Due to members' requests, an introductory meeting to explore the topic of Digital Affairs and AI was held on January 30. Members from various industry sectors discussed how to better address the benefits of the digital economy and AI. The group will be led by AmCham Board member Sarmis Spilbergs. All interested members are welcome to join the Work Group by contacting the AmCham office.

On January 29, AmCham Board and Staff came together for a semi-annual strategic meeting to discuss the Chamber's direction and priorities for 2024. The policy priorities will include: 1) Fostering trade and investment between Latvia and the U.S., and promoting Latvia as a U.S. investment destination to foster Latvia's economic security; 2) Improving the business and investment climate in Latvia; 3) Enhancing Latvia’s human capital with a focus on upskilling, the future of work and talent attraction as well as supporting Latvia’s healthcare policy improvements based on international best practices and innovation.

On January 18, the AmCham Tax work group met to discuss amendments necessary in the regulatory framework to balance the tax burden for private foreign investors. The group also discussed the review of the CIT system and decided to submit their proposals to the Ministry of Finance.

On January 16, Luminor Bank invited members to the Business After Hours at their premises with an inspiring keynote presentation by Peteris Strautins, Chief Economist of Luminor Bank in Latvia on the economic outlook for 2024. Members were welcomed by Kerli Vares, Head of Luminor Bank in Latvia. According to Peteris, "Annual average inflation will be close to zero, and prices for goods will generally fall, while prices for services will rise. Since the majority of economically active people are wage earners, the forecast for changes in their well-being for the coming year is favorable. The expected decrease in Euribor interest rates, which has already started, also offers hope."

Care Mobile contributes to children's health in Latvia and supports Ukraine

In 2023 the Children's Mobile Health Care Center of Ronald McDonald House Charities Latvia has provided 5,198 free medical consultations for 4,201 children in 40 different regions of Latvia, as well as 17000 consultations to people in Ukraine. 
The RMHC Latvija Mobile Health Care Center ("Care Mobile") provides free medical services for children in Latvia in partnership with the Children’s University Hospital (BKUS). The "Care Mobile" program has the advantage of the ability to transform and expand the existing range of services, by offering specialist care, which takes into account the most urgent needs. 

In this year’s State of American Business keynote address, U.S. Chamber President and CEO Suzanne Clark outlined the benefits of free enterprise in an optimistic speech at Chamber headquarters in Washington, D.C. on January 11. The State of American Business 2024 promotes the innovation and impact of America’s free enterprise system that enables businesses to serve customers, solve problems, and strengthen society. The event drew a virtual audience of more than 10,000 people from around the world.

In the first speaker event of 2024, AmCham members met with Viktors Valainis, Minister of Economy to discuss his ministerial priorities and ways to improve the business and investment environment in Latvia. Members had the opportunity to ask their questions and take part in a lively discussion on what can AmCham do to support the Minister's priorities. The discussion was moderated by Ieva Racenaja, AmCham Vice President.

What can we expect from 2024?

In an op-ed featured in Delfi Versijas AmCham Latvia's President and Executive Director share perspectives on the trends shaping economic growth, as well as the major opportunities and challenges in 2024 and beyond. Tremendous opportunities lie in the implementation of sustainable solutions, advancement of digitalization, and acceleration of the development of knowledge-intensive industries and high-value manufacturing, however, future success will depend on coordination, effective governance, and access to talent and investment. Read the full article here. 

Future Changemakers Academy

Riga Business School (RBS) invites AmCham members to support their new program "Future Changemakers Academy" which will be aimed at developing the leadership skills of secondary school students. The focus of the program will be on incentivizing students to choose careers in FinTech, HealthTech, and GreenTech.