LIAA: Baltic States Must Turn Innovation into Economic Growth

The Latvian Investment and Development Agency (LIAA) has emphasized during a discussion with the European Bank for Reconstruction and Development (ERAB) that the Baltic states have already proven their ability to generate innovations, attract investor attention, and build competitive enterprises. However, the next stage of development requires converting these advantages into economic growth at a much faster pace, creating world-class companies and investment projects.

The discussion underscored that the Baltic region has achieved significant success in innovation, but the new reality demands an even quicker tempo for innovation to become a real driver of economic growth. LIAA representatives noted that future development will depend on the ability to integrate innovation across all sectors of the economy and attract even larger investments.

The ERAB discussion served as a platform to highlight this challenge and foster cooperation among the Baltic states, financial institutions, and the private sector. Although the Baltics are already known as an innovation hub, future success will hinge on the ability to commercialize these innovations and turn them into tangible economic outcomes.