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Capital markets for growth

Capital markets for growth. AmCham, SSE Riga, 30 June 2011. Capital markets. FICIL Capital Markets working group Role of capital markets Capital formation A key element in the financial system Improve corporate governance Attract investors Promote economic growth. Private & Confidential.

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Capital markets for growth

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  1. Capital markets for growth AmCham, SSE Riga, 30 June 2011  2011 Imprimatur Capital www.impcap.com

  2. Capital markets • FICIL Capital Markets working group • Role of capital markets • Capital formation • A key element in the financial system • Improve corporate governance • Attract investors • Promote economic growth Private & Confidential  2011 Imprimatur Capital www.impcap.com 2

  3. Where is Latvia’s capital market? • EU-27 av GDP per capita in 2010: € 20,600 (=100) • In Estonia: € 13,400 (=65) • In Latvia: € 10,700 (=52) • If Latvian capital market reaches Estonian level • Then: +1.8% GDP growth per annum • And € 120m per annum additional tax revenue • Closing income gap with Estonia by ⅓ in 5 years www.ec.europa.eu/eurostat; SSE Riga Private & Confidential  2011 Imprimatur Capital www.impcap.com 3

  4. EE, LT, LV stock exchanges www.nasdaqomxbaltic.com Private & Confidential  2011 Imprimatur Capital www.impcap.com 4

  5. Why develop LV capital market? • Capital markets raise capital (equity & debt) • Provide investor liquidity • Increase transparency and disclosure • Improve corporate governance • Broaden investor base (local & foreign) •  economic growth Private & Confidential  2011 Imprimatur Capital www.impcap.com 5

  6. Expanding the market Private & Confidential  2011 Imprimatur Capital www.impcap.com www.nasdaqomxbaltic.com 6

  7. Capital market candidates • List state-owned enterprises • Telecoms, transport, real estate, forestry, etc • List municipal-owned enterprises • Water, heating, ports, real estate, etc • Cost-efficient issuing for SMEs (equity & debt) • Venture capital • Broaden investor base: local & foreign Private & Confidential  2011 Imprimatur Capital www.impcap.com 7

  8. How? • Govt plan for privatising and listing state-owned and municipal-owned enterprises • Political will to demonstrate best practice in corporate governance, transparency & disclosure • Promote venture capital and capital market investments • Improve legal enforcement • end Private & Confidential  2011 Imprimatur Capital www.impcap.com 8

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