Invitation

Concept note of the joint event on investment climate in the Baltic States

Introduction The joint Baltic foreign investors event will serve as a platform for discussing investment climates across the three Baltic states and for developing solutions to joint challenges. The discussion will focus on a joint research on investment climates in the Baltic States, conducted by the organisers of the event - Foreign Investors’ Council in Latvia (FICIL), Investors’ Forum from Lithuania, Foreign Investors Council in Estonia (FICE), German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK), in collaboration with the Investment and Development Agency of Latvia and Stockholm School of Economics in Riga. Given the geopolitical tensions that, to a large extent, affect European and other foreign investors in Estonia, Latvia and Lithuania, the event will emphasize joint challenges, importance of stronger collaboration between the countries, and seek to generate greater support from the European Union to boost investor confidence. Among the key areas of focus are listed:

• Investments in the area of defence to stimulate greater security of Europe; • Support to research and innovation for stimulating economic development and

investments in times of a crisis. The event will gather foreign investors that operate in Latvia, Lithuania, and Estonia, alongside policymakers from these countries and representatives from the European Parliament, the European Commission, European Investment Bank and European Bank for Reconstruction and Development, and NATO. Aims, format and preparatory work Aims The overarching aim of the event is to boost investor confidence in Estonia, Latvia and Lithuania. For this purpose, the event seeks to stimulate greater support of the European Union and key international stakeholders to the Baltic States and encourage productive collaboration between the national policymakers in Estonia, Latvia and Lithuania to address common challenges. In addition, the event will highlight business opportunities in the Baltic region to encourage greater investment. To ensure achievement of the overarching aim, the following specific objectives will be pursued:

• Present the analysis of the investment climates, placing it in the context of previous research in Latvia1, Lithuania2, and Estonia3, conducted based on survey and interview responses of the foreign investors in the respective countries;

• Highlight unique and common challenges and business opportunities in the Baltic region;

1 FICIL Sentiment Index report 2 Investors‘ Forum Confidence Index report 3 FICE Executive Survey report

• Design recommendations to tackle common challenges, promote collaboration between the Baltic States, and advocate for enhanced EU support in key areas of focus (defence, research and innovation);

• Facilitate discussions that lead to actionable plans and strategies for improving the investment landscape in the Baltic region.

Format The event will be held onsite in Riga, in English. The formal part of the event will last 4 hours. The expected number of event participants is around 200.

Agenda 09:00 - 09:30 | Registration and welcome coffee 09:30 - 09:45 | Opening of the Event

• Welcome words and introduction into the topic

Reinhold Schneider (FICIL chairperson of the Board, CEO of Schwenk Northern Europe) welcomes participants and highlights the FDI trends and economic development of the Baltic States since the beginning of the war in Ukraine (8 min.)

• Keynote: H.E. President of the Republic of Latvia, Edgars Rinkēvičš

The President emphasizes importance of regional cooperation, foreign investment, and resilience in the current geopolitical context (5-7 min.)

09:45 - 10:10 | Presentation of research results: Investment Climate in the Baltic States

• Sentiment Index research results presentation Professor Arnis Sauka (Stockholm School of Economics in Riga) presents the comparative analysis of the investment climate across three Baltic States (15 min.)

• AHK Business Survey presentation Florian Schröder (CEO of AHK office in Latvia) presents the research results on investment climate in the Baltic States, in comparison to Eastern Europe (10 min.)

10:10 – 11:00 | Panel Discussion 1: Foreign investors’ representatives reflect on investment trends across years and across Baltic States, highlighting key challenges and opportunities

Panel discussion: o Panelists: Representatives from FICE, FICIL, Investors’ Forum in Lithuania,

AHK o Moderator: Professor Arnis Sauka

o Questions: moderator asks questions and allows remarks/questions from the audience. Investors share concrete examples.

• Discussion topics: o Comparative analysis of investment climates across the three Baltic States

across years; o Key challenges and opportunities in each country and in the region as a whole; o Recommendations for fostering a more favorable investment climate in the

Baltic States and messages to the national and European policymakers. 11:00 - 11:15 | Coffee Break and Networking 11:15 – 12:15 | Panel Discussion 2: Stimulating FDI and cooperation in the Baltic States in a new geopolitical reality

• Keynote: Minister for Foreign Affairs of the Republic of Latvia, Baiba Braže The Minister reflects on collaboration between the three Baltic States (7 min.)

