Riga Summit 2022

The seventh Three Seas Initiative Summit and fourth Business Forum were held on 20-21 June, 2022 in Riga, Latvia, and hosted by the President of the Republic of Latvia Egils Levits

Riga Summit and Business forum

Partnership with Ukraine and new investment announced at the Three Seas Initiative Summit and Business Forum in Riga

On 20-21 June 2022, Riga hosted the 7th Summit of the Three Seas Initiative (3SI) and its 4th Business Forum. During its 3SI Presidency, Latvia highlighted the Initiative’s potential to attract additional investments for the development of infrastructure connectivity in the region, thus contributing to EU-level cohesion, competitiveness of the region and the strengthening of the transatlantic link. 

The 3SI Summit was opened on 20 June 2022 by Egils Levits, President of the Republic of Latvia. 3SI Heads of State, the partners of the Initiative (the U.S., Germany and the European Commission), and guests of the Riga Summit held a closed meeting. As special guests, the President of Ukraine and the foreign ministers of Japan and the UK addressed the Summit by video. 

The 3SI Business Forum was opened on 20 June by the Prime Minister of the Republic of Latvia, Krišjānis Kariņš. Discussions between high-level national and international institutions and members of the business community took place over two days. The Business Forum programme included a panel discussion featuring the 3SI Heads of State. The Forum discussed the development of infrastructure connectivity in the 3SI region, the importance of attracting investments to the energy, transport and digital sectors, as well as the development of new models of cooperation. 

In the light of Russia’s military aggression in Ukraine and the current geopolitical situation, internationally recognised sectoral experts discussed the region’s economic development trends, the investment environment, diversification of energy supply routes and sources, innovative solutions for the transformation of mobility and logistics, as well as the role of digitalisation in strengthening the region’s resilience and promoting sustainable development. 

The 3SI is a strategically important cooperation platform designed to enhance connectivity of the region’s transport, energy and digitalisation infrastructure. Participants of the Riga 3SI Summit and Business Forum included leaders and representatives of the 3SI participating countries and partners- the President of Germany Frank-Walter Steinmeier, the Executive Vice-President of the European Commission Valdis Dombrovskis, the European Commissioner for Energy Kadri Simson and the Chief Executive Officer of the U.S. International Development Finance Corporation (DFC) Scott Nathan. 

Three Seas Initiative as a solid platform that offers a complementary base for meaningful discussions and practical cooperation. Infrastructure needs on the North-South axis of the EU are still enormous – estimated at around 500 billion euros. Stronger digital, transport and energy links along this axis are crucial for the cohesion, resilience and security of the region and beyond. 

The Riga Summit and Business Forum took place in a very complex geopolitical environment and provided a platform for meaningful discussions on future cooperation processes at the regional, EU and transatlantic level. 

The Riga Summit and Business Forum was organized with the aim to link the vision of future connectivity with action. We set the priorities to activate involvement of the United States, involve Ukraine into the processes of the Three Seas Initiative and to draw attention to like-mined partners outside the region. 

The Summit in Riga focused on the development of better resilience throughout the region, emphasizing the importance of a closely connected region. Russia’s war in Ukraine has changed the economic geography of the Three Seas region. Our energy, transport and digital connectivity now is placed in sharp focus. New sources and capacities for energy are urgently needed across our region, so that we may continue to grow and stay resilient.  

Now more than ever, it is crucial to develop strong synergies between the public and private sector. Sustainable and trusted connectivity is the key to the door for new opportunities and resilience against confrontations.  

During the Summit in Riga, President of Latvia Egils Levits announced that the leaders of the 3SI member states have agreed to establish a closer partnership with Ukraine and involve Ukraine in 3SI projects. 

“An important topic of discussion among the leaders was the war in Ukraine, and the leaders were unanimous that 3SI supports Ukraine in its fight for territorial sovereignty and freedom. Ukraine is a democratic European state, as it is fighting for the common values shared by all of us — by all democratic states. Europe is incomplete without Ukraine, therefore, we believe that Ukraine ought to be granted EU candidate status,” the President of Latvia stated. 

President Levits highly appreciated the announcement from the US that it will make a contribution to the 3SI Investment Fund. “This attests to the US being interested in the development of the 3SI region and the strength of our transatlantic ties,” the President of Latvia said. 

President Levits also noted that Japan and the UK, both of which participated in the Summit remotely, have shown great interest in the 3SI. 

At the end of the Summit, President of Latvia presented the official 3SI flag to the president of Romania Klaus Werner Iohannis, as Romania will host the 8th Three Seas Initiative summit and the 5th Business Forum in September, 2023.

Priorities of Latvia for the Riga 3SI Summit and Business Forum:

  • High-level participation of the 3SI countries and partners.
  • Strengthening of the 3SI Investment Fund.
  • Promoting cooperation with like-minded countries outside the 3SI region.
  • Organising of a business forum focussed on the mobilisation of investments for infrastructure projects in the areas of transport, energy and digital communication.
  • Raising the profile of the 3SI.
  • Promoting engagement with civil society in the 3SI region.
  • Enhancing the 3SI’s parliamentary dimension.
  • Developing cooperation between Chambers of Trade and Industry of the 3SI countries. 

Results of the Riga 3SI Summit and Business Forum

  • The declaration of the US International Development Finance Corporation (DFC) on a capital commitment to the 3SI Fund in the amount of up to USD 300 million.
  • Announcement on granting Ukraine the special status of a participating partner, and setting the objective of closer involvement of Ukraine in the 3SI’s activities and infrastructure projects.
  • Strong support from the strategic partners of the 3SI (the US, Germany and the European Commission); support for the 3SI expressed by Japan and the United Kingdom.
  • Announcement on investments from the 3SI Investment Fund in the fourth and fifth 3SI project.
  • Participation in the 3SI Business Forum by international institutions – IMF, EC, OECD, EIB, EBRD, NIB, JBIC, development banks of 3SI countries and partners, and a broad audience of representatives from the business and investment sectors.
  • Participation in person by around 700 participants from 37 countries; 108 participants from 18 countries took part remotely.
  • An announcement by Google on committing a grant of USD 5 million to support civil society organisations which are contributing to the development of people’s digital skills and strengthening competitiveness of the region as a whole.
  • Official support to the Initiative expressed by the AmCham (the American Chamber of Commerce) network in the region’s countries.
  • The List of Priority Interconnection Projects comprising 91 projects of 3SI countries published on the official 3SI website.
  • Ahead of the Riga 3SI Summit and during the event, meetings held between Members of Parliaments of the 3SI participating countries and representatives of civil society and chambers of commerce from the 3SI region. The meetings demonstrated support for the idea and objectives of the 3SI. 

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