RIGA, Feb 12 (LETA) - On February 11, via video-conferencing, a meeting of national coordinators for the Three Seas Initiative (TSI) took place, LETA learned from the Foreign Ministry. 

In preparation for the TSI summit in June 2021, twelve representatives of countries from the Baltic, Adriatic and Black seas along with strategic partners (the USA, Germany, and the European Commission) as well as representatives from the TSI Investment Fund, spoke about TSI prospects for development in the future, and about the need to attract investment to the TSI investment fund. Latvia was represented the State Secretary of the Ministry of Foreign Affairs, Andris Pelss.

The Foreign Ministry’s State Secretary emphasized that the Three Seas Initiative generates conditions conducive to the development of regional cooperation and security, and it helps to narrow gaps in the quality of Europe’s transport, energy and digital infrastructure.

Pelss expressed his appreciation for the active engagement of the United States in the Three Seas Initiative and its readiness to contribute financially. Support from the new U.S. administration is very important for the whole region.

Since 2018, Latvia was promoting the creation of the Investment Fund and last year Latvia confirmed its decision to contribute to the fund. Moving forward it is important to ensure that the talks on the Investment Fund lead to infrastructure projects in Latvia and the region offering growth in transport, energy, and digital communications

The way in which the COVID-19 pandemic has impacted the economy and finance has shown the need for strengthening cooperation between countries and developing infrastructure. The participants in this meeting were in agreement that implementing projects in the areas of energy, transport, and digitalization help with a recovery that is responsive, adaptable, and that can give rise to a green economy, while being mutually beneficial with regard to the goals and objectives of the Three Seas Initiative countries and those of its strategic partners.

The Three Sea Initiative (TSI) launched in 2016 is a regional economic cooperation platform of geopolitical and strategic importance established with the aim of carrying out physical infrastructure projects that would bridge the connectivity gap between the EU’s southern and northern regions in the energy, transport infrastructure and digital communication sectors. The initiative also has a great potential for reinforcing EU-level cohesion and strengthening the transatlantic bond.

Previous Three Seas Initiative Summits took place in Croatia (2016), Poland (2017), Romania (2018), Slovenia (2019) and Estonia (2020). In 2021, the Three Seas Initiative Summit is being organized by Bulgaria.

The Three Seas Initiative (TSI) consists of the 12 EU countries that are geographically located between the Adriatic, Baltic and Black Seas: Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia. TSI partners are the USA, Germany and the European Commission.

The Three Seas Investment Fund was established with the goal developing a strong regional economic backbone, and providing a strategic platform for the implementation of major infrastructure projects.

The Fund’s structure envisages a possibility for the participation both of private and institutional investors, and international financial institutions. This past 16 September, a Latvian state-owned development finance institution, ALTUM, officially joined the Three Seas Initiative Investment Fund.

Countries deciding to contribute to the Three Seas Investment Fund include Poland, Romania, Estonia, Hungary, Bulgaria, Lithuania, Slovenia, and Croatia.