With the support of the Investment and Development Agency of Latvia (LIAA), four investment projects have been successfully implemented from the US, and one from Canada between 2021 and 2023. The total amount of potential investment in the US projects is estimated at EUR 2 million, with plans to create 250 new jobs in the information and communication technologies (ICT) sector. The project in Canada aims to create up to 10 new jobs.
"Between 2021 and 2023, there was ongoing work on 36 potential investment projects from the US, of which 10 remain on the agenda also in 2024. These projects have a potential investment volume of over EUR 2 million and are projected to create 445 new jobs. Meanwhile, from Canada, there were 18 potential investment projects, of which 11 remain on the agenda for 2024. These projects have the potential to create up to 1,000 new jobs and attract investment of EUR 165 million," Vilis Zinkevics, the Head of the Investment Attraction Division at LIAA, emphasized at the Saeima Sustainable Development Committee meeting on March 13th.
Zinkevics also highlighted investment and export promotion activities in previous years, which included participation in conferences and exhibitions, outreach campaigns, trade missions, providing consultancy for Latvian companies, organizing investor events, hosting visits to Latvia, and collaborating with the diaspora.
By the end of the fourth quarter in 2023, the US had accumulated direct investment in Latvia of EUR 394 million, most of it in the financial sector, manufacturing, and real estate. At the same time, Canada's cumulative direct investment in Latvia was EUR 14 million.
The LIAA representative highlighted several upcoming activities to attract investments in the future, including proactive campaigns to engage with clients, arranging visits to Latvia, and hosting a delegation from the US State of California in Riga this July.
In October, LIAA will be represented at the TechCrunch Disrupt conference to inform about opportunities in Latvia and to encourage technology companies to invest in Latvia. Additionally, participation in conferences like Sohn San Francisco, SaaStr, and other events is on the agenda.