and build inclusive economies. The discussion on financing for development is the main priority of the Latvian Presidency of the EU Council in the development sector in view of the Third International Conference on Financing for Development which is taking place in July 2015.

The roundtable brings together representatives from EU Member States – the Czech Republic, Estonia, Finland, Germany, Latvia, Lithuania, Slovakia, Poland, and UK. They are officials from the ministries of the Foreign Affairs, Finance and Environment including experts on development cooperation, tax policy, environment, as well as experts from the private sector.

The conference is organised by the Foreign Ministry of the Republic of Latvia, and also by the NGOs “Latvian Green Movement” (Latvijas Zaļā kustība), and “Green Liberty” (Zaļā brīvība).

During the European Year for Development, the Latvian Ministry of Foreign Affairs, together with its cooperation partners were involved in a broad information campaign about the development cooperation policy of the EU and its Member States, explaining its outcomes and benefits to all stakeholders.