(MENAFN- Trend News Agency) BAKU, Azerbaijan, August 15. Latvia has reaffirmed its commitment to deepening economic cooperation with Israel, focusing on innovation-driven sectors such as defense technologies, green energy, and precision medicine, the Ministry of Economics of Latvia told Trend .

According to the ministry, the Latvia–Israel Business Forum, organized in cooperation with the Israel Export Institute, aimed to strengthen bilateral economic relations, promote joint projects in high-tech industries, and position Latvia as a strategic entry point for Israeli companies into the EU market.

“The forum successfully facilitated direct contacts between Latvian and Israeli businesses, resulting in several cooperation memorandums, and generated concrete leads in sectors including photonics, precision medicine, green ammonia production, and semiconductor technologies,” the ministry noted.

A memorandum signed with the Israel Export Institute focuses on promoting trade and investment, organizing B2B matchmaking, and fostering cooperation in defense tech, renewable energy, and advanced manufacturing. Other agreements with Israeli business associations and technology clusters target knowledge transfer, joint product development, and faster commercialization of research results.

The ministry also noted that Latvia offers a comprehensive support package for Israeli startups and investors, including fast-track company registration, tax incentives under Latvia's Startup Law, and assistance with employee relocation. Israeli companies are also encouraged to use Latvia as a base for EU market tenders, R&D facilities, and“testbed” environments for innovative technologies.

Priority sectors for future Latvian–Israeli cooperation include photonics, semiconductors, unmanned aerial systems, counter-drone solutions, hydrogen and green ammonia production, AI-based healthcare, and sustainable agri-tech solutions.

“These areas combine Latvia's EU market advantages with Israel's innovation capacity, creating significant potential for mutually beneficial projects,” the ministry concluded.

MENAFN15082025000187011040ID1109932324