Welcome to Riga - our beautiful, old Hanseatic League city on the Baltic Sea coast. To me, it looks especially attractive and proud at this time of year, as the hostess of one of the top business gatherings of the world. You may have noticed that Riga has started to dress up for its 800th birthday celebrations, to take place next year.
It was not a random choice on the EBRD to select Riga as the city for its Year 2000 Annual Meeting. This decision was an international appreciation of Latvia for our accomplishments in transition to market economy and towards a democratic society.
I was aware it was a small advance to us. Now I feel we have been able to repay that advance and trust. Reforms in Latvia have proved to be sustainable. The Latvian economy has weathered the financial turbulences and is back on track.
There is always one good thing about a crisis: one gets a lesson which is maybe slightly painful, but beneficial in the end. Latvia was forced to seek alternative markets which were more demanding in terms of quality. As a result, the competitive ability of Latvian products increased.
At the end of 1999 Latvia was officially invited to the negotiations for accession to the European Union. We interpret this as a recognition of what Latvia has already achieved. We understand what we are expected to accomplish within the next few years. We believe that one day, in the not too distant future, Latvia will be on a par with the rest of the European Union countries.

People say - time flies. I would say it dashes. The two years, that have elapsed since the EBRD decision to hold its Annual Meeting of 2000 in Riga, seem more like two weeks for me. The experience we gained while organising this event of global ranking is an asset comparable to the beautifully renovated buildings of our city.
The organisation of the Meeting would hardly have been possible without the support and effort of very many people. I want to use this opportunity and say a very sincere "thank you!" to everybody who was involved in preparations and organisation of this major event.
My very special thanks to Mr. Kari Nars, EBRD Director for Finland, Norway and Latvia, and Mr. Antonio Maria Costa, EBRD Secretary General, for their personal input in promoting the idea and to get things started. Again, I am happy you have found time to come to Riga and hope you really enjoy your stay here. I believe you will benefit from the gathering both by absorbing information and making new discoveries for yourself, which will lead to further to new business ideas and plans. I also hope that your pleasant memories will bring you back to Latvia.