Foreign Investors’ Council in Latvia elects new board

Foreign Investors’ Council in Latvia (FICIL) has elected a new management board headed by Enrique Garcia, CEO of Cemex Latvija.

Garcia is taking over from Jerry Wirth, representative of the American Chamber of Commerce in Latvia.

The board will have two vice chairwomen: Ginta Cimdina, CEO of Fortum Latvija, and Zlata Elksnina-Zascirinska, Country Managing Partner at PWC.

Chairman of FICIL’s Board Enrique Garcia says: “We commend the government on maintaining the stable economic growth and financial discipline needed for the full integration to the European Union with the adoption of the Euro. Also, recognition is well deserved for introducing reforms, which have resulted in Latvia’s increased performance in the Global Competitiveness Report and Doing Business Index. Latvia has been able to “stay ahead of the curve” and differentiate itself from other economies still struggling after the crisis.

Nevertheless, last year in the context of the Baltic Development Forum the lack of strong leadership was recognized as one of the main obstacles to more healthy growth in general for the economy and in particular for FDI in Latvia. Specifically, foreign investors pointed out that Latvia’s main actors in government should not only set out a vision on where the country needs to go, but most importantly should capable of reaching consensus to make decisions and implement the actions needed with the appropriate accountability.

Latvia has adopted a variety of policies and introduced regulation under the aegis of fostering a better business environment and national competitiveness: National development plan, Industrial policy and related documents, Policies for regional development and territorial planning, Public sector reform etc.

Implementing the “policy talk” is expected, amongst others, to raise Latvia’s attractiveness to FDI, being at least in theory an important element for healthy economic growth. During this year’s High Council meeting, FICIL would like to address the gap between “talk and action” to achieve concrete and coherent results.”

Read more from FICIL website

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