Speech by President of the Republic Tarja Halonen at the Finnish-Latvian Business Seminar in Riga on 7 June 2010

It is a pleasure for me to visit Latvia again and participate in this Finnish-Latvian Business Seminar together with President Valdis Zatlers.

Bilateral relations between Finland and Latvia are close and natural. Also our economic cooperation is lively. Finland is the sixth biggest investor in Latvia. Our exports mainly consist of paper products, electronics, machinery and equipment. Due to the economic recession, the volume of trade has fallen from the previous years. We should now together consider how we can turn upward both the economic development of our countries and our trade.

About 300 Finnish companies presently operate in Latvia, and many of them are planning to expand activities. Latvian companies are also welcome to Finland. I encourage you to cooperate in both directions.

* * *

Around 100 million people live in the Baltic Sea economic region. Increasing cooperation among the coastal states is an opportunity for all of us, which we must seize. The EU Baltic Sea Strategy provides new tools for contacts and economic cooperation among all the countries in the region.

At the same time, we must take better care of protecting the Baltic Sea and its environment. At the summit that was organized in Helsinki in February, all the coastal states and many companies as well as individuals made significant commitments for our common sea. Their implementation processes can be followed at the Baltic Sea Action Group website. I hope that all of you present here today will join cooperation for this important cause.

* * *

Finland wants to offer domestic and foreign companies in our country a safe and innovative operating environment. We strongly believe that the Nordic welfare state model provides a good basis for this. Our education system has received a lot of international recognition. Also our healthcare is functioning cost-effectively according to the World Health Organization (WHO). We spend a larger share of our gross domestic product on research and development than most other countries. We hope that Latvian companies will take advantages of the opportunities Finland has to offer.

Latvia is an interesting cooperation partner for Finland because of its geographical proximity and skilled labour. Our membership of the EU ties us to common goals, helps us network effectively and increases the resources available for different projects.
* * *

I am sure that relations between our countries can be further deepened in the field of trade and investments. I thank the Investment and Development Agency of Latvia (LIAA), the Finnish-Latvian Trade Association, the Finnish Trade Guild in Riga and the Finnish Embassy for arranging this seminar and hope that it will result in new contacts and useful ideas.