By Reporter Lee jon young

Governor Kim Dong-yeon of Gyeonggi Province and Latvian Minister for Economics Ilze Indriksone have reached an agreement to enhance economic cooperation through the signing of a Memorandum of Understanding (MOU).

During the meeting held at the Governor Kim's Office on July 13, Governor Kim and Latvian Minister of Economic Indriksone exchanged opinions on cooperation measures such as support for mutual startup ventures and signed the agreement.

At the event, Governor Kim stated, "Just as Latvia shows great interest in innovation and startups, I also emphasize the importance of startups, innovation, and an entrepreneurial spirit. I hope that the visit of Minister Indriksone will further strengthen the cooperative relationship between Gyeonggi Province and Latvia. I would like to start with practical discussions among professionals (working groups) to achieve tangible results."

He further expressed, "Gyeonggi Province is establishing bio-medical clusters in Suwon Gwanggyo, Siheung, and Ilsan, and I believe there is room for mutual growth in this area as well. I hope that Korean companies planning to enter Latvia will receive your attention and assistance."

In response, Latvian Minister Indriksonee stated, "The cooperation between Gyeonggi Province and Latvia is significant as it encompasses various fields. I hope we can continue our cooperation in many areas, including trade. Through this agreement, I also hope to enhance collaboration in the fields of innovation, startups, and smart mobility, which can contribute to improving the lives of residents. I also look forward to expanding investments in the bio and telecommunications industries."

According to the agreement, Gyeonggi Province and Latvia have agreed to collaborate on various initiatives, including ▲supporting the entry of mutual startup companies into the market and expanding the exchange network ▲sustainable innovation-related cooperation, including water treatment and environmentally friendly technologies ▲smart mobility cooperation ▲collaboration in digital transformation and sustainable development solutions.

Attending the event were representatives from Latvia, including the Director of the Latvian Investment and Development Agency, the Chairman of the Latvian Biomedical Industry Association, as well as the Director of the Future Growth Industries Department of Gyeonggi Province and the Director of the Gyeonggi Center for Creative Economy & Innovation, who were present to facilitate the exchange of ideas in the fields of biotechnology and advanced technology, which are of interest to both Gyeonggi Province and Latvia.

Gyeonggi Province has been actively promoting cooperation with Latvia since the visit of the Director of the Latvian Investment and Development Agency in June last year. Discussions on collaboration in the field of water resources and hosting roundtable meetings for local technology companies specializing in robotics, smart factories, drones, among others, have been ongoing.

Following this, in August last year, the Latvian Ambassador to Korea Aris Vigants met with Governor Kim Dong-yeon to discuss cooperation in the field of startup ventures and sign a memorandum of understanding. 
Various exchanges have taken place, such as the participation of the Latvian Ambassador in events held in the Demilitarized Zone (DMZ) in October 2022 and May 2023, as well as an economic cooperation webinar for small and medium-sized enterprises in Gyeonggi Province in February 2023. 

Furthermore, cultural exchanges have been conducted through the Baltic Contemporary Ceramics exhibition, "Safe Horizons: Baltic Contemporary Ceramics," held at the Yeojoo Gyeonggi Ceramics Museum from September last year to February this year.

Latvia, along with Estonia and Lithuania, is referred to as the Baltic States and is strategically located on the southeast coast of the Baltic Sea, serving as a gateway to the European market. It is a small but strong country in terms of trade, industry, and culture, with a specialization in emerging sectors such as Fintech. Gyeonggi Province anticipates that this business agreement will lead to further economic cooperation between Gyeonggi Province and Latvia.