LIAA: Latvia is attracting twice as much investment as last year

This year, the Latvian Investment and Development Agency (LIAA) attracted investments of €204 million, which is twice as much as last year, the agency's director, Kaspars Rožkalns, said in an interview to Latvian Radio October 28.

He acknowledged that, according to UN data, global investment has decreased by 30%, while in Latvia the first outbreak of the COVID-19 pandemic was managed relatively successfully, thereby drawing investors' attention.

Important investments are, for example, the Norwegian airline information technology services center. Investments are mostly directly or indirectly linked to information technology companies and IT services, which are high value-added companies, Rožkalns said.

He explained that it was LIAA's strategy to focus on those investors who are here becoming exporters of goods or services that will bring added value in the long term.

Rožkalns also said that the recruitment of Belarusian companies is continuing, and in general it is planned to transfer around 1000 Belarusian IT sector employees to Latvia, but these companies do not stop their activities in Belarus, so they avoid publicity for fear of sanctions in their home country.

The head of LIAA also said that, in cooperation with the Finance Latvia Association, an opportunity has been found to help these companies to open accounts in Latvian banks. 

 

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