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On Wednesday, November 26, Finance Minister Arvils Ašeradens met with Brian John Szwarc, Canada's Ambassador Extraordinary and Plenipotentiary to the Republic of Latvia, and representatives of Export Development Canada. During the meeting, the parties discussed bilateral economic relations, opportunities for cooperation in promoting innovation and investment, as well as Canada's role in strengthening Latvia's security.
"Canada has long been one of Latvia's closest partners in both security and economic matters. The presence of the Canadian-led NATO battlegroup significantly strengthens security in our region, while cooperation in economics and innovation is becoming increasingly dynamic. We also highly value the professional experience of the Canadian Export Development Agency in improving the investment environment and strengthening the international competitiveness of companies. I am convinced that our partnership with Canada has significant development potential," emphasizes Finance Minister Arvils Ašeradens.
During the meeting, the financial instruments and business support solutions offered by Export Development Canada were discussed, including loans, insurance, guarantees, and capital investments to mitigate risks and promote business growth in international markets. The organization's representatives shared the experience of Canadian companies in Europe, as well as opportunities for Latvian companies to use in-depth market analysis and expert advice for operations in Canada and other global markets.
Economic cooperation between Latvia and Canada, which is significantly supported by the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada, was also discussed. Latvia was the first EU Member State to ratify it, thereby strengthening the opportunities for entrepreneurs in both countries in terms of market access and export development. The parties recognized that high value-added sectors, including information and communication technologies, digital innovation, green energy, and modern manufacturing, are areas with great potential for closer cooperation.
During the meeting, the parties also discussed current security and defense policy issues. The Minister emphasized Canada's strategic role in Latvia, leading NATO's enhanced forward presence battlegroup in Latvia since 2017 and providing a military presence that is currently being expanded to brigade level. The Latvian side highly appreciated Canada's contribution to security in the Baltic region, and the parties agreed on the need to continue close coordination in the field of defense.
In conclusion, the Minister emphasized that Latvia and Canada are united by a stable, value-based partnership that encompasses security, economic cooperation, and international policy priorities. Representatives of both countries expressed their confidence that economic cooperation, including with the involvement of the Canadian Export Development Organization, will continue to expand and provide new opportunities for entrepreneurs in both countries.