On October 8, AmCham in cooperation with the RTU Riga Business School held an event focused on the role of artificial intelligence (AI) as a driver of economic growth and business innovation. The program featured the introduction of the RBS AI Studio and the launch of AmCham’s position paper on AI opportunities, culminating in a dynamic panel discussion with stakeholders.

The event underscored the immense potential of adopting emerging technologies and AI solutions within business and public sector organizations, highlighting their capacity to enhance efficiency, productivity, and innovation. However, the broader implementation of these technologies necessitates a coordinated approach rooted in effective policy, legislation, and international best practices. The panel discussion specifically addressed how to engage all stakeholders in adopting AI solutions that can accelerate economic opportunities in Latvia.

Inese Muzikante, Director of RTU Riga Bussiness School said: "We are excited to develop collaborations between industry and Riga Business School in applying AI solutions, as both parties want to benefit from technological advancement and use it for driving innovation and growth." 

John Tully, Chairman of the Board at MikroTik and President of AmCham Latvia, emphasized: "By ensuring a collaborative approach, Latvia can harness the full potential of AI and digital technologies to drive productivity, economic growth, and societal well-being."

Sarmis Spilbergs, Chair of AmCham Digital and AI WG and Partner of Ellex said: "By ensuring a collaborative approach, Latvia can harness the full potential of AI and digital technologies to drive productivity, economic growth, and societal well-being."
 
Key takeaways from the panel discussion:

- While many companies are yet to fully harness AI’s capabilities, Latvia's competitive advantage lies in its agility and fast pace in curating data for AI applications.

- From global perspective, AI adoption has proven to improve the productivity of employees by 20 minutes per day for each employee.

 - AI will not replace professors! The role of educators will not diminish with AI use, the value of human expertise and critical thinking will only increase.
 
The discussions were enlightening and provided actionable insights on how Latvia can strategically adopt AI to foster economic growth.
 
AmCham would like to thank RTU RBS for hosting and all the speakers and participants for contributing to the success of this event. We look forward to further collaboration on leveraging AI for the benefit of Latvia's economy!

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