A brief update on the19th FICIL High Council meeting
September was the month of the FICIL High Council meting with the Government of Latvia and we would like to start this regular update of FICIL activities with a big thank you to each and everyone who contributed to the preparations of the event throughout the year! Thank you!
A brief update on the19th FICIL High Council meeting
Meeting with the President of Latvia (23 September)
This year FICIL High Council meeting was preceded by a meeting with the newly elected President of Latvia Mr Raimonds Vejonis. This was an opportunity for FICIL to present our organisation and goals but most importantly inform about FICIL position papers that are submitted to the Government and key recommendations. We also took the opportunity to present to the President our first ever FICIL Sentiment Index 2015 that highlights investor's key concerns, shows areas where Latvia has been successful in its economic development and areas where more work is expected. The President acknowledged that the priorities of his presidency term were closely related to those highlighted by FICIL, especially, regarding sustainability of the economy and predictability of business environment.
Internal meeting: presentation of FICIL Sentiment Index 2015 and meeting with the Governor of the Bank of Latvia (24 September)
During the internal meeting a brief update on key areas of FICIL work was done, including, presentation of the Position Papers and outputs of the work groups. Dr.Arnis Sauka presented to the members and HC delegates the FICIL Sentiment Index 2015 which was followed by a discussion with the Governor of the Bank of Latvia on developments in Latvia's economy and its future perspectives.
Public discussion: "Return to the Reform Agenda" (24 September)
The public discussion was organised around four topics that are and should be, according to FICIL, priorities for the Government and are reflected more in detail in FICIL Position Papers: (i) Sustainable economic development; (ii) Healthy labour force; (iii) Labour availability and education; (iv) Latvia's legal ecosystem. Each topic was discussed by selected panels consisting of FICIL work group leaders or members, as well as senior civil servants and opinion leaders.
High Council meeting with the Government (25 September)
During the HC meeting with the Government, leaders of the FICIL work groups presented their work and key recommendations included in the Position Papers. All together five Position Papers were presented: (i) Sustainable economic development; (II) Availability and quality of labour force; (iii) Development of the education system; (iv) Investment protection and court system efficiency; (v) Insolvency process. In return Prime Minister in her opening speech emphasised the need to speed up the structural reforms essential for attracting new investments. The Latvian Government was represented at the meeting by Ministers for defence, economics, education and science, justice, health, environmental protection and regional development.
All the Position Papers, including presentations from the meetings, final communique and FICIL Sentiment Index 2015 are available on our website www.ficil.lv
Please do use those documents, share them with your contacts, colleagues and use media opportunities to spread the word about our priorities and recommendations!
Also, as a follow up to the High Council meeting, please take a few minutes to fill in the evaluation form for the meeting that also includes a section for your suggestions for the next - 20th HC meeting.
https://www.surveymonkey.com/r/FICIL_HCM2015
Way Forward - Insolvency issues in focus
Currently the focus of attention turns to the Insolvency issues. As you may know, FICIL has commissioned Deloitte Latvia to undertake an independent study on legal and economic impact of the insolvency abuse in Latvia and present their findings in a report. The report, supported by a wide range of public and private sector organisations, analyses data about 9,512 companies that were announced insolvent during the period 2008-2014. You can read more about insolvency in our Position Paper on Insolvency process 2015, there is also an event organised by AmCham that will look at some of the findings on insolvency and there will be a wider presentation of key findings of the report once it is finalised - inearly November.
Setting the priorities - work groups
We have received a few inquiries about the work of work groups from now on and setting future priorities. This will be among the issues discussed in the nearest FICIL Board meeting and we will update you accordingly. Otherwise, our usual practice will apply - we will circulate an email message to all members of work groups when and if a meeting will be convened.
Please do let us know if you have any questions and thank you once again for all your work and cooperation!
Foreign Investors’ Council in Latvia (FICIL)
1-3 Strelnieku Street
Riga, LV-1010
LATVIA
Tel. +371 67217201
Email girts.greiskalns@ficil.lv
Web www.ficil.lv