• Panel discussion: o Panelists: Ministers of Economics and of Foreign Affairs in Latvia, Lithuania,

and Estonia, and LIAA director; o Moderator: Zlata Elksniņa-Zaščirinska (FICIL vice-chairperson of the Board,

Partner at PWC); o Questions: moderator asks questions and allows remarks/questions from the

audience.

• Discussion topics: o Reflection on research findings - how governments tackle identified

challenges; o Key current and upcoming opportunities for investments in the Baltic States

and strategies of each Baltic State to stimulate FDI; o How geopolitics shaped economic and defence collaboration among the Baltic

States. Collaboration prospects to address joint challenges and limitations, and to build synergies in pursuit of opportunities;

o Reflection on EU support measures to the Baltic States, especially in the areas of defence, research and innovation.

12:15 – 13:15 | Panel Discussion 3: Policy support for boosting investor confidence in the Baltic States in a new geopolitical reality

• Keynote: Valdis Dombrovskis, European Commissioner for Economy and Productivity, Implementation and Simplification The Commissioner highlights key initiatives that are expected to stimulate economic development, productivity and reduction of the administrative burden in the Baltic States (7 min.)

• Keynote: Thomas Östros, Vice-President of the European Investment Bank

The Vice-President presents key support instruments of the EIB to the Baltic States (7 min.)

• Panel discussion: o Panelists: Valdis Dombrovskis (European Commissioner for Economy and

Productivity, Implementation and Simplification), Jurijs Spiridonovs (Advisor to the Board of Directors at the European Bank for Reconstruction and Development), Māris Riekstiņš (Permanent Representative of Latvia to NATO), Andris Sprūds (Minister for Defence of the Republic of Latvia), Thomas Östros (Vice-President of the European Investment Bank);

o Moderator: Reinhold Schneider (FICIL chairperson of the Board, CEO of Schwenk Northern Europe);

o Questions: moderator asks questions and allows remarks/questions from the audience.

• Discussion topics: o Reflection on research results – how can the EU and other key stakeholders

contribute to addressing challenges of the foreign investors; o EU and NATO support measures to the Baltic States, especially in the areas of

defence, research and innovation; o Collaboration between the foreign investors, EU policymakers and key

international stakeholders; o International perspective on investment opportunities in the Baltic States.

13:15 - 13:30 | Closing Remarks: Key takeaways from representatives of FICE, FICIL, Investors’ Forum in Lithuania, AHK 13:30 - 16:00 | Lunch and Networking

Concept note of the joint event on investment climate in the Baltic States

Introduction The joint Baltic foreign investors event will serve as a platform for discussing investment climates across the three Baltic states and for developing solutions to joint challenges. The discussion will focus on a joint research on investment climates in the Baltic States, conducted by the organisers of the event - Foreign Investors’ Council in Latvia (FICIL), Investors’ Forum from Lithuania, Foreign Investors Council in Estonia (FICE), German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK), in collaboration with the Investment and Development Agency of Latvia and Stockholm School of Economics in Riga. Given the geopolitical tensions that, to a large extent, affect European and other foreign investors in Estonia, Latvia and Lithuania, the event will emphasize joint challenges, importance of stronger collaboration between the countries, and seek to generate greater support from the European Union to boost investor confidence. Among the key areas of focus are listed:

• Investments in the area of defence to stimulate greater security of Europe; • Support to research and innovation for stimulating economic development and

investments in times of a crisis. The event will gather foreign investors that operate in Latvia, Lithuania, and Estonia, alongside policymakers from these countries and representatives from the European Parliament, the European Commission, European Investment Bank and European Bank for Reconstruction and Development, and NATO. Aims, format and preparatory work Aims The overarching aim of the event is to boost investor confidence in Estonia, Latvia and Lithuania. For this purpose, the event seeks to stimulate greater support of the European Union and key international stakeholders to the Baltic States and encourage productive collaboration between the national policymakers in Estonia, Latvia and Lithuania to address common challenges. In addition, the event will highlight business opportunities in the Baltic region to encourage greater investment. To ensure achievement of the overarching aim, the following specific objectives will be pursued:

• Present the analysis of the investment climates, placing it in the context of previous research in Latvia1, Lithuania2, and Estonia3, conducted based on survey and interview responses of the foreign investors in the respective countries;

• Highlight unique and common challenges and business opportunities in the Baltic region;

1 FICIL Sentiment Index report 2 Investors‘ Forum Confidence Index report 3 FICE Executive Survey report

• Design recommendations to tackle common challenges, promote collaboration between the Baltic States, and advocate for enhanced EU support in key areas of focus (defence, research and innovation);

• Facilitate discussions that lead to actionable plans and strategies for improving the investment landscape in the Baltic region.

