The City of Riverside last week signed a Memorandum of Understanding (MOU) with Lahti Region Development LADEC, Ltd. (LADEC), a regional development organization in Finland.
The non-binding MOU establishes a framework for cooperation in key sectors including sustainability and circular economy, e-mobility, smart city solutions, green building, research and development, and workforce development. It also positions Riverside as a “soft-landing” location for Finnish companies seeking to expand into the U.S. market, while supporting Riverside-based businesses in accessing opportunities in Europe.
“Riverside is building a globally connected economy that delivers opportunity for our residents and businesses,” Mayor Patricia Lock Dawson said. “This partnership with LADEC connects Riverside to one of Europe’s leaders in sustainable transportation. Together, we are creating a bridge for innovation, investment, and job creation that will benefit both our communities.”
Under the MOU, the City of Riverside will play a key facilitative role by connecting international partners to local assets, coordinating with regional and state stakeholders, and providing concierge-style support for business development, permitting, and site selection.
“Collaboration with Riverside creates exciting opportunities for companies in the Lahti Region to expand into the U.S. market and engage in forward-thinking innovation ecosystems,” Lahti Region Development LADEC Ltd’s CEO, Tomi Tura. “By connecting our expertise in sustainability and circular economy with Riverside’s dynamic business environment, we can accelerate the development of solutions that address global challenges while driving economic growth.”
The agreement builds on ongoing discussions between Riverside and LADEC to strengthen economic ties between Southern California and Finland.
While the MOU does not create any legal or financial obligations, it serves as a foundation for future collaboration, pilot projects, and investment opportunities that will be brought forward for City Council consideration as they develop.
The MOU will remain in effect through Dec. 31, 2027, with opportunities for extension by mutual agreement.
