Why Latvia?

Here you can discover main competitive advantages of doing business in Latvia. Some of the main are cost effectiveness, highly skilled workforce, well-developed infrastructure, macroeconomic stability. But there are many more. Find out below.

 
Skilled and motivated talent pool

Latvia is 7th in the world according to the number of new entrants to bachelor programms studying STEM (Source: Education at a Glance 2019)

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Developed infrastructure

From well developed transport and logistics infrastructure, to IT and communications

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Cost effective environment

Latvia`s tax system has been recognised as 3rd most competitive in the world (Source: International Tax Competitiveness Index 2019)

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Strong startup ecosystem

Tech-savvy founders attracted by Latvia's favorable startup policies and wide funding opportunities

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Latvia in facts

Over the years, Latvia's economy has experienced one of the highest GDP growth rates in Europe. In 2019, exports were equal to 60% of GDP. Look closer at fast facts about the country!

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Business friendliness

As a member of the European Union, the Latvian government is channeling EU Structural Funds to implement a number of state-support programs to foster business development.

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Foreign direct investment

The attraction of foreign investment has been one of our national priorities and is recognized as a key source of economic growth. Most of Latvia’s FDI comes from other EU member states and in 2019 reached its highest point (EUR 16.0 billion).

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Technology transfer

As National Technology Transfer Centre LIAA provides various activities aiming to contribute to innovation growth by supporting technology transfer and by developing a platform for long-term cooperation between research and industry.

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Accessibility to large markets

Relatively small population does not make Latvia a major market, but the country’s key advantage is its location, providing access to its immediate neighbours. On its doorstep are the Scandinavian countries, Europe, Russia and the CIS countries.

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Quality of life

Our country offers a wide range of leisure options, from a vibrant city to unspoiled nature areas, from excellent music and theatre to fine dining, from water sports to architecture, from shopping to golf!

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Key sectors

Visma Labs

“Visma is very satisfied doing business in Latvia. Visma entered the market in 2014 and has since then grown the business in the country.  Latvians are hard working, reliable, they adapt easily to different cultures and deliver all tasks in high quality.”

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Therese SlettenDirector Strategic initiatives, Visma group

TietoEVRY

“At TietoEVRY in Latvia we are setting new standards as we focus on attractive work environment. More than 750 of our employees have a modern work model – open-plan office, flexible working hour concept, fruits in the office, and psychologist counseling included in the insurance policy. We, Tieto Latvia, are an employer with a balance between work and leisure.”

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Valērija VārnaCountry manager, Chairman of the board Tieto Latvia

Other video stories:

Visma Labs
TietoEVRY

Read why they have chosen Latvia

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