Format The event will be held onsite in Riga, in English. The formal part of the event will last 4 hours. The expected number of event participants is around 200.

Agenda 09:00 - 09:30 | Registration and welcome coffee 09:30 - 09:45 | Opening of the Event

• Welcome words and introduction into the topic

Reinhold Schneider (FICIL chairperson of the Board, CEO of Schwenk Northern Europe) welcomes participants and highlights the FDI trends and economic development of the Baltic States since the beginning of the war in Ukraine (8 min.)

• Keynote: H.E. President of the Republic of Latvia, Edgars Rinkēvičš

The President emphasizes importance of regional cooperation, foreign investment, and resilience in the current geopolitical context (5-7 min.)

09:45 - 10:10 | Presentation of research results: Investment Climate in the Baltic States

• Sentiment Index research results presentation Professor Arnis Sauka (Stockholm School of Economics in Riga) presents the comparative analysis of the investment climate across three Baltic States (15 min.)

• AHK Business Survey presentation Florian Schröder (CEO of AHK office in Latvia) presents the research results on investment climate in the Baltic States, in comparison to Eastern Europe (10 min.)

10:10 – 11:00 | Panel Discussion 1: Foreign investors’ representatives reflect on investment trends across years and across Baltic States, highlighting key challenges and opportunities

Panel discussion: o Panelists: Representatives from FICE, FICIL, Investors’ Forum in Lithuania,

AHK o Moderator: Professor Arnis Sauka

o Questions: moderator asks questions and allows remarks/questions from the audience. Investors share concrete examples.

• Discussion topics: o Comparative analysis of investment climates across the three Baltic States

across years; o Key challenges and opportunities in each country and in the region as a whole; o Recommendations for fostering a more favorable investment climate in the

Baltic States and messages to the national and European policymakers. 11:00 - 11:15 | Coffee Break and Networking 11:15 – 12:15 | Panel Discussion 2: Stimulating FDI and cooperation in the Baltic States in a new geopolitical reality

• Keynote: Minister for Foreign Affairs of the Republic of Latvia, Baiba Braže The Minister reflects on collaboration between the three Baltic States (7 min.)

• Panel discussion: o Panelists: Ministers of Economics and of Foreign Affairs in Latvia, Lithuania,

and Estonia, and LIAA director; o Moderator: Zlata Elksniņa-Zaščirinska (FICIL vice-chairperson of the Board,

Partner at PWC); o Questions: moderator asks questions and allows remarks/questions from the

audience.

• Discussion topics: o Reflection on research findings - how governments tackle identified

challenges; o Key current and upcoming opportunities for investments in the Baltic States

and strategies of each Baltic State to stimulate FDI; o How geopolitics shaped economic and defence collaboration among the Baltic

States. Collaboration prospects to address joint challenges and limitations, and to build synergies in pursuit of opportunities;

o Reflection on EU support measures to the Baltic States, especially in the areas of defence, research and innovation.

12:15 – 13:15 | Panel Discussion 3: Policy support for boosting investor confidence in the Baltic States in a new geopolitical reality

• Keynote: Valdis Dombrovskis, European Commissioner for Economy and Productivity, Implementation and Simplification The Commissioner highlights key initiatives that are expected to stimulate economic development, productivity and reduction of the administrative burden in the Baltic States (7 min.)

• Keynote: Thomas Östros, Vice-President of the European Investment Bank

The Vice-President presents key support instruments of the EIB to the Baltic States (7 min.)

• Panel discussion: o Panelists: Valdis Dombrovskis (European Commissioner for Economy and

Productivity, Implementation and Simplification), Jurijs Spiridonovs (Advisor to the Board of Directors at the European Bank for Reconstruction and Development), Māris Riekstiņš (Permanent Representative of Latvia to NATO), Andris Sprūds (Minister for Defence of the Republic of Latvia), Thomas Östros (Vice-President of the European Investment Bank);

o Moderator: Reinhold Schneider (FICIL chairperson of the Board, CEO of Schwenk Northern Europe);

o Questions: moderator asks questions and allows remarks/questions from the audience.

