Category: News

After this years High Council meeting, FICIL is remodeling the work group set-up to highlight topics that are currently most pressing for FICIL members.

This is also aligned with the new FICIL Strategy and priority areas that will bring more benefit to the investment environment of Latvia as a whole. These topics have been emphasised by members during Sentiment Index research, work group discussions, as well as have been pointed out by various institutions and international organisations as pressing matters for the business environment of Latvia.

FICIL will now hold 6 main work groups that will meet on a regular basis, with additional sub-groups that will be called on an ad-hoc basis.

NEW WORK GROUP SET-UP

• Energy & Green Economy WG
• Data & Digital Transformation WG
• Public Sector Reform WG
• Labour force & Re-qualification WG
• Shadow Economy Combatting WG
• Investment Protection WG

Please register for the work groups that are of interest to you and invite other representatives of your company to register as well. Invitation to sub-group meetings will be sent to all registered participants for the specific main group and they can choose to attend based on pre-prepared agendas.

Register for FICIL Work Group here.

You will find a detailed layout of the main work group priorities and sub-groups in the attached file. If you have any additional questions or comments, please contact FICIL Policy Expert, Roberts Alhimionoks (Roberts.Alhimionoks@ficil.lv). We will be happy to discuss any of the work groups in more detail and assist in any manner necessary.

More information on the FICIL Work Groups is available here.

This year British Embassy Riga is continuing cooperation with 5G Techritory Forum, which will be held in Riga on 29-30 November.

The 5G Techritory platform is an initiative to bring together the key players in 5G development with the goal of developing a robust and aligned 5G Ecosystem in Europe and beyond.

There will be a strong British presence at the Forum sessions. Sylvia Lu, Head of Technology Strategy at u-blox AG and Board Director of Cambridge Wireless will moderate a panel on Metaverse- one of the hottest industry topics of the year; Rob Watson, Director of the Marine Business Technology Centre led by Plymouth City Council, will contribute to the panel discussion on Future Ports and Steve Unger, Board Member of UKTIN (a newly established innovation network for the UK’s telecoms sector) will take part in the panel on Digital legislation.

Moreover, British Embassy Riga is facilitating a Nordic-Baltic & UK Workshop on Diverse, Open and Interoperable 5G, which will be held in Riga on 28-29 November and lead by The Department for Digital, Culture, Media & Sport (DCMS) and Latvian Ministry of Foreign Affairs.

Register for 5G Techritory Forum here.

Office for National Statistics (ONS) has issued latest release of Statistical Bulletin on UK Trade: September 2022.

The key areas covered: imports, exports and deficit.

In Depth Analysis

Imports
In September, overall goods imports to the UK fell by 5% (£2.8bn) with EU imports down by 7.3% (£1.9bn) and non-EU imports down by 3% (£1bn), primarily down to lower gas imports from Norway and the fall in oil prices globally. Excluding inflation overall imports fell by 6.1% (£2.6bn) in September.

Among the largest falls in imports from the EU by sector was in chemicals (down by £0.7bn).

Fuel imports from outside the EU, principally Norway, fell the most in September – down by £1.3bn.

Exports
UK goods exports fell in September by 4.7% (£1.6bn). The drop in exports to the EU was higher than to the rest of the world – 5.1% (£0.9bn) compared with 4.2% (£0.7bn).

Excluding inflation, overall goods exports fell by 4.8% (£1.4bn) in September.

On exports to the EU the largest falls were in machinery and transport equipment (principally to Germany) and in fuel exports.

Falls in non-EU exports were led by drops in the same goods and commodities – mechanical and transport equipment, as well as oil exports.

Deficit
The overall trade deficit fell by £1.3bn to £23.7bn during September – fairly constant over the past 9 months.

In Q3, total UK goods imports rose by 2%, and UK goods exports rose by 3.2%. Imports of machinery and transport equipment from the EU fell by £1.7bn over the quarter and chemicals by £1.4bn over the same period.

Total services imports and exports both rose by 3.3% in the same period. Trade in pensions, travel, intellectual property and insurance services remained strong in Q3.

More detail on the ONS trade data can be found here.

The World Trade Organisation’s (WTO) World Trade Report 2022 was released at COP27.

