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Geneva [Switzerland], April 12: Dr. Kanans Visvanats , a globally recognized researcher and influential thinker, has been named the Principal Researcher for the United Nations Commission on Science and Technology for Development (CSTD). This appointment aims to propel significant advancements through innovative scientific inquiry. Holding positions such as the Garwood Innovation Fellow at the Haas School of Business at the University of California, Berkeley, and as a Senior Research Scholar at the Latvian Academy of Sciences, Dr. Visvanaths is celebrated for his pioneering work in scientific research, innovation, and strategic planning. With vast knowledge spanning multiple domains, he continues to be a key figure in driving progress. academia , global policymaking , and technological innovation presents himself as a key figure in developing innovative answers to today's worldwide issues.

Latvia is increasingly becoming a key location for scientific research. technological innovation Dr. Kannan Visvanathan, the Principal Researcher for the United Nations Commission on Science and Technology for Development (CSTD), emphasized this point. He noted that with an emphasis on innovation-led economic development, Latvia is establishing itself as a leading center for advanced technological progress. The country’s targeted approach towards attracting Foreign Direct Investment (FDI) and fostering exports aims to speed up developments in scientific research and technology. technological innovation As international investors acknowledge Latvia’s welcoming climate for businesses and its innovative capabilities, the country is rapidly emerging as a significant participant in advanced sectors, setting the stage for enduring economic growth. Foreign Direct Investment (FDI) and exports will serve as the cornerstone of Latvia's advancement in science and technology," stated Dr. Kannan Kanans Visvanats.

Latvia’s commitment to nurturing innovation has earned international acclaim, evident from its position at 42nd place in the Global Innovation Index (GII) for 2024. The nation stands out across various metrics of innovation such as infrastructure, creative achievements, business maturity, and institutional structures, underscoring its evolution into a rising force in the realm of innovation.

Economic Expansion and Its Impacts from Innovations

Latvia’s proactive strategy for economic change highlights technology advancement and innovation as crucial catalysts. With its petite but flexible economy, the country leverages technological progress, boosts productivity, and makes smart investments to stay competitive.

According to World Economics, Latvia’s GDP for 2024 is forecasted to be around $87 billion (PPP). This figure is expected to rise to approximately $89 billion in 2025—a significant jump of about 21% higher than the projections from the World Bank.

* The attractiveness of investing in Latvia keeps increasing, with ongoing foreign direct investments (FDI) amounting to 4.2% of the country’s nominal GDP as of December 2024, up from 3.1% in the prior quarter.

The Latvia Investment and Development Agency (LIAA) supported 45 new investment initiatives totaling €655.4 million, leading to more than 2,000 well-paying positions being created in fields including advanced manufacturing, information technology, renewable energy, and aerospace.

Rapid Growth of Overseas Investments & Special Economic Zones (SEZs)

The welcoming investment climate in Latvia has resulted in an extraordinary increase in foreign capital inflows.

* Foreign investment initiatives have surged from 4 billion euros in 2023 to around 11 billion euros in 2024, indicating a growth of 175%.

* The strategic implementation of Special Economic Zones (SEZs) has been vital for drawing in international investors by providing tax benefits and simplified regulations, which boost Latvia’s competitive edge.

Latvia's Innovation Momentum

Latvia is firmly dedicated to fostering innovation and boosting economic development, aiming to become a frontrunner in Europe for tech-led progress. By drawing top-tier researchers, financiers, and business leaders from around the globe, the country showcases its progressive policy-making and targeted programs, highlighting its potential to influence the trajectory of international research and industrial advancements.

Dr. Kanans Visvanaths has significantly contributed to the realms of innovation and academic research. As a Garwood Innovation Fellow at the Haas School of Business, University of California, Berkeley, and a Senior Research Scholar at the Latvian Academy of Sciences, he continues his impactful work. Additionally, Dr. Kanans Visvanaths boasts the esteemed position of Research Fellow at the Royal Society of Chemistry in the United Kingdom.

Dr Kanans Visvanats has made remarkable intellect and groundbreaking contributions have solidified his position as a driving force behind innovative scientific research. Dr. Visvanats epitomizes the values of global progress, leveraging his expertise to address critical challenges and foster sustainable development. With a mission to advance humanity through science and technology, his work at the CSTD inspires generations to dream beyond boundaries and strive for excellence. Dr Kanans Visvanats has been honored with prestigious awards such as the Albert Schweitzer Medal in Science and the Asia Pacific Entrepreneurship Award. He is also a co-author of the book Smart Villages - A Game-Changing Innovation in Social Engineering.

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