• Discussion topics: o Reflection on research results – how can the EU and other key stakeholders

contribute to addressing challenges of the foreign investors; o EU and NATO support measures to the Baltic States, especially in the areas of

defence, research and innovation; o Collaboration between the foreign investors, EU policymakers and key

international stakeholders; o International perspective on investment opportunities in the Baltic States.

13:15 - 13:30 | Closing Remarks: Key takeaways from representatives of FICE, FICIL, Investors’ Forum in Lithuania, AHK 13:30 - 16:00 | Lunch and Networking

Concept note of the joint event on investment climate in the Baltic States

Introduction The joint Baltic foreign investors event will serve as a platform for discussing investment climates across the three Baltic states and for developing solutions to joint challenges. The discussion will focus on a joint research on investment climates in the Baltic States, conducted by the organisers of the event - Foreign Investors’ Council in Latvia (FICIL), Investors’ Forum from Lithuania, Foreign Investors Council in Estonia (FICE), German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK), in collaboration with the Investment and Development Agency of Latvia and Stockholm School of Economics in Riga. Given the geopolitical tensions that, to a large extent, affect European and other foreign investors in Estonia, Latvia and Lithuania, the event will emphasize joint challenges, importance of stronger collaboration between the countries, and seek to generate greater support from the European Union to boost investor confidence. Among the key areas of focus are listed:

• Investments in the area of defence to stimulate greater security of Europe; • Support to research and innovation for stimulating economic development and

investments in times of a crisis. The event will gather foreign investors that operate in Latvia, Lithuania, and Estonia, alongside policymakers from these countries and representatives from the European Parliament, the European Commission, European Investment Bank and European Bank for Reconstruction and Development. Aims, format and preparatory work Aims The overarching aim of the event is to boost investor confidence in Estonia, Latvia and Lithuania. For this purpose, the event seeks to stimulate greater support of the European Union to the Baltic States and encourage productive collaboration between the national policymakers in Estonia, Latvia and Lithuania to address common challenges. In addition, the event will highlight business opportunities in the Baltic region to encourage greater investment. To ensure achievement of the overarching aim, the following specific objectives will be pursued:

• Present the analysis of the investment climates, placing it in the context of previous research in Latvia1, Lithuania2, and Estonia3, conducted based on survey and interview responses of the foreign investors in the respective countries;

• Highlight unique and common challenges and business opportunities in the Baltic region;

1 FICIL Sentiment Index report 2 Investors‘ Forum Confidence Index report 3 FICE Executive Survey report

• Design recommendations to tackle common challenges, promote collaboration between the Baltic States, and advocate for enhanced EU support in key areas of focus (defence, research and innovation);

• Facilitate discussions that lead to actionable plans and strategies for improving the investment landscape in the Baltic region.

Format The event will be held onsite in Riga, in English. The formal part of the event will last 6 hours. The expected number of event participants is between 170 and 200.

Agenda 09:00 - 09:30 | Registration and welcome coffee

• Arrival and networking opportunity over coffee 09:30 - 09:45 | Opening remarks

• Welcome words: moderator (Morten Hansen – Head of Economics Department at Stockholm School of Economics in Riga) welcomes participants, presents aims of the event and agenda (5 min.)

• Introduction into the topic: moderator presents short analysis of FDI and economic development of the Baltic States since the beginning of the war in Ukraine (8 min.)

09:45 - 10:10 | Presentation of research results: Investment Climate in the Baltic States

• Arnis Sauka: Comparative analysis of the investment climate across three Baltic States, based on common research questions (15 min.)

• AHK: Investment climate in the Baltic States, compared to situation in Eastern Europe (10 min.)

