Latvia Advances More Than €600 Million in German Investment Projects During LIAA Trade Mission to Berlin

The Investment and Development Agency of Latvia (LIAA) advanced German investment projects and explored new business opportunities in Latvia across the energy, defence technology, autonomous mobility and space technology sectors during a trade mission to Berlin. The two most advanced investment projects have a combined planned value of more than €600 million. The mission brought together 54 Latvian companies and organisations, which met with potential customers, investors, banks, manufacturers, research institutions and healthcare providers.

The trade mission took place in Berlin from 14 to 17 September, bringing together companies from Latvia’s information and communications technology, fintech, life sciences, defence and dual-use technology sectors.

Summing up the results of the mission, Latvian Minister of Economics Viktors Valainis said:

“Germany is Latvia’s largest export market outside the Baltic States and one of the world’s leading industrial and technology economies. Three years of targeted engagement with German partners is now translating into concrete investment projects worth more than €600 million. In Berlin, we discussed the next steps for renewable energy projects with Notus Energy, while with Dynamit Nobel Defence we focused on advancing plans for a defence technology manufacturing facility in Latvia. Our meeting with Thomas Steffen, State Secretary at the German Federal Ministry for Economic Affairs and Energy, confirmed the strong interest of both countries in expanding economic cooperation. Our goal is to turn investor interest into manufacturing facilities, new technologies and jobs in Latvia, while helping Latvian companies strengthen their position in the German market.”

The sector-focused programme was complemented by individual business and investment meetings.

“Latvia and Germany share a strong track record of economic cooperation and a common understanding of what is needed to drive growth in both countries and strengthen Europe’s competitiveness. The European Union’s Single Market is our greatest competitive advantage, while direct cooperation between companies is an essential foundation for successful growth in the future,” said German Federal Minister for Economic Affairs and Energy Katherina Reiche and State Secretary Thomas Steffen.

From renewable energy to autonomous mobility

During a meeting with the management of Notus Energy, discussions focused on the continued development of two of the company’s renewable energy projects in Latvia. The talks addressed practical issues affecting project implementation, including the development of wind farms, grid connections, permitting and access to financing.

Discussions with German defence technology company Dynamit Nobel Defence focused on plans for a manufacturing facility in Latvia. In February, the company and the State Defence Corporation signed a memorandum of understanding on establishing the facility. The Berlin meeting therefore focused on the next steps for the project, as well as opportunities to develop additional initiatives by the company in Latvia.

The Latvian delegation also met with HOLON, a company developing fully electric autonomous passenger shuttles for public transport and mobility services. The discussions explored potential Latvian participation in the company’s European expansion plans, including vehicle and component manufacturing, supply chain development, autonomous mobility testing and technology development.

Berlin-based space technology company LiveEO, which uses satellite imagery and artificial intelligence to monitor power lines, railways, pipelines and other critical infrastructure, was invited to expand its operations in Daugavpils. LiveEO’s Latvian subsidiary has been operating in the country for four years.

A separate seminar for German companies highlighted Latvia’s potential as a location for data centre development.

During the visit, Minister Valainis also met with German Federal Minister for Housing, Urban Development and Building Verena Hubertz, took part in a working lunch with investors and visited Microsoft’s Berlin office together with a delegation of Latvian ICT companies.

Four sectors, multiple routes into the German market

Latvian ICT companies took part in events focused on German-Baltic digital cooperation and artificial intelligence, including the international Big Bang AI Festival. The companies showcased solutions in artificial intelligence, data processing, cybersecurity and process automation.

At the Baltic-German Digital Summit, Viktors Valainis delivered a keynote address on Latvia’s transition from a digitally enabled public administration towards an economy ready to harness artificial intelligence.

Latvia’s fintech companies entered the German market with substantial international experience. Eight investment platforms regulated in Latvia serve more than 800,000 investors abroad, with the total value of investments made through these platforms exceeding €13 billion. German investors account for approximately 30% of demand on Latvian investment platforms.

