Latvian Business Guide 2021

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'21 | Latvian Business Guide

KEY Business Sectors Based on Latvia’s comparative advantages, LIAA focuses on eight promising sectors with appealing potential for foreign investment. You can find more information about business sectors here: https://investinlatvia.org/en/key-sectors

WOODWORKING Summary The woodworking sector is one of Latvia’s most important export industries and plays a key role in generating rural and regional employment. The industry’s success is based on Latvia’s favourable combination of vast forest resources, strategic location, industry expertise and cost-efficient labour force. Additionally, government policies aimed at achieving sustainable forestry development have supported the industry’s success. Key Advantages • Traditionally strong sector • Easy access to raw material • Abundance of skilled labour • High private investment in R&D • Sustainability of the industry

METALWORKING AND MECHANICAL ENGINEERING Summary The metal processing and engineering sector has historically been one of the leading industrial sectors in Latvia, as the country was one of the high-tech manufacturing centres for the Soviet military and aerospace industries. Key advantages of the sector include its skilled and cost-efficient workforce, strong R&D capability, and access to metal supplies from Russia and markets in the west. Multiple foreign and local companies have integrated their production processes into the global supply chain, having most of their production exported. Key Advantages • Highly developed logistics and communications infrastructure • Supportive government policies • Traditionally a leading sector with historical know-how • Easy access to raw materials thanks to advantageous geographic location • Competitive labour force • Highly competitive in higher-value products • Shift towards more sophisticated production

TRANSPORT AND STORAGE Summary Latvia is located at the heart of Europe’s fastest-growing area – the Baltic Sea region. The transport and storage sector’s success is based on Latvia’s favourable combination of an advantageous geographic location, providing access to the Russian and Western European markets; a competitive labour force, and excellent infrastructure with three ice-free ports, the best railway connection to Russia, and a growing air transport sector.

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