Opportunities for businesses in Latvia
The government's international network flags international opportunities and trends for businesses, in partnership with local parties and governments.
Opportunities and developments
Staff at our missions closely monitor economic, innovative and social developments. They identify opportunities, trends and local demand, for example for specific products or techniques. And they also monitor opportunities for and developments in innovation, international corporate social responsibility and procurement. This includes contracting by international organisations (website in Dutch).
Market and sector reports
Missions also compile market and sector reports (website in Dutch). You can also find reports by private parties, such as banks. This way, you can keep up with key business developments in the local market.
New business opportunities in this country or region
Doing business in Latvia
The Embassy of the Netherlands in Latvia promotes trade and investment between the Republic of Latvia and the Kingdom of the Netherlands.
With its unique location on the shores of the Baltic Sea and highly advanced ice free ports Latvia plays an important part in the busy trading route between the East and West. Together with Finland, Estonia, Lithuania and Poland, Latvia forms the eastern border of the EU with Russia, Belarus and Ukraine.
Latvia offers a progressive, western-oriented business environment with a well-educated multilingual workforce, a simple and favourable tax system and an efficient business infrastructure.
Many Dutch investors have found their way to Latvia: according to the Dutch Central Bank, cumulative Dutch foreign direct investment (FDI, excluding SPEs (Special Financial Institutions)) in Latvia reached 111 million (2015).
Latvia has a very open economy. Because of an abundance of natural resources traditional types of craftsmanship, such as woodworking, metalworking and technical manufacturing are well developed in the region. The transport and logistics sectors also contribute significantly to GDP. In addition, IT, energy, water, modern food production and creative industries can be identified as sectors with major potential.
On the Dutch Central Bureau of Statistics’ website, you will find the latest data on trade in goods between Latvia and the Netherlands. To learn more about the Latvian economy in general, there are many publications and websites at your disposal. For example the Latvian Ministry of Economic Affairs’ website or the website of the Central Statistical Bureau of Latvia.
|Population||1,95 mln. (2016)|
|Largest cities||Riga, Daugavpils, Liepaja|
|Memberships||EU, NATO, OESO, Schengen|
|Value in Dutch export to Latvia (in mln. euro)|
|Tax rates (2017)|
|Corporate Income Tax||15%|
|Personal Income Tax||23%|
|Social Security Contribution (employee)||10.5%|
|Social Security Contribution (employer)||23.59%|
|Wages (in euro/month)|
|Minimum wage (2017)||380|
|Average gross wage (2015)||818|
|Global Competitiveness Indexx||49*|
|Index of Economic Freedom||36*|
|Doing Business Rank||14*|
|Forbes Best Countries for Business 2017||25*|
Questions about trade and investment can be sent to firstname.lastname@example.org and will be answered by our Senior Economic Officer Indra Freiberga.
The embassy staff has an extensive network, speaks the Latvian language and has excellent knowledge of the local market. The Netherlands Embassy in Latvia is more than willing to help you with your first step in the dynamic Baltic region.
The Embassy doesn’t provide individual market research but can provide information about market research institutes or refer to the Netherlands-Latvian Chamber of Commerce (NLCC).
Ms. Indra Freiberga
Senior Economic Officer
Tel: +371 67326147