LIAA: Latvia has seen EUR 371.5 million in investments this year

With the direct participation of the Latvian Investment and Development Agency (LIAA), 20 investment projects have been approved this year, which will create 1,160 jobs, while the investment will reach EUR 371.5 million, the LIAA said in a statement on July 19.

The investment projects launched represent sectors such as bioeconomy, ICT, photonics and smart materials, smart energy and mobility, as well as biomedicine.

12 of the investment projects launched this year will be carried out in Rīga and its vicinity, six in Kurzeme and two in Latgale.

Among the investment projects launched this year, LIAA mentions the Italian family business Marcegaglia, which acquired the assets of the Russian firm Severstal Distribution in Latvia and plans to create 300 jobs.

One of the world's largest biotech companies, Roche Services & Solutions (Switzerland), has opened a business services hub in Riga, with a plan to create 200 new jobs.

In Liepāja, the company from Kazakhstan, I-Cotton, has started to expand its production site by setting up two new production lines. The amount of investment in this project will reach €2 million. The company is a major producer of cotton products, wet wipes and personal hygiene products.

Several solar and wind energy projects are also being developed, which will strengthen Latvia's energy independence.

Investors have mentioned the most significant obstacles when it comes to investment in Latvia's economy: energy prices, attracting skilled specialists from abroad, wage taxes, and bank credit policy.

However, the director of the LIAA, Kaspars Rožkalns, said:

“The good news is that, in spite of the threat of recession, investor interest hasn't abated and projects are being implemented.”

In order to strengthen Latvia's position on investment attraction, the so-called “Green Corridor” framework will be essential, which aims to remove administrative barriers and speed up the implementation of investment projects.

In 2022, the LAA supported 40 investment projects creating 2,398 jobs, while the amount of investment attracted would reach at least €473 million, the LIAA reported.


Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Related articles


Most important