05.06.2023 - Economy, LIAA

Latvia updates its nation brand strategy

Last week, the Investment and Development Agency of Latvia (LIAA) presented missionLatvia, the latest version of the nation brand strategy. The updated positioning will be used to attract foreign investments and put Latvia in the global media spotlight.

The idea is that missionLatvia, or a country with a mission, will establish global associations with Latvia, positioning it as a country that recognises the need for change and acts in the name of a common goal. The strategic goal is to advocate for the values of nature and sustainability, while also echoing and promoting the development of innovations on a Latvian scale.

 “Latvia has enormous potential to develop its economy and become stronger, more prosperous and safer. Technologies are evolving and changing our daily lives. Being in the digital environment allows different generations to advance their careers, improve their skills and talents and learn new things. Each of us has unique skills and ideas for generating innovation and new jobs. Because together we create a prosperous and innovative society, together we create a thriving economy, together we take care of our country with a sense of mission for Latvia, and together we create an image of Latvia for the world,” says the Minister of Economics Ilze Indriksone.

It is expected that the new strategy will increase the amount of attracted investments to 2.45 billion euro over the next three years. The positioning of missionLatvia is expected to increase the annual average amount of taxes paid by 150 million euro, promote exports by 300 million and increase investment in research and development by an average of 35 million per year.

“Discussions about the positioning of Latvia, which would contribute to the growth of exports and investments, have always been very heated. Currently, we have defined the values behind the country brand and created a new framework missionLatvia to tell a unified message about Latvia as a country that has not only beautiful nature, a good offering for foodies, and rich cultural life but also a rapidly growing economy based on innovation,” emphasises Kaspars RoÅūkalns, director general at the Investment and Development Agency of Latvia.

As part of developing the missionLatvia strategy, the team conducted a study in ten target countries to establish how well people know Latvia. The results revealed that the average level of recognition in Europe is 50%, with the highest level of recognition in Finland at 67% and Sweden at 59%, while it is slightly lower in the United States at 31% and Asian countries at 20%.

The findings conclude that the closer to Latvia people are, the more aware of it they are. The study also aimed at finding out what people know about Latvia, primarily related to its location and history, as well as to gauge interest in visiting Latvia. Since Latvia is rarely associated with sustainability and innovation, this was chosen as the focus of missionLatvia communication.

Branding rooted in national characteristics

missionLatvia: A country with a mission draws from national characteristics, and the fact that Latvians have always had a sense of mission, creativity and enormous work abilities, proving themselves to the world as talented, innovative and tireless people.

The mission approach is based on the knowledge that change can begin with one person, idea, or initiative, but to solve problems is only possible when people work together. missionLatvia tells the story of Latvian values and what they can give to the world. It is the story of every citizen willing to get Latvia’s name out there by working on locally significant challenges and making a contribution on a European scale.

First in the world to embrace mission approach on national level

Latvia will be the first country in the world to use the Mission approach to coordinate activities and create connections to achieve results. Currently, the main identified missions are Mission Sea 2030, which aims to reduce Baltic Sea pollution through innovation, and the DNS mission, which aims to preserve and digitise Latvia’s cultural heritage, supplementing it with technologies and innovations, allowing events and traditions to live longer and beyond their physical location.

So far, not only has the missionLatvia strategy and visual identity been developed, but also www.latvia.eu, which collects stories to aid in the international promotion of Latvia.

Source: Press release (www.liaa.gov.lv)
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