From October 13 to 17, Minister of Economy Viktor Valainis, along with a delegation of about 50 business representatives, will go on a trade mission to Washington, the Latvian Investment and Development Agency (LAIR) reported to LETA.
In Washington, the minister and businessmen will participate in the defense industry exhibition "AUSA Annual Meeting & Exposition" and the conference "Spotlight Latvia," organized by the Latvian-American Chamber of Commerce.
LAIR notes that the mission is focused on companies in the defense industry, energy, and information and communication technologies, and its main goal is to increase the export of dual-use and defense industry products from Latvia to North America, as well as to attract investments of 1 billion euros over the next three years.
According to Valainis, one of the goals is to increase Latvian defense exports to the USA by at least 20% over three years and to make Latvia a Baltic innovation and technology hub in the dual-use industry.
The trade mission will begin with companies participating in the defense industry exhibition "AUSA Annual Meeting & Exposition" in Washington. More than 700 companies from ten countries will take part in the event. Latvian and American politicians and business leaders will hold individual meetings, as well as various networking events with potential investors.
As stated by LAIR director Ieva Jegere, North America is a strategically important market for Latvian companies both in terms of expanding exports and attracting investments. This is especially relevant for defense, cybersecurity, and drone technologies, where Latvia already has developed skills and competitive companies.
Currently, Latvia is one of the world leaders in the number of drone manufacturing companies per 1,000 residents, with Latvian companies developing next-generation drones and solutions in artificial intelligence and cybersecurity, notes LAIR.
Among the participants of the conference will be Latvian companies SIA "Latvijas mobilais telefons," SIA "Belss," JSC "SAF Tehnika," SIA "Edge Autonomy," and others. The conference "Spotlight Latvia" will also feature European Commissioner Valdis Dombrovskis, Minister of Finance Arvils Aseradens, and Minister of Climate and Energy Kaspars Melnis.
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