Financial Services, Investments, Latvia

Riga Stock Exchange.

In honor of the event, congratulation to Riga and the Latvian national flag are displayed at the NASDAQ screen on Time Square in New York, informs LETA.

The stock exchange has been an important instrument for civilizing the business environment in Latvia and overall national development, but its potential has not been reached yet and the greatest challenges are yet ahead – the current crisis gives the state a chance to change and enter a qualitatively new phase of development, the stock exchange said in a statement.

To foreign investors, the stock exchange's membership in the NASDAQ OMX Group is a guarantee of quality and security. The state of Latvia and businessmen are in urgent need of capital to overcome the crisis and resume economic growth, therefore it is very important now, and will be so in the future, to convince other countries that Latvia is a stable and reliable place for business, said NASDAQ OMX Riga President Daiga Auzina-Melalksne.

According to Auzina-Melalksne, the stock exchange has made significant progress over the past 15 years: the stock exchange has evolved into an up-to-date and reliable market place fully compliant with standards for an organized securities market, and is treated with respect by businesses and investors worldwide. However, the greatest challenges are still ahead for the stock exchange, its potential is far from being reached, and it can contribute significantly to revive the Latvian economy, provided that politicians want it too.

The current crisis presents Latvia an opportunity to change and enter a new phase of development. The current government, as well as subsequent governments, must have one goal: that the capital of the Latvian people promotes Latvian enterprises, and to ensure foreign investors' confidence in Latvia and their investments in Latvia, stressed Auzina-Melalksne.

The stock exchange offers a good and convenient way for foreign capital to enter Latvia, and to Latvia, a small country, this foreign capital is of vital importance, stressed the stock exchange's first president and one of the founders, now Senior President at the U.S. company NCH Capital Karlis Cerbulis.

The stock exchange's second president, Uldis Cerps, now head of the Financial Supervisory Authority's Stability Department, emphasizes that it was highly important for the development of the stock exchange to develop infrastructure that meets top standards in the world, and it was done at the very beginning already.

The third stock exchange president, now French energy company Dalkia representative in Latvia, Guntars Kokorevics, said that the stock exchange helps develop the national economy of Latvia, which though also requires a sound government policy.

The NASDAQ OMX Group, including Baltic stock exchanges in Tallinn, Riga and Vilnius, is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents and more than 50 countries. The Baltic market is positioned at the heart of Baltic Sea region, Europe's fastest growing market. An excellent business environment provides solid growth opportunities for new and existing companies, generating exceptional opportunities for investors.