Business
Meetings take place in Rīga June 20-21 under the auspices of the Three Seas Initiative (3SI).
Monday, June 13 sees the annual presentation of foreign investors' mood in Latvia – a factor that always comes into play as Saeima elections approach.
This summer, a new player will join in the Latvian retail network – the Netherlands store network “Spar”. Latvian traders' association says that the customer will be the winner as Spar will diversify the range of goods available, Latvian Radio reported on June 8.
Although the number of tourists this season will not come close to the level before the pandemic, workers in the sector are looking forward to the future. The biggest challenges include lack of staff and restoration of group tourism, Latvian Radio reported June 7.
On Saturday, June 4, the traditional “Open Doors Days in the Countryside” event will take place, when everyone can visit farmers and entrepreneurs in the countryside, see what they do and test their products.
Data of business tendency surveys published May 31 by the Central Statistical Bureau (CSB) show that in May 2022 business confidence indicators were negative in the construction, manufacturing, and services sector. Only the business environment in retail trade still remains positive.
The Competition Council (KP) has given the green light to a gas station acquisition by fuel trader SIA "Kool Latvija", which will take a majority holding in another gas station chain, SIA "Gotika Auto".
The Citizenship and Migration Affairs Office (PLMP) have issued around 19,300 temporary residence permits for investors during the investment program implemented between July 1, 2010, and December 31, 2021, according to the information report of the Ministry of Interior, LETA reported May 30.
In the second half of the summer and fall, the contents of shelves at grocery stores will change significantly as manufacturers and traders get rid of products people do not buy due to inflation, said Inguna Gulbe, head of agro resources and economy institute (AREI), on Latvian Television May 26.
Digital Mind AS, a Latvian business process digitalization specialist for large and mid-sized organizations in Baltic states, announced May 23 that it has acquired a 100% stake in Alna Business UAB, Alna Business Solutions UAB, and its subsidiary in Poland Alna Business Solutions Sp. z o.o (referred to as Alna Business group), a leading Enterprise Resource Planning (ERP) solution provider in Lithuania and Poland that specializes in Microsoft Dynamics and SAP software solutions and services.
In Rīga, the demand for retail premises is small and commercial spaces are long empty. Real estate experts addressed by Latvian Radio on May 23 explained this situation with the pandemic immediately followed by the war, increasing instability.
The Competition Council (KP) has allowed Tet to purchase Telia Latvija, KP said on May 20.
Latvian domestic fuel trader and local energy company AS Virši-A (Virši) announced May 20 it has signed an agreement with AS Skulte LNG Terminal to acquire 20% of its shares to jointly develop a liquefied natural gas (LNG) terminal at the port of Skulte.
The Ukrainian Infrastructure Ministry and the owners of Azovstal steel plant have appealed to the Latvian government to support Daugavpils Lokomotivju Remonta Rupnica (Daugavpils Locomotive Repair Plant, DLRR), the LETA newswire reported May 17, citing representatives of DLRR.
To help companies suffering from the consequences of Russia's military aggression in Ukraine, on Tuesday, May 17, the Latvian government approved aid of €94.9 million.
The information and communication technology (ICT) service provider “Bite” and the Swedish telecommunications equipment manufacturer “Ericsson” have entered into a transaction regarding the deployment of 5G technology in Latvia. The Cooperation Agreement was signed on Tuesday, May 17, in Stockholm, said Bite representatives.
The summer terrace season at restaurants is in full swing – or at least it should be. However, caterers worry that the geopolitical situation will reduce the number of tourists this summer and they will stay emptier than intended, Latvian Radio reported May 17.
ZGI-4, a fund managed by ZGI Capital, said May 16 it was part of a EUR 1.5 million in Estonian start-up eAgronom, with 60% of the investments or EUR 0.9 million coming from European finds via Latvian state-owned financial institution ALTUM.
Closing its production plants in Sweden and elsewhere, the food producer “Orkla Group” plans to concentrate the production of cookies, biscuits and wafers in Latvia, Ādaži, Latvian Television reported May 11.
International retail chain SPAR will start operations in Latvia this summer, the LETA newswire reported May 11.
Data from business tendency surveys published by the Central Statistical Bureau (CSB) on May 3 show that in April 2022 business confidence indicators were negative in the construction, manufacturing, and services sectors. Only the business environment in retail trade still remains positive.
One of the largest start-up and technology events in the Baltic States, TechChill 2022, has come to an end with a notable success for Estonian company Vocal Image App.
Last spring, an investor from Turkey bought one of the largest assets of the former Liepājas metalurgs plant for several million euros – an electric steel smelting furnace, in which scrap metal can be melted.
The annual TechChill business and startup event makes a welcome return this week.
A number of companies registered in Latvia have rushed to get rid of the shadow of Russia over the last two months, replacing the officials and owners associated with it, reports the De Facto broadcast of Latvian Television aired April 24.
New Eurostat data show 12% of EU enterprises reported that during 2020, the COVID-19 pandemic prompted them to start or increase efforts to sell goods or services over the internet.
If the beginning of the year has seemed very hopeful for the Latvian hotel industry, the Russian war in Ukraine has changed it. Many foreign tourists cancel their bookings at Latvian hotels, the executive director of the Latvian Hotel and Restaurant Association Santa Graikste told Latvian Radio on April 22.
The BaltCap private equity fund has expressed its readiness to develop liquefied natural gas (LNG) reception capacity in Latvia, BaltCap said in a statement on April 12.
This summer, Latvian travellers have to take into account the need to plan their time and the prices for services will become a little more expensive, said the president of the association “Rural Traveller” on Latvian Radio April 12.
The Investment and Development Agency of Latvia (LIAA), in cooperation with the Embassy of the Netherlands and the Latvian Wind Energy Association on April 12 at 13:00 invites everyone to the Latvian and Netherlands wind energy business forum, which will take place in-person at the hotel Radisson Blu Latvia, Alpha Hall.
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