Latvia Boosts Regional Business Development
Investment and export missions ramp up to support sustainable growth.
Latvia is sharpening its focus on regional business development as a cornerstone of economic sustainability, aiming to provide comprehensive support to companies across the nation, regardless of their location.
Strategic Meeting in Jelgava
On July 3rd, representatives from Latvia’s Ministry of Economics, leaders from the Investment and Development Agency of Latvia (LIAA), and regional coordinators convened at LIAA’s Jelgava office. They gathered to assess the performance and strategic importance of LIAA’s regional offices.
The discussions highlighted crucial points for upcoming operational activities, with a strong emphasis on enhancing support for local businesses and attracting investment.
Minister Emphasizes Regional Role
During the meeting, Viktors Valainis, the Minister of Economics, emphasized the crucial role regional representatives play in implementing LIAA’s ongoing reforms. He stated, “The active work of regional representatives is essential for LIAA’s transformation. Regional business development is the foundation of a sustainable economy. Our goal is to ensure that every company in Latvia—regardless of location—receives the support it needs to grow, export, and attract investment.”
Notably, LIAA’s regional offices are now taking a more proactive approach in engaging with existing businesses and potential investors. These offices are implementing initiatives designed to improve the environment for entrepreneurship, exports, innovation, and investment, working closely with industry and regional partners.
Increased Engagement and Support
Ieva Jāgere, Director of LIAA, noted the significant growth in the role of LIAA’s regional offices this year. “This year, the role of LIAA’s regional offices has grown significantly. Since March, we’ve held over 320 meetings with both foreign and domestic companies to identify investment opportunities, understand business needs, and provide tailored support. Our goal is to be present, work closely with municipalities, and support sustainable investment attraction in the regions,”
she said.
From March to July, LIAA conducted 321 meetings with companies, identifying business needs and collaboration opportunities aligned with state support programs. Of these meetings, 243 were in Latvian regions and 49 in Riga, with 43 specifically dedicated to post-investment service for existing investors.
Moreover, 42 municipalities have engaged with LIAA representatives to explore integrating their strategies into local development plans and investment attraction efforts.
Regional Representation
In April, LIAA’s Jelgava office became the location for the first permanent regional representation of the Ministry of Economics. This move reinforces the state presence and fosters closer collaboration with regional businesses and investors. The office now serves as a hub for long-term public-private partnerships in the Zemgale region.
As part of these efforts, Latvia is actively courting foreign investment. A recent report indicated that greenfield investments in Latvia rose by 20% in the last year, signaling growing investor confidence (FDI Intelligence 2024).
Upcoming International Mission to Germany
The meeting also involved preparations for a significant international investment and export mission to Germany, scheduled from September 24 to 26. Evika Siliņa, the Prime Minister, and Viktors Valainis, the Economics Minister, will lead the mission. Latvian entrepreneurs are invited to participate, with registration open until July 16 via business.gov.lv. The mission aims to foster cooperation with companies in Hamburg and Rostock, with key sectors including ICT, defense, biotech, and smart energy.
Participation in these international visits is supported by the EU co-funded Innovative Entrepreneurship Development Program for SMEs, through the European Regional Development Fund and state funding.