In Berlin, Latvian fintech companies met with 20 institutional investors, family offices and financial sector representatives to explore opportunities to attract additional capital and expand cooperation with German banks and other financial market participants.

The life sciences delegation brought together companies, universities, hospitals and research organisations from Latvia. The delegation visited the Berlin-Buch biotechnology ecosystem, including FyoniBio and BIOTRONIK, as well as Helios Klinikum Berlin-Buch.

Latvian representatives held discussions with potential partners on joint product development, clinical research, technology testing and validation, certification, manufacturing and distribution.

Defence and dual-use technology companies represented a sector in which Latvia has already established a growing international presence. Unmanned and counter-drone systems developed in Latvia are already in use in several NATO countries.

In Berlin, Latvian companies met with the German Security and Defence Industry Association, a representative of the German Federal Ministry of Defence and German industry representatives. Discussions covered component supply, supplier qualification, system integration, electronic warfare, secure communications, counter-unmanned aircraft systems and autonomous systems.

The delegation also visited Andres Industries AG, a manufacturer of thermal imaging and night vision technologies. In-depth sector discussions also brought together representatives of major German companies including Rheinmetall, HENSOLDT, Rohde & Schwarz and Quantum Systems.

New agreement expands support for Latvian exporters

In Berlin, LIAA, the Association of German Chambers of Industry and Commerce (DIHK) and the German-Baltic Chamber of Commerce (AHK) signed a memorandum of understanding aimed at expanding support for Latvian exporters.

The agreement will give Latvian companies access to the expertise, business contacts and services of the German Chambers of Commerce Abroad network, which operates in 150 locations across more than 90 countries.

The German-Baltic Chamber of Commerce will establish a dedicated contact point to support Latvian exporters. Each year, LIAA and AHK will jointly select two countries and two sectors in each country where particular attention will be given to supporting companies seeking to expand their exports.

This mission demonstrated the value of sustained engagement following an initial meeting. In some investment projects, we have moved well beyond the first contact and are now working with investors on concrete next steps. Once the necessary preparatory work is completed, these discussions can move into the construction phase.

For other Latvian companies, the Berlin mission provided their first opportunity to meet a potential partner. The next priority is to turn these initial contacts into practical outcomes, whether through technology trials, supplier qualification or a commercial agreement.

An export deal can take several months to conclude, while complex or technologically advanced investment projects can take several years to implement. The agreement signed in Berlin with German trade chamber organisations will further expand the network of contacts and support available to Latvian companies.

“LIAA will continue to support Latvian businesses and advance the projects discussed in Berlin towards concrete results after the delegation’s return to Latvia,” said Vita Balode-Andrūsa, Director of LIAA’s Export and Innovation Services Department.

Germany is Latvia’s largest export market outside the Baltic States. In 2025, bilateral trade in goods and services reached €5.5 billion, while Latvian exports to Germany amounted to €2.09 billion.

This was the third major Latvian business trade mission to Germany in recent years, bringing together 54 Latvian companies and organisations this time. Continuity is important because a single visit is rarely enough to establish a foothold in the German market.

Germany is Europe’s largest market and sits at the heart of the continent’s economy. Entering and establishing a presence in this market can also open doors to other European regions.

German companies are known for their high standards in terms of quality, delivery times and supplier reliability. Successful cooperation with German partners can therefore significantly strengthen a Latvian company’s reputation and international market position.

“It is encouraging to see that German investment projects worth more than €600 million in green energy and defence technologies are moving forward, with key implementation issues also addressed during this visit. This clearly demonstrates the scale and importance of the German market for Latvia’s economy,” said Līva Stūrmane, Head of the Latvian Exporters Association “The Red Jackets”.

LIAA organises trade missions abroad as part of the EU co-financed SME Innovative Business Development Programme, with support from the European Regional Development Fund and national funding.