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).

For more information on international opportunities, see the International Business portal and the 'NL exporteert' app (both 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.

 

Statistics

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.

 

Latvia
Capital Riga
Population 1,95 mln. (2016)
Largest cities Riga, Daugavpils, Liepaja
Currency Euro
Memberships EU, NATO, OESO, Schengen
Area 64,589km²

 

Value in Dutch export to Latvia (in mln. euro)
2016 Jan-Oct 442
2015 482
2014 408.5

 

Tax rates (2017)
Corporate Income Tax 15%
Personal Income Tax 23%
Dividends 0%
VAT 21%
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

 

Rankings
Global Competitiveness Indexx 49*
Index of Economic Freedom 36*
Doing Business Rank 14*
Forbes Best Countries for Business 2017 25*

 

Contact

Questions about trade and investment can be sent to rig-ea@minbuza.nl 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).

If you want to remain informed about the political and economic developments, please visit the Holland Baltic Business Facebook page and/or the Nordic Baltic Network LinkedIn page.  

Contact

Ms. Indra Freiberga

Senior Economic Officer

Tel: +371 67326147

E-mail: rig-ea@minbuza.nl