Why Latvia?

Here you can discover the 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.

Latvian economy overview

Look closer at Latvia`s economy and you will see the next great investment destination for your business

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Skilled and motivated talent pool

Latvia is 4th in the world according to the share of female tertiary graduates (Education at a Glance, 2023)

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Developed infrastructure

Top-level infrastructure from well-developed transport and logistics to IT and communications. Latvia is 17th in the world on Economic Freedom Index (2023)

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Cost effective environment

Latvia`s tax system has been recognised as 2nd most competitive in the world (Source: International Tax Competitiveness Index 2023)

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Foreign direct investment

The Baltic states, including Latvia, have shown good growth in attracting investment in recent years.

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Latvia in facts

Despite the Covid-19 crisis and geopolitical situation, net flows of FDI attracted to Latvia continue to increase.

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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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Residence Permit in Latvia

Foreign nationals may apply for a residence permit under the Immigration Law of the Republic of Latvia based on specific legal grounds

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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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Business locations

Discover a wide range of location choices from greenfield to industrial and office projects what Latvia’s territories and cities have to offer.

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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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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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International security

Latvia has been a trusted NATO member for 18 years, which is the strongest military alliance globally.

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ELWIND

ELWIND is a joint Estonian-Latvian state-run cross-border offshore wind project in the Baltic Sea.

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Useful information

This section lays out the main competitive advantages of doing business in Latvia. These include cost effectiveness, a highly skilled workforce, well-developed infrastructure, macroeconomic stability and many more.

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Key sectors

Knowledge-intensive bioeconomy

5th most forested country in Europe

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Biomedicine, medical technologies & pharmacy

76% of Latvia-made chemicals & pharmaceutical products are exported

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Smart energy & Mobility

3rd in the EU in renewable energy consumption

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Information and communications technologies

3rd in Europe in the number of ICT students per 1M population

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Photonics, smart materials, technologies & engineering

One of the world's leading optical fiber products providers

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Care of Sweden

"We chose Liepāja for several reasons, certainly its geographical location as a port city, as well as the proximity of two other ports approximately 100 km away, the ports of Ventspils and Klaipeda. Additionally, Liepāja offers a good business climate, which influenced our decision."

Marcegaglia

"We are delighted to have invested in Latvia and we are confident that our cooperation will continue to deliver great results in the future. We plan to resume operations very soon."