Embassy of the United States

Riga, February 7, 2006. -- In a speech today to a conference on U.S.-Latvian relations sponsored by the Latvian American Financial Forum, the U.S. Ambassador to Latvia, Catherine Todd Bailey, emphasized that the United States now sees more opportunities than ever before to work with Latvia as a partner in promoting democracy in Europe and beyond.

Ambassador Bailey thanked the Latvian American Financial Forum and Aivis Ronis, former Latvian Ambassador to the United States and NATO, for organizing the event.

In her remarks Ambassador Bailey noted that the U.S. "looks to Latvia as a full partner in advancing the goals of freedom and prosperity in Europe and beyond." In this regard Ambassador Bailey praised Latvia's assistance to neighboring countries like Belarus, Ukraine, Moldova, Georgia, and others, adding that Latvia’s unique experiences and successes in its democratic transition were examples for others to follow. Latvia's full membership in NATO and the European Union also offer new ways for the U.S. and Latvia to continue to work together in partnership.

Ambassador Bailey also thanked Latvia for its efforts to reach out to the new democracies of Iraq and Afghanistan, noting that many opportunities still exist in these countries for Latvia to support the spread of peace and stability. Latvia is also well positioned to offer these countries support in building civic and private institutions, the Ambassador added.

Emphasizing that a strong democracy at home was a necessary condition for promoting democracy abroad, Ambassador Bailey said that the United States remained strongly committed to engagement with all levels of Latvian society. Non-governmental organizations, or NGOs, were particularly important in this regard, and Ambassador Bailey stressed that "a healthy civil society welcomes the participation of both domestic and foreign non-governmental organizations" and that "NGOs can also be valuable partner for Latvia outside its borders… to help build democratic institutions in neighboring countries."

Ambassador Bailey pointed to new efforts to stimulate trade and investment between the United States and Latvia, expressing gratitude for the efforts of the three Baltic governments to organize a trade and investment conference targeted at U.S. companies that will take place in Latvia in May. U.S. investors and business people were increasingly interested in Latvia, added the Ambassador, and would look to international benchmarks like adherence to intellectual property rights standards and transparency of ownership and management structures as they decide where to do business. Ambassador Bailey stated that "I believe the Latvian people also value fair play and transparency because they know that each is a requirement for continued Latvian economic growth."

The Ambassador reminded participants of the progress that Latvian banks had made in 2005 in combating financial crime, and she expressed her hope that "the Latvian American Financial Forum can, through continued hard work with U.S. and other counterparts to explore and implement best practices in compliance and anti-money laundering policies, also contribute additional substance to our growing list of mutual successes in resisting those who would attempt to abuse Latvia's financial system."