10:10 – 11:00 | Panel Discussion 1: Presenters reflect on investment trends across years and across Baltic States, highlighting key challenges and opportunities

• Format: o Panelists: Representatives from FICE, FICIL, Investors’ Forum in Lithuania,

AHK o Moderator: Arnis Sauka o Questions: moderator asks questions and asks for remarks/questions from the

audience. Investors share concrete examples. • Discussion Points:

o Comparative analysis of investment climates across the three Baltic States across years;

o Key challenges and opportunities in each country and in the region as a whole; o Recommendations for fostering a more favorable investment climate in the

Baltic States and messages to the national and European policymakers. 11:00 - 11:30 | Coffee Break and Networking

• Light snacks and coffee/tea served 11:30 – 13:00 | Panel Discussion 2: Stimulating FDI and cooperation in the Baltic States in a new geopolitical reality

• Format:

o Panelists: Ministers of Economics and of Foreign Affairs from Latvia, Lithuania, and Estonia

o Moderator: Morten Hansen o Questions: moderator asks questions and some questions from the audience

• Discussion Points: o Reflection on research findings - how governments tackle identified

challenges; o Key current and upcoming opportunities for investments in the Baltic States

and strategies of each Baltic State to stimulate FDI; o How geopolitics shaped economic and defence collaboration among the Baltic

States. Collaboration prospects to address joint challenges and limitations, and to build synergies in pursuit of opportunities;

o Reflection on EU support measures to the Baltic States, especially in the areas of defence, research and innovation.

13:00 - 14:00 | Lunch Break 14:00 – 15:15 | Panel Discussion 3: Policy support for boosting investor confidence in the Baltic States in a new geopolitical reality

• Format: o Panelists: two representatives from the European Commission (Valdis

Dombrovskis and Ekaterina Zaharieva), three representatives from the European Parliament (one per Baltic State), one representative from the European Investment Bank and/or European Bank for Reconstruction and Development

o Moderator: Morten Hansen o Questions: moderator asks questions and some questions from the audience

• Discussion Points: o Reflection on research results – how can the EU contribute to addressing

challenges of the foreign investors; o EU support measures to the Baltic States, especially in the areas of defence,

research and innovation; o Collaboration between the foreign investors and EU policymakers; o EU perspective on investment opportunities in the Baltic States.

15:15 - 15:30 | Closing Remarks: Key takeaways from representatives of FICE, FICIL, Investors’ Forum in Lithuania, AHK (3 min. each) 15:30 - 17:00 | Coffee Break and Networking

• Light snacks and coffee/tea served

On behalf of the Foreign Investors’ Council in Estonia (FICE), Foreign Investors’ Council in Latvia (FICIL), Investors’ Forum in Lithuania, and in collaboration with the Investment and Development Agency of Latvia (LIAA), the German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK), and the Stockholm School of Economics in Riga, we kindly invite You to join the panel discussion at the Foreign Investors’ Joint Event on the Investment Climate in the Baltic States. The event is planned on 26th of May 2025, between 9:00 and 15:30, in Riga (Latvia).

Given evolving geopolitical landscape, security and economic impacts of the Russia’s war in Ukraine on the Baltic States, the foreign investors in Lithuania, Latvia and Estonia express serious concerns about the investment climate in the Baltic region and call for a productive discussion with the EU and national policymakers. Such discussion is expected to boost investor confidence, foster collaboration between the Baltic States, signal unity and readiness of the European policymakers to support the Baltic States in these challenging times. Among the key topics of the discussion are listed:

Key challenges and business opportunities in the Baltic States; EU security and defence; Support to research and innovation to stimulate competitiveness, resilience and investment attraction.

In preparation to the event, the above-listed organisers of the event conduct research on the analysis of investment climate in the Baltic States. The research findings will be presented at the event and serve as a basis for the first panel discussion between the foreign investor representatives from the three Baltic States, reflecting on investment trends in Estonia, Latvia and Lithuania.

TO THE MINISTER OF ECONOMY AND INDUSTRY OF

THE REPUBLIC OF ESTONIA

INVITATION TO THE FOREIGN INVESTORS' JOINT EVENT ON THE INVESTMENT CLIMATE

IN THE BALTIC STATES

Dear Erkki Keldo,

The competition promises to be an unforgettable experience, with a lineup of stunning designs that push the boundaries of fashion. Guests will have the opportunity to witness firsthand the creativity and skill of the participating

designers, as well as enjoy a sophisticated atmosphere filled with like-minded fashion enthusiasts. We believe that your appreciation for fashion and support for

emerging talent will make this event even more special Kęstutis Budrys Minister of Foreign Affairs of the Republic of Lithuania

