Impulse for economics
54% of Latvian companies are located in Riga Planning Region contributing 2/3 of added value to the national economy. Riga and other metropolitan municipalities accommodate more than 80% of foreign direct investment in the country. 222 million EUR – the total contribution of EU funds in region is significantly higher than in other regions.
Evolving into a thriving centre of scientific research, Riga Planning Region can certainly be considered as a smart region, with main focuses – smart energy, knowledge added bioeconomy, biomedicine, medical technology, biopharmacy and biotechnologies, smart materials, technologies and engineering systems, information and communication technologies.
A series of infrastructure development projects have been commenced in all local municipalities of the region to support existing and attract new investors. Projects provide the development of various kinds of public engineering infrastructure. The total amount of allocated funds amounted about 50 million EUR in 2018/2019.
Metropolis of education
Region hosts 75% of tertiary education institutions of Latvia. There are 25 universities and other higher education establishments situated in Riga, while 50% of Latvian vocational education institutions are located in the region. There is also the highest proportion of foreign students in Riga – every tenth student is from abroad.
Many important sectors are widely represented in the region. The percentage breakdown by sectors: transportation and storage – 9%, retail and accommodation – 18%, construction – 7%, processing industries – 10%, public services – 14%, other commercial services – 25%, real estate – 12%, agriculture, forestry – 1% and other industries – 3%.
Concentrates transport, power, environment, communication and IT infrastructure of national importance. Transport infrastructure is of special significance – international access is ensured by motorcar roads, railway connections with Russia, Belarus, Ukraine and Estonia and ferry connections with Germany and Sweden.
Located at the cross-point of well-developed air and land logistics routes, also a hub for rail and marine traffic. Riga International Airport is the largest in the Baltic States (6.09 million passengers serviced per year), while Freeport of Riga is one of the largest cargo handlers in the Baltic States – it competes even with other major European ports.
Magnet for tourists
Favorite among international tourists. Tourism activities revolves around the capital city Riga and the summer resort city Jurmala. Tourists also love the picturesque towns of Limbaži, Tukums and Ogre, sport and tourism centre of Sigulda, the historical ports of fishery and yachting of Salacgrīva, Engure, Lielupe and Skulte, as well as rural areas.