An executive summary of the WTO World Trade Report 2022 can be found here.

BCC commentary on the report can be found here.

The Commonwealth Service of Remembrance will take place on Saturday 12 November at 10:40 in the Forest Cemetery in Jelgava. Arrival from 10:30.

The British Ambassador Mr Paul Brummell and Defence Attaché Lieutenant Commander Mark Page will lay a wreath on behalf of His Majesty The King. They will be followed by other Commonwealth and Latvian government representatives, military and Jelgava Municipality.

Please note that flower laying will take place in two locations thus two wreaths or flower bouquets are recommended. Warm soup will be served immediately after the Service.

Directions: The Cemetery is a small plot within the large civil cemetery of Jelgava. It is about 4 kilometres south-east of the town centre on Bauskas iela. Search “Jelgavas Meža kapsēta” on Waze or Google Maps, GPS coordinates: 56°37’35″N 23°45’9″E

The donated money will be used to support Ukrainian children in Latvia in cooperation with the charity organization “Tavi Draugi”!

Already for the 9th time – one of the most beautiful and magnificent events, which is held in Riga, celebrating the birthday of the Latvian state!

This year, the event will be provided musically by the outstanding dance orchestra “Mirage” led by conductor Lauris Amantovs and other artists. The ball program includes a traditional polonaise, dances, an auction of paintings donated by the best Latvian artists, a lottery of valuable prizes, and a sing-along led by conductor Arvīdas Platpera in the RLB Golden Hall. Dinner is available throughout the evening.

After midnight, a procession with flowers will take place at the Freedom Monument, so that the guests of the event can be the first to greet Latvia on its 104th birthday.

Dress code: long evening dress, tuxedo / dark suit. Bring dark red or white roses with you to the event. Flowers will be arranged in the colours of the Latvian flag, which we will put together at the Freedom Monument after midnight.

Charity Ball is organized by Rotary, Rotaract, Lions, Zontas, Round Table, Club 41 and other charity organizations.

Buy your ticket here!

Asset Valuations Lag the Race

Baltic Commercial real estate investments in Q3 2022 fell by 34% quarter on quarter to EUR 190 million. Year-to-date investments n the Baltics have surpassed EUR 800 million, which is 25% lower compared to the same period last year. Investments in Lithuania have increased compared to the previous quarter, while volumes in Estonia and Latvia have declined by 33% and 87% respectively.

Read more here.

The BCC’s Quarterly Economic Survey (QES) for Q3 2022 shows a significant decline of key economic indicators, with weakening structural business conditions and confidence a cause for concern.

• Four in ten (39%) businesses believe their profitability will reduce over the next 12 months.
• Fewer businesses are reporting increased sales; only 33% of firms reported increased domestic sales, down from 41% last quarter.
• Measures for inflation remain at record highs as more than four in five (84%) firms say it is a growing concern for them.

Read more here.

While barriers to trade affect most firms, overcoming recent EU challenges has led some to expand into new markets, a survey from the British Chambers of Commerce (BCC) and DHL Express has highlighted.

The survey of almost 1,000 UK businesses – 92% SMEs – shows almost half (48%) said the top barriers to exporting were costs and disruption, alongside tariffs (48%), and customs procedures (47%). A further 41% of businesses said regulatory issues such as product certification were a hindrance to trade, and 37% cited political, social, economic or environmental uncertainty.

Read more here.

Our fellow Chamber is extending an invitation to their Diwali Gala!

Diwali Gala organised by Indo-Latvian Chamber of Commerce in support from Unisel Co, Unifarma, Singh’s Restaurants.
Come dressed in your groovy Indian Attire for an evening of Dance and fun on 5 November at H2O 6 kvartāls (Durbes iela 4, Riga) starting from 18:00. An evening with Fireworks display, Live DJ from UK rocking the house with Bollywood and Bhangra beats, Dance performances from Avikk and group, Magic show by renowned magician Robijs Trankalis, a gala dinner served on the night. An evening of celebrations, fun, games and Raffle.

Tickets are available at:
– Unifarma Herbal Shop (Vangazu Street 23);
– Singh’s Restaurant (Gertrudes str. 32);
– Singh’s Restaurant (Pulkveža brieža 2);

For more information please contact ILCC.