I hope this letter finds you well. We are delighted to invite you to Fashion Show Competition, which will take place on 31 December, 2030. Your presence would greatly enhance the celebration, and we would be honored to have you join us. Invitation to the Foreign Investors' Joint Event on the Investment Climate in the

Baltic States Dear Kęstutis Budrys,

The second panel discussion (planned between 11:30 and 13:00) will be devoted to the efforts of the Estonian, Latvian and Lithuanian governments in stimulating foreign investment, as well as, to the cooperation between the three Baltic States in a new geopolitical reality. It is planned that the Ministers of Economy and the Ministers of Foreign Affairs from the three Baltic States will participate in this discussion to address the following:

How governments are addressing key challenges of the foreign investors; Current and upcoming investment opportunities in the Baltic States and strategies to stimulate foreign investments; How geopolitics has influenced economic and defence cooperation among the Baltic States. Collaboration opportunities to tackle common challenges and build synergies; Overview of EU support measures for the Baltic States, particularly in the areas of defence, research, and innovation.

We would be honour d if You c ld join the second p nel discussion, reassuring current and potential investors of business opportunities in Estonia and in the Baltic States generally, of the security of the Baltic region, and signifying readiness to strengthen collaboration between Estonia, Lithuania and Latvia.

In case of acceptance of our invitation, we are rea y to facilitate collaboration b twee the three Ministri s of Economy in he Baltic States to ensure alignment and prepar tion to the panel discussion.

The third panel discussion (planned between 14:00 and 15:15) will focus on the EU policy support that could contribute to addressing security and economic challenges of the Baltic States. It will consist of representatives of the European Commission and of the European Parliament. Valdis Dombrovskis, Commissioner for Economy and Productivity, and for Implementation and Simplification, has preliminary approved participation at the event.

The event will be organised in English. It will gather current and potential foreign investors from Estonia, Latvia and Lithuania, national and EU policymakers, academic experts and other key stakeholders invested in economic development of the Baltic region.

In view of the foreign investors and policymakers in the Baltic States, Your participation at the event is critical. To confirm Your participation, please contact the main organiser of the event – Tatjana Guzņajeva, executive director at the Foreign Investors’ Council in Latvia ([email protected] or via phone +371 20 011 176). Additionally, in case of questions, please contact Heikki Mäki, Vice Chairman at the Foreign Investors Council in Estonia ([email protected]).

We look forward to Your response and to welcoming You at this important event!

Yours sincerely,

Foreign Investors Council in Estonia Foreign Investors Council in Latvia Investors’ Forum

Concept note of the joint event on investment climate in the Baltic States

Introduction The joint Baltic foreign investors event will serve as a platform for discussing investment climates across the three Baltic states and for developing solutions to joint challenges. The discussion will focus on a joint research on investment climates in the Baltic States, conducted by the organisers of the event - Foreign Investors’ Council in Latvia (FICIL), Investors’ Forum from Lithuania, Foreign Investors Council in Estonia (FICE), German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK), in collaboration with the Investment and Development Agency of Latvia and Stockholm School of Economics in Riga. Given the geopolitical tensions that, to a large extent, affect European and other foreign investors in Estonia, Latvia and Lithuania, the event will emphasize joint challenges, importance of stronger collaboration between the countries, and seek to generate greater support from the European Union to boost investor confidence. Among the key areas of focus are listed:

• Investments in the area of defence to stimulate greater security of Europe; • Support to research and innovation for stimulating economic development and

investments in times of a crisis. The event will gather foreign investors that operate in Latvia, Lithuania, and Estonia, alongside policymakers from these countries and representatives from the European Parliament, the European Commission, European Investment Bank and European Bank for Reconstruction and Development. Aims, format and preparatory work Aims The overarching aim of the event is to boost investor confidence in Estonia, Latvia and Lithuania. For this purpose, the event seeks to stimulate greater support of the European Union to the Baltic States and encourage productive collaboration between the national policymakers in Estonia, Latvia and Lithuania to address common challenges. In addition, the event will highlight business opportunities in the Baltic region to encourage greater investment. To ensure achievement of the overarching aim, the following specific objectives will be pursued:

• Present the analysis of the investment climates, placing it in the context of previous research in Latvia1, Lithuania2, and Estonia3, conducted based on survey and interview responses of the foreign investors in the respective countries;

• Highlight unique and common challenges and business opportunities in the Baltic region;

1 FICIL Sentiment Index report 2 Investors‘ Forum Confidence Index report 3 FICE Executive Survey report

• Design recommendations to tackle common challenges, promote collaboration between the Baltic States, and advocate for enhanced EU support in key areas of focus (defence, research and innovation);

• Facilitate discussions that lead to actionable plans and strategies for improving the investment landscape in the Baltic region.

