Europe should now take greater responsibility for its defense while maintaining close transatlantic cooperation with the U.S., said Finance Minister Arvils Asheradenes ("New Unity") on Thursday, October 16, at the "Spotlight Latvia: The Future of Our Security" conference organized by the Latvian-American Chamber of Commerce, LETA reports.
"After World War II, U.S. investments helped rebuild Europe, laying the foundation for shared prosperity. This transatlantic connection has been and remains one of the cornerstones of global stability — the security, economy, and technological development of Europe and America are interconnected and reinforce each other," emphasized Asheradenes.
Speaking about the further development of cooperation, the minister noted that the partnership between the public and private sectors will be crucial in the next phase of transatlantic security interaction. The Ministry of Finance continues to work on deepening this cooperation with the European Investment Bank and other financial partners to reduce risks and attract private capital in the areas of energy security, cybersecurity, and supply chain resilience.
Asheradenes emphasized that Latvia and the U.S. share a common understanding: security and economic resilience are interconnected. He noted that the American innovation system integrates science, industry, and finance, and Latvia is developing similar tools — guarantee programs, innovation funds, and partnership mechanisms — to help small and medium-sized enterprises implement new technologies for defense needs.
"U.S. companies bring experience, while Latvian ones bring flexibility and digital competence. Together, we can implement projects in the fields of cybersecurity, data protection, and energy resilience, turning security goals into concrete economic opportunities," noted the minister.
Addressing the conference participants, Asheradenes stated that for Latvia, security is not an abstract concept, but a daily reality that requires clear priorities and reliable fiscal commitments.
He emphasized that for Latvia, security is not only a matter of defense but also a matter of fiscal sustainability. The minister noted that by 2025, Latvia's defense spending will reach 3.45% of gross domestic product (GDP) — the highest figure in the country's history, and from 2026, it will continue to grow to 5%.
"In forming the budget for next year, we have allocated an additional nearly 450 million euros for the development of the armed forces, improvement of critical infrastructure, as well as investments in cybersecurity, unmanned systems, and electronic protection," said the Minister of Finance.
The "Spotlight Latvia" conference, held from October 14 to 16, is an annual strategic forum of the Latvian-American Chamber of Commerce, with this year's focus on security, defense industry, innovation, and cybersecurity.
The conference was attended by representatives of the governments of Latvia and the U.S., companies, security institutions, and the academic community, including European Commission Commissioner for Economy and Productivity Valdis Dombrovskis ("New Unity"), security experts, and high-ranking industry representatives. The aim of the event is to move from discussions to concrete solutions that strengthen the partnership between Latvia and the U.S. in achieving common goals in security and economic development.
