Gyeonggi-do to Expand Economic Cooperation with Latvia, the 'Gateway to Europe'

Gyeonggi Province Governor Kim Dong-yeon (left) is shaking hands with Jeil Indrikson, Latvia's Minister of Economics, who visited the Gyeonggi Provincial Government on the 13th.

Gyeonggi Province Governor Kim Dong-yeon signed a Memorandum of Understanding (MOU) on economic cooperation with Ilze Indriksone, Latvia's Minister of Economics, agreeing to expand mutual economic exchanges.

On the 13th, Governor Kim Dong-yeon met with Minister Ilze Indriksone and the Latvian delegation, who visited the Gyeonggi Provincial Government office in Suwon, to exchange views on cooperation measures such as supporting the entry of mutual startups and signed the agreement.

At the meeting, Governor Kim said, "Just as Latvia shows great interest in innovation issues and startups, I always emphasize a startup paradise, innovative spirit, and entrepreneurship," adding, "I hope that the cooperation between Gyeonggi Province and Latvia will be further strengthened through the minister's visit. I suggest starting with practical discussions by working groups on small achievements."

He continued, "Gyeonggi Province is establishing bio-medicine clusters in Suwon Gwanggyo, Siheung, and Ilsan, and we believe there can be mutual growth in this area as well," adding, "I hope you will also pay attention to and support Korean companies planning to enter Latvia."

In response, Minister Ilze Indriksone said, "The cooperation between Gyeonggi Province and Latvia is meaningful as it spans various fields. I hope to continue cooperation in many areas, including trade," and added, "Through this agreement, I hope cooperation in innovation and startup sectors will be strengthened and that we can collaborate in smart mobility fields that can improve residents' lives. We also look forward to expanding investments in the bio and telecommunications industries."

According to the agreement, Gyeonggi Province and Latvia will work together in various fields including ▲ mutual support for startup market entry and expansion of exchange networks ▲ cooperation on sustainable innovation such as water treatment and eco-friendly technologies ▲ smart mobility cooperation ▲ cooperation on digital transformation and sustainable development solutions.

Earlier, in June last year, Gyeonggi Province promoted cooperation with Latvia through discussions on water resource cooperation following the visit of the head of the Latvian Investment and Development Agency, and held roundtable meetings with local technology companies in robotics, smart factories, and drones.

Latvia, located on the southeastern coast of the Baltic Sea along with Estonia and Lithuania, is known as one of the Baltic States and serves as a gateway to the European market. It is a strong Nordic country in trade, industry, and culture, with startups particularly specialized in fintech. Gyeonggi Province expects greater economic cooperation between Gyeonggi and Latvia through this MOU.

This content was produced with the assistance of AI translation services.