Latvia receives invitation to join OECD

After several years of reforms and preparations, Latvia on Wednesday received its long-awaited invitation to join the council of the Organisation for Economic Cooperation and Development (OECD), the foreign ministry said.

Foreign Minister Edgars Rinkevics compared Latvia's road to accession to the OECD to a marathon Latvia had to complete to qualify for what he called the "club of best practices." Membership in the OECD will enable Latvia to work together with the most developed economies to address major global challenges that, directly or indirectly, are increasingly affecting domestic political processes, the minister said.

To meet the OECD admissions requirements, Latvia carried out economic and legislative reforms and made improvements that will promote Latvia's economic growth in the long run, the foreign ministry said. As an OECD member, Latvia is expected to keep reporting to the organization on its further reform progress and the implementation of the organization' s recommendations given during the accession process.

European Commission's Vice President for the euro and social dialogue Latvian Valdis Dombrovskis commented on the news by saying OECD membership was a good signal to foreign investors and would encourage investment in Latvia.

In Dombrovskis' words, it "shows that the reforms implemented by Latvia and its economic development in recent years have been appreciated and internationally recognized."

Latvian Finance Minister Dana Reizniece-Ozola also said it would be a positive signal helping attract foreign investment, as it sends a message that Latvia is a safe place for foreign investment. Endit