They look at me wanting to ask, because it is difficult to find free resources on site in Latvia. The Swedish banks that dominate the market have not yet released the credit restrictions and it is difficult to obtain capital. But they believe that there should be opportunities in Sweden, and have asked for a conversation about this. Obviously,
I cannot promise anything, but their business plan is convincing enough for me to promise to at least see what I can do.
This is just one example showing that the economy in Latvia may have reached a turning point, if nothing else it shows that people are not completely paralyzed anymore. Latvia, which so far this year has been in the worst situation in the EU – Latvia has pretty much been the "worst the in class". But what characterized the country before the recession is still the economy's strength - young people with ideas, entrepreneurial spirit and the desire to achieve something!
In a broader perspective, there is a lot more to do; Sweden and other Nordic countries could help in the recovery process by providing guarantees to the Swedish companies investing in Latvia and other Baltic countries. The usefulness of this is mutual, since the disturbances in the social cuts that are currently underway as a result of budget cuts, do not benefit either country.
In the longer term, there is a European perspective - to create a strong Baltic Sea Region, a strong economically competitive and otherwise integral part of Europe.
The government has identified the industries they believe the most in, in order to create a strong and sustainable economy. The program will be presented at an investment forum in Stockholm in early October and it will be an exciting event with representatives from both the government and the country's commercial life. (Information about the forum
here)
The future looks bright. What has happened now could be seen as a lesson learned – lots of money has been involved, with profound consequences, but still, the learned lesson has taught us something – we will not make the same mistake again. The old times and thoughts will be replaced by new ones.