If a company wants to invest in a European country that has substantial economic growth and vast business opportunities, then where should it do it? Well, the current economic data show Latvia as a great option.
The Baltic Region is one of the most expanding regions in Europe. Riga plays a determining role in the building of this new and competitive business region. With a pro-business strategy Riga is well prepared and particularly keen to welcome companies in most business areas.
Latvia is the country with the fastest growing EU economy. It shows the best performance of GDP growth among the 27 EU countries, boosting exports, and has a well-trained and inexpensive workforce. The Latvian economy is driven by the services sector which contributes more than 69.4% to the GDP and employs over 64% of the Latvian active population. At the same time the construction industry plays an important role, as do wood, food, metalworking, and light industries (e.g., textiles). Tourism is growing rapidly. Since its independence from the former Soviet Union, Latvia has implemented market-oriented reforms. The country’s economy has since then experienced a very good performance due to a constant growth in domestic consumption and the contribution of foreign investment. The country offers a corporation tax rate of 15%, one of the lowest within the European Union.
Today Latvia is proud to be one of the most developed countries in terms of computerization, and new technologies are used by almost all of the population. With its rapid grows of broad-band and soon 1 million Internet users Latvia and Riga is one of the leading cities in Europe when it comes to commercial Internet usage. The young population of Latvia is mostly multilingual, using Latvian, English and Russian in their everyday social and business communications. Their dynamics and adapting skills are sought by foreign investors who need educated staff to be able to communicate with the markets of the former Soviet Union.
Riga, being a European metropolis, offers a rich cultural life. It stands not only at a geographical, but also cultural, cross-roads. Visitors from the east and the west alike can find suitable recreation, entertainment and impressions here. Ancient history and unspoilt nature, music festivals from classic to pop, boating on swift rivers and leisured sightseeing of Riga’s Art Nouveau architecture — Latvia offers a broad spectrum of activities for all tastes and ages. It’s no wonder that Riga was declared the European Culture Capital of 2014.
If we were to identify a one concrete advantage of investing in Latvia compared to all other EU countries, it could probably be found beyond the economic data. It would be Latvia’s cultural and geographic closeness to mature markets, such as those of northern Europe, and high-growth markets such as Russia, Poland or Kazakhstan. All these factors considered, Latvia has become a country with a strong appeal to investors all over the world. In the situation of global crisis, the ability of a small nation to not only stay in a good working condition, but keep developing in terms of business, shows it is populated by resilient and hardworking people.