In the Riga City Development Strategy for up to 2030, the Skanste neighborhood has been defined as a priority territory: the central business district of the capital, a platform for European-scale events and a quality life and work environment for many thousands of Rigans. Next to the Historic Center and the “Quiet Center” of the […]

Historically what have been Latvia’s most important economic drivers? Traditionally our biggest sector has been wood and timber produced from by our forests. They cover more than half of Latvia.  Forests are referred to as Latvia’s “Green Gold.” A second historically strong sector is manufacturing, in Soviet times Latvia was an industrial hub. A third […]

How do you assess the growth of the aviation sector? The Baltic economy will continue to be characterized by its steady and sustainable progress. The aviation sector accounts for roughly 2.5% of GDP, and cautious, and conservative estimates forecast a growth of 3%. During the past five years, we have invested EUR 154.2 million in the […]

How do you assess the agricultural sector? Latvia offers high-quality products which are environmentally friendly. These are two important reasons why international business’ choose Latvian products. Nearly 20% of Latvia’s export income is derived from the nation’s forests and another 20% from its agricultural products. EU financial resources have created new market possibilities. Since 2004, […]

How is the post-recession recovery affecting the retail sector? Looking back seven or eight years we can see the general EU recession affected smaller countries in the Baltics quite heavily. The retail sector experienced a drop of 20-30%, which was a big hit. In the recovery process, you would expect some growth over the next […]

What are some of the benefits associated with investing in the regions? Investors should remember to evaluate other cities outside Riga. Latvia’s regions offer investors many advantages as opposed to the capital. The regions have fewer obstacles. One example is requesting permits and documentation for construction which takes several weeks longer in Riga than in […]

How do you assess Latvia’s ICT sector? Latvia has one of the best networks worldwide and probably the best in the European Union. Taking advantage of this, and the qualified labor, many multinationals moved their back offices, call centers, IT centers and even head offices to Lithuania and Latvia.  Western Union, Swedbank, and even Barclays […]

What challenges is the Latvian financial sector facing? One challenge for the Latvian banking sector is the number of banks. There are far too many banks in Latvia for such a small economy. Over the next five years, we will definitely see further consolidations taking place. This consolidation is necessary. A positive aspect of the […]

How do you assess the insurance sector? Even though the sector caters to a small market in terms of population, it is highly competitive and evolving. A key factor to take into consideration is the number of competitors and a clear increase of international insurance players within the market. Competition has been beneficial for the […]

How do you evaluate Latvia’s healthcare system? Over the pasttwo decades, life expectancy has increased by ten years. If we compare this to our neighbors, it is quite an achievement. However, in order to understand Latvia’s healthcare system, we need to discuss the issues and challenges that it has faced. The system has patient accessibility […]