Format The event will be held onsite in Riga, in English. The formal part of the event will last 6 hours. The expected number of event participants is between 170 and 200.

Agenda 09:00 - 09:30 | Registration and welcome coffee

• Arrival and networking opportunity over coffee 09:30 - 09:45 | Opening remarks

• Welcome words: moderator (Morten Hansen – Head of Economics Department at Stockholm School of Economics in Riga) welcomes participants, presents aims of the event and agenda (5 min.)

• Introduction into the topic: moderator presents short analysis of FDI and economic development of the Baltic States since the beginning of the war in Ukraine (8 min.)

09:45 - 10:10 | Presentation of research results: Investment Climate in the Baltic States

• Arnis Sauka: Comparative analysis of the investment climate across three Baltic States, based on common research questions (15 min.)

• AHK: Investment climate in the Baltic States, compared to situation in Eastern Europe (10 min.)

10:10 – 11:00 | Panel Discussion 1: Presenters reflect on investment trends across years and across Baltic States, highlighting key challenges and opportunities

• Format: o Panelists: Representatives from FICE, FICIL, Investors’ Forum in Lithuania,

AHK o Moderator: Arnis Sauka o Questions: moderator asks questions and asks for remarks/questions from the

audience. Investors share concrete examples. • Discussion Points:

o Comparative analysis of investment climates across the three Baltic States across years;

o Key challenges and opportunities in each country and in the region as a whole; o Recommendations for fostering a more favorable investment climate in the

Baltic States and messages to the national and European policymakers. 11:00 - 11:30 | Coffee Break and Networking

• Light snacks and coffee/tea served 11:30 – 13:00 | Panel Discussion 2: Stimulating FDI and cooperation in the Baltic States in a new geopolitical reality

• Format:

o Panelists: Ministers of Economics and of Foreign Affairs from Latvia, Lithuania, and Estonia

o Moderator: Morten Hansen o Questions: moderator asks questions and some questions from the audience

• Discussion Points: o Reflection on research findings - how governments tackle identified

challenges; o Key current and upcoming opportunities for investments in the Baltic States

and strategies of each Baltic State to stimulate FDI; o How geopolitics shaped economic and defence collaboration among the Baltic

States. Collaboration prospects to address joint challenges and limitations, and to build synergies in pursuit of opportunities;

o Reflection on EU support measures to the Baltic States, especially in the areas of defence, research and innovation.

13:00 - 14:00 | Lunch Break 14:00 – 15:15 | Panel Discussion 3: Policy support for boosting investor confidence in the Baltic States in a new geopolitical reality

• Format: o Panelists: two representatives from the European Commission (Valdis

Dombrovskis and Ekaterina Zaharieva), three representatives from the European Parliament (one per Baltic State), one representative from the European Investment Bank and/or European Bank for Reconstruction and Development

o Moderator: Morten Hansen o Questions: moderator asks questions and some questions from the audience

• Discussion Points: o Reflection on research results – how can the EU contribute to addressing

challenges of the foreign investors; o EU support measures to the Baltic States, especially in the areas of defence,

research and innovation; o Collaboration between the foreign investors and EU policymakers; o EU perspective on investment opportunities in the Baltic States.

15:15 - 15:30 | Closing Remarks: Key takeaways from representatives of FICE, FICIL, Investors’ Forum in Lithuania, AHK (3 min. each) 15:30 - 17:00 | Coffee Break and Networking

• Light snacks and coffee/tea served

On behalf of the Foreign Investors’ Council in Estonia (FICE), Foreign Investors’ Council in Latvia (FICIL), Investors’ Forum in Lithuania, and in collaboration with the Investment and Development Agency of Latvia (LIAA), the German-Baltic Chamber of Commerce in Estonia, Latvia and Lithuania (AHK), and the Stockholm School of Economics in Riga, we kindly invite You to join the panel discussion at the Foreign Investors’ Joint Event on the Investment Climate in the Baltic States. The event is planned on 26th of May 2025, between 9:00 and 15:30, in Riga (Latvia).

