Latvia Interviews

Interview: Aigars Rostovski, President, Latvian Chamber of Commerce and Industry (LCCI)

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…
Interview: Martin Gauss, CEO, Air Baltic

How important is the development of Latvia’s aviation sector for the economy? If you look at the connectivity of the Baltic States, Riga at the moment is the key capital. Latvia being in Northern Europe has reachability issues. Connectivity with Europe by road and rail systems do not fully meet the needs of the region…
Interview: Ilona Lice, CEO, Riga International Airport (RIX)

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…
Interview: Toms Didrihsons, CEO, Orkla Confectionery & Snacks Latvia

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…
Interview: Ringolds Arnitis, Parliamentary Secretary, Ministry of Agriculture

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,…
Interview: Aleksandrs Bartasevics, Mayor and Chairman of Rezekne City Council

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…
Interview: Nikita Sergienko, CEO, Bite Latvia

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…
Interview: Reinis Rubenis, CEO, Swedbank Latvia

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…
Interview: Janis Lucaus, CEO, BTA

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…
Interview: Anda Caksa, Latvian Minister for Health

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…
Interview: Edgars Rinkevics, Latvian Minister of Foreign Affairs

What are Latvia’s most prominent accomplishments? Latvia is an integral part of Europe and in May 2019 will celebrate 15 years as a part of the European Union. We are part of the eurozone, Schengen, and the OECD. Latvia operates according to similar legislation, rules, and principles as The Netherlands, Germany or Ireland. Therefore, Latvia…
Martins Vanags, Managing Director, Skanste Development Agency, on creating Riga’s central business district

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…
Baiba A. Rubesa, CEO, Rail Baltica, on creating a new economic corridor

Rail Baltica, a new railway infrastructure connecting the three Baltic States to Poland and indirectly to Finland, is often called the project of the century. This project marks a symbolic return of the Baltic States to Europe. Currently, most rail freight traffic in the Baltics originates from the CIS (Commonwealth of Independent States) countries and…
Interview: Uldis Augulis, Latvian Minister for Transport

What opportunities exist to foment further transit? Latvia is situated in a very privileged geographical position. Within the Baltic States, Latvia is the focal point connecting the West to the East. Our warm-water ports currently account for the biggest cargo freight transportation amongst the Baltic countries. Transit, logistics, and distribution of goods through Latvian ports…
Interview: Svens Dinsdorfs, CEO, Elko Group

What is your outlook for Latvia’s Economy? Latvia’s financial crisis had a big psychological impact on society in terms of spending. Since then, Latvia has experienced a slow but gradual increase in internal consumption which has aided the countries turnaround. The confidence of the population is continuously increasing which is directly boosting internal demand. This…
Interview: Arvils Aseradens, Latvian Deputy Prime Minister and Minister for Economics

How do you assess Latvia’s economic growth? Four key points are behind Latvia’s economic growth; European Funds, external situation, accumulation of private savings and rising income levels. Income levels have increased 5% in the past three years. This has been a very active base for private consumption. In addition, the private sector has large amounts…
Interview: Marta Jaksona, Executive Director, Foreign Investors’ Council in Latvia (FICIL)

How do you assess current foreign direct investments in Latvia? I would like to see higher levels of investment. Foreign direct investments in Latvia increased sharply after Latvia’s accession to the EU in 2004. After the crisis, the investment slowed. However, we saw this in the entire EU. The fight for investments is obviously increasing.…