Over recent years, in a number of policy areas, the Foreign Investors' Council in Latvia (FICIL) has encountered issues which, if resolved, would help facilitate a much larger influx of investment into the Latvian economy – both in the short and long term.

This period also coincides with a time when the Latvian economy is essentially lagging behind both other Baltic states in a number of areas. Moreover, overall economic growth could lead to a one-generation income level gap within 5 to 10 years. A number of economists and other thought leaders have also expressed their views on these topics, which I invite you to read to appreciate the seriousness of the situation.

Needless to say, the situation has not improved with the arrival of the new government either. Its prolonged rhetoric about catching up with the Estonian and Lithuanian economies, but the experience of the budget review process, has brought to mind the boy in Andersen’s fairy tale who was the only one with the courage (or foolishness) to call out the obvious truth: “The king is naked”.
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