Given evolving geopolitical landscape, security and economic impacts of the Russia’s war in Ukraine on the Baltic States, the foreign investors in Lithuania, Latvia and Estonia express serious concerns about the investment climate in the Baltic region and call for a productive discussion with the EU and national policymakers. Such discussion is expected to boost investor confidence, foster collaboration between the Baltic States, signal unity and readiness of the European policymakers to support the Baltic States in these challenging times. Among the key topics of the discussion are listed:

Key challenges and business opportunities in the Baltic States; EU security and defence; Support to research and innovation to stimulate competitiveness, resilience and investment attraction.

In preparation to the event, the above-listed organisers of the event conduct research on the analysis of investment climate in the Baltic States. The research findings will be presented at the event and serve as a basis for the first panel discussion between the foreign investor representatives from the three Baltic States, reflecting on investment trends in Estonia, Latvia and Lithuania.

TO THE MINISTER OF ECONOMY AND INDUSTRY OF

THE REPUBLIC OF ESTONIA

INVITATION TO THE FOREIGN INVESTORS' JOINT EVENT ON THE INVESTMENT CLIMATE

IN THE BALTIC STATES

Dear Erkki Keldo,

The competition promises to be an unforgettable experience, with a lineup of stunning designs that push the boundaries of fashion. Guests will have the opportunity to witness firsthand the creativity and skill of the participating

designers, as well as enjoy a sophisticated atmosphere filled with like-minded fashion enthusiasts. We believe that your appreciation for fashion and support for

emerging talent will make this event even more special Kęstutis Budrys Minister of Foreign Affairs of the Republic of Lithuania

I hope this letter finds you well. We are delighted to invite you to Fashion Show Competition, which will take place on 31 December, 2030. Your presence would greatly enhance the celebration, and we would be honored to have you join us. Invitation to the Foreign Investors' Joint Event on the Investment Climate in the

Baltic States Dear Kęstutis Budrys,

The second panel discussion (planned between 11:30 and 13:00) will be devoted to the efforts of the Estonian, Latvian and Lithuanian governments in stimulating foreign investment, as well as, to the cooperation between the three Baltic States in a new geopolitical reality. It is planned that the Ministers of Economy and the Ministers of Foreign Affairs from the three Baltic States will participate in this discussion to address the following:

How governments are addressing key challenges of the foreign investors; Current and upcoming investment opportunities in the Baltic States and strategies to stimulate foreign investments; How geopolitics has influenced economic and defence cooperation among the Baltic States. Collaboration opportunities to tackle common challenges and build synergies; Overview of EU support measures for the Baltic States, particularly in the areas of defence, research, and innovation.

We would be honour d if You c ld join the second p nel discussion, reassuring current and potential investors of business opportunities in Estonia and in the Baltic States generally, of the security of the Baltic region, and signifying readiness to strengthen collaboration between Estonia, Lithuania and Latvia.

In case of acceptance of our invitation, we are rea y to facilitate collaboration b twee the three Ministri s of Economy in he Baltic States to ensure alignment and prepar tion to the panel discussion.

The third panel discussion (planned between 14:00 and 15:15) will focus on the EU policy support that could contribute to addressing security and economic challenges of the Baltic States. It will consist of representatives of the European Commission and of the European Parliament. Valdis Dombrovskis, Commissioner for Economy and Productivity, and for Implementation and Simplification, has preliminary approved participation at the event.

The event will be organised in English. It will gather current and potential foreign investors from Estonia, Latvia and Lithuania, national and EU policymakers, academic experts and other key stakeholders invested in economic development of the Baltic region.

In view of the foreign investors and policymakers in the Baltic States, Your participation at the event is critical. To confirm Your participation, please contact the main organiser of the event – Tatjana Guzņajeva, executive director at the Foreign Investors’ Council in Latvia ([email protected] or via phone +371 20 011 176). Additionally, in case of questions, please contact Heikki Mäki, Vice Chairman at the Foreign Investors Council in Estonia ([email protected]).

We look forward to Your response and to welcoming You at this important event!

Yours sincerely,

Foreign Investors Council in Estonia Foreign Investors Council in Latvia Investors’ Forum