Business relations

25.10.2019. 15:48

Investing in Latvia

The main institution working with foreign investors willing to invest in Latvia is Investment and Development Agency of Latvia (LIAA). The government agency is represented in Finland.

Main services:

-       providing information on the financial, legal, fiscal, and procedural aspects of doing business in Latvia;

-       analysis of offered state aid, grants and tax rebates;

-       establishing contacts with Latvian partners and stakeholders;

-       identifying property options;

-       establishing contacts with Latvian research institutions;

-       customized services.

Foreign investment in Latvia:

After Latvia’s accession to the EU, the inflow of FDI increased rapidly and in 2018 reached EUR 15.2 billion, the highest point to this day.

FDI split by sectors shows that most investment is attracted by financial intermediation (24.01%). Others of the largest foreign investments have been accumulated in trade (15.98%), real estate operations (15.27%) and manufacturing (11.73%).

Most of Latvia’s FDI comes from other EU member states. At the end of 2018, FDI from the EU states represented 76% of all accrued FDI.

There are around 400 Finnish capital companies in Latvia.

Latvia’s FDI inflows cover a wide range of economic sectors, the largest share of FDI stock is attributable to services. FDI split by sectors shows that most investment is attracted by financial intermediation (24%). Others of the largest foreign investments have been accumulated in trade (16%), real estate operations (15.3%) and manufacturing (11.7%).

Many international companies have established operations in Latvia, including such globally recognized names as Coca-Cola, Bucher Schoerling, Schneider Electric, TietoCytec, JELD-WEN, Circle K Latvia, Generex Biotechnology, CemexBrabantia, and others have chosen to benefit from Latvia’s competitive advantages.

One of the key principles of Latvian economic legislation is equal treatment of foreign investors and domestic companies. The Latvian government has acknowledged the importance of establishing a structured dialogue with foreign investors, represented by the Foreign Investors’ Council, by implementing 95% of the council’s recommendations.

Latvia's profile in OECD website

Key Macroeconomic Indicators provided by Bank of Latvia.

Main industries in Latvia:

Woodworking

Metalworking and mechanical engineering

Food processing

Transport and storage

Information technology and global business services

Environmental technology

Health care

Life sciences

 

For assistance, please contact:

Alise Barvika

Head of the Representative Office in Finland

Investment and Development Agency of Latvia

Embassy of Latvia in Finland

Postal address: Armfeltintie 10, 00150, Helsinki, Finland

Visiting address: Pohjoiseplanadi 39, 00101 Helsinki

Mob: 00371 29285669 / 00358465260943

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Additional information: www.liaa.gov.lv

 

Finnish-Latvian Trade Association

Chairman: Mr Jan Nyholm (Airbaltic Corporation)

Contact information:

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Secretary: Ms Anne Hatanpää

Phone: +358 09 424 262 61

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Additional information: www.laky.fi