Gyeonggi Expands Economic Sphere to 3 Baltic Countries, Signs Cooperation Agreement with Latvian Ministry of Economics

○ Governor Kim met with Latvian Minister of Economics Ilze Indriksone and the accompanying delegation during her visit to the Gyeonggi P...

○ Governor Kim met with Latvian Minister of Economics Ilze Indriksone and the accompanying delegation during her visit to the Gyeonggi Provincial Government on July 13.
○ Gyeonggi Province and Latvia sign an MOU on economic cooperation.
- Discussion of economic cooperation in areas such as mutual startup market entry, water treatment and environmentally friendly technologies, smart mobility, and digital transformation

Gyeonggi Province Governor Dong Yeon Kim has agreed to expand economic cooperation with the three Baltic countries, starting with the signing of a memorandum of understanding (MOU) on economic collaboration with Latvian Minister of Economics Ilze Indriksone.

On July 13, Governor Kim met with Latvian Minister of Economics Ilze Indriksone and signed an MOU on economic cooperation between Gyeonggi Province and the Republic of Latvia.

Governor Kim expressed his desire to enhance economic exchanges between Gyeonggi Province and Latvia through the signing of the MOU, emphasizing the importance of startups, innovation, and entrepreneurship. He stated his hope that the visit by Minister Indriksone would further strengthen cooperative relations between Gyeonggi Province and Latvia, and suggested initiating working group discussions to achieve tangible results.

Governor Kim also mentioned Gyeonggi Province's efforts to establish a bio-medical cluster in the Gwanggyo area of Suwon City, as well as in the cities of Siheung and Ilsan, expressing interest in mutually beneficial cooperation in that area. He requested Minister Indriksone's support and assistance for Korean companies planning to enter the Latvian market.

In response, Minister Indriksone stated that the cooperation between Gyeonggi Province and Latvia has significance in various fields and expressed her hope for continued collaboration in trade and other areas. She emphasized the importance of strengthening cooperation in innovation and startup sectors and achieving smart mobility cooperation to improve people's lives. She also expressed expectations for increased investments in the bio and communication industries.

Under the agreement, Gyeonggi Province and Latvia will collaborate on various areas, including support for mutual startup market entry as well as the expansion of networking, sustainable innovation cooperation in water treatment and environmentally friendly technologies, smart mobility cooperation, digital transformation, and sustainable development solutions.

Representatives from Latvia's Investment and Development Agency, the Latvian Biotechnology Association, Gyeonggi Province's Future Growth Industry Bureau, and the Gyeonggido Business & Science Accelerator in the bio-industry sector attended the event to facilitate exchanges in the fields of bio and advanced technologies.

Gyeonggi Province has been actively promoting cooperation with Latvia since the visit by Latvia's Investment and Development Agency's director in June of last year. The two sides discussed collaboration in the field of water resources, held a roundtable meeting with local technology companies focusing on robotics, smart factories, and drones, and have continued their cooperation since then.

Last August, Latvian Ambassador Aris Vigants met with Governor Kim to discuss cooperation in the field of startups and the signing of a memorandum of understanding. The two sides have also participated in various engagements, including events 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 taken place, such as the Baltic Contemporary Ceramics exhibition titled "Safe Horizons: Baltic Contemporary Ceramics" held at the Yeojoo Gyeonggi Ceramic Art Museum from September last year to February this year.

Latvia, along with Estonia and Lithuania, is one of the three Baltic countries located on the southeastern 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 in Northern Europe, with a specialization in emerging industries such as fintech. Gyeonggi Province anticipates that this MOU will serve as an opportunity for greater economic cooperation between Gyeonggi Province and Latvia.