Business
The Foreign Investors Council in Latvia (FICIL) will give a gloomy take on the current investment climate in the country in its latest research, the influential body said in a release April 17.
Jewelry retail chain AS Grenardi Group ( which operates the GRENARDI and GIVEN brand stores), said April 16 it has successfully raised EUR 12 million in a public bond offering with a fixed interest rate of 10%.
In order to promote the products or services of entrepreneurs, homemakers and craftsmen of their region, several parts of Latvia have created their own trademarks, which serve as a confirmation that the place of origin of the particular product is the region in question.
Tourist numbers coming to Latvia are growing slowly, according to data published April 15.
The Ministry of Economics and the Latvian Blockchain Association said in a release April 12 they have "started cooperation to prepare a joint offering for international blockchain and financial technology companies."
Hydrogen could be industrially produced in Latvia for the first time. By 2029, it is planned to build a hydrogen plant in Liepaja port, which will be able to produce approximately 150 thousand tons of hydrogen per year, Kurzeme TV reported April 9.
In the first half of April, applications will be opened for a support program for start-ups administered by the Latvian Investment and Development Agency (LIAA), which will provide support of up to EUR 200,000 for attracting highly qualified employees, LIAA said April 9.
The Baltic Center for Investigative Journalism, Re:Baltica, has published a new investigation which reveals the names of companies still doing business with aggressor state Russia more than two years after its brutal invasion of Ukraine.
In a survey in which 51 investment funds participated, the majority of respondents indicated that this year they plan to invest in start-ups in the Baltic region as much as last year, or even more.
Eurostat data published April 3 says that in 2023 more than 1.4 million nights of accommodation were booked in Latvia using online booking platforms Airbnb, Booking.com, Expedia Group and TripAdvisor.
Latvia is targeting the Hamburg port festival from May 7 to 12 to showcase what it has to offer to German investors and business partners with 'Latvian Days' events that will be part of the #MissionLatvia external marketing strategy implemented by the Latvian Investment and Development Agency (LIAA).
Since the start of Russia's full-scale war in Ukraine, the Entrepreneurs for Peace Foundation, which brings together more than 300 Latvian companies, has sent more than €10 million in aid to Ukraine, the foundation said on March 27.
More than 140 Latvian companies continue cooperation with the Russian Federation, offering their products for trade in the Russian market. Compared to 2022, exports decreased by only 2%. Who are these companies and are they going to cut ties with Russia? Latvian Television attempted to find out.
From March 22 this year, people can visit the two large 'AKROPOLE' shopping malls in Rīga with their four-legged friends – provided said friends are dogs or cats and not, for example, alligators or wildebeest.
Latvian timber company Stiga RM announced plans March 21 to significantly expand its birch plywood mill in Kuldīga this year with an investment of more than 10 million euros.
The Latvian Investment and Development Agency (LIAA) has published another video as part of its ongoing 'missionLatvia' initiative which attempts to lure investors to the country.
March 19 saw John Tully re-elected to serve as the Chairman of the Board and President of the influential
American Chamber of Commerce in Latvia (AmCham).
American Chamber of Commerce in Latvia (AmCham).
A new awards ceremony will take place in May involving companies in the Baltic 'ecommerce' world.
The European Institute of Innovation and Technology (EIT), a body of the European Union, has opened a new joint hub in Latvia which it says "is set to take regional innovation to the next level and provide a one-stop shop for local talent and entrepreneurs for EIT Community opportunities in education, business creation and innovation."
Celebrating International Women's Day, the fifth annual Women in Tech hackathon under the slogan 'Data. Health. Intelligence.' was held over the weekend, as previously reported by LSM. The goal of the hackathon was to encourage participants to create innovative technology projects, especially encouraging those who are new to the field.
More than half of new entrepreneurs report that their income level has increased after starting the business, according to a survey carried out by the finance institution Altum, Latvian Radio reported March 11.
Mapon, a Latvia-founded fleet management solution provider with a workforce of 180 people, has attracted private and institutional investors who have invested €3 million into the company's bonds. The funding will be used to finance company acquisitions and further expand Mapon's operations in Europe, the company said in a relase March 11.
The dates have been announced for this year's 'Deep Tech Atelier' business and technology conference in Rīga.
The application deadline for the program "Large investment loans with capital discount" jointly implemented by the Investment and Development Agency of Latvia (LIAA) and the finance institution ALTUM has been extended until 2 April, LIAA has announced, citing "growing interest" as the reason.
Latraps Agricultural Services Cooperative has signed an investment agreement with Pfeifer & Langen International B.V., one of the European leaders in the food industry, on the development of a pea protein isolate plant in Jelgava, "Latraps" Communications Manager Zane Berķe told LSM.lv on March 7.
Financial institutions, financial technology companies, as well as Latvian and European financial industry associations are inviting applications for an international financial technology hackathon named "OpenFin Hack".
A case has been brought before the Constitutional Court that may affect Latvia's progress towards transparency in the business environment in recent years. By July 1 this year all joint stock companies must disclose their owners to the Enterprise Registry, which publishes the shareholder lists on its information portal. However, several shareholders of "Latvijas finieris" have appealed to the Constitutional Court, Latvian Television's De Facto reported March 3.
Data from the business tendency surveys carried out by the Central Statistical Bureau (CSB) and published March 1 show that in February 2024, compared to January, the business environment has improved in retail trade and manufacturing, but worsened in the construction and services sectors.
Energy trader and gas station operator Virši closed the year with a consolidated unaudited profit of EUR 5.1 million, it reports.
German retail giant Lidl opened its 30th store on February 29, two and a half years after entering the Latvian market, with representatives of the German Embassy in Latvia and German-Baltic Chamber of Commerce in attendance. It is already the 30th Lidl store in Latvia and the 16th Lidl store in capital city Rīga.
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