On January 16, a meeting of the Coordination Council for Large and Strategically Significant Investment Projects was held, chaired by Prime Minister Evika Siliņa. The agenda included discussions from the Investment and Development Agency of Latvia (LIAA), the Ministry of Economics, the Ministry of Defence, and other institutions regarding the progress of major investment projects. At present, LIAA is managing a portfolio of 148 projects with a total value of 10 billion EUR.
“We have successfully doubled investor attention in Latvia over the past year, leading to an overall increase in investment volumes in the country,” noted Prime Minister Siliņa. “This success is the result of government efforts to reduce administrative burdens, simplify tax policies, and provide state support for investments, innovation, and workforce development. The projects reviewed by the Coordination Council for Large and Strategically Significant Investment Projects are crucial in creating new jobs, supporting the growth of Latvian businesses, enabling other entrepreneurs to develop their services, and driving the country’s overall economic growth. Therefore, these projects are reviewed under my leadership as the head of the government to promote inter-institutional cooperation and speed up their implementation.”
During the meeting, solutions were sought regarding the availability of raw materials for the development of biorefining projects, the construction of energy infrastructure, and strategic investments in the fields of security and defense.
"Latvia's foreign investment results in 2024 have been impressive – from just under 619 million EUR in 2023, the amount of attracted investments last year grew to over 655 million EUR. In comparison, in Lithuania, the amount of attracted investments in 2024 was 351 million EUR. For this year, Latvia's target for large investments is 790 million EUR, and given the strong groundwork and growing interest from investors, I am confident we may even exceed this goal. Latvia is an excellent place for investments, and this is also reflected in the volume of active investment projects – in 2023, it slightly exceeded 4 billion EUR, and by 2024, it reached around 11 billion EUR," says Minister of Economics Viktors Valainis.
During the meeting, five key investment projects with a total value exceeding 2.3 billion EUR were presented, which are expected to create 1,200 new jobs. These projects include sectors such as photonics, aviation, information and communication technology (ICT), financial technology (better known as fintech), and knowledge-intensive bioeconomy.
The meeting identified challenges in the development of private green energy projects, particularly regarding the construction of new electricity infrastructure. It is planned that connections for wind and solar parks can be built within the zones of Latvia’s state roads, simplifying the coordination process with private landowners and significantly reducing bureaucratic barriers to implementing such projects. Additionally, a decision was made to enhance coordination between the Investment and Development Agency of Latvia (LIAA) and the Ministry of Defence to attract strategic investments supporting the country’s defense capabilities.
The Investment and Development Agency of Latvia (LIAA) focuses on attracting investments in high-value industries like ICT, photonics, smart materials, bioeconomy, biomedicine, and green energy. LIAA works actively on projects with significant economic
benefits while also supporting other local and international investor initiatives. Cutting down bureaucracy is a key part of this effort, especially in construction, where the Ministry of Economics has introduced several changes to speed up the process from project planning to starting construction.
The Coordination Council for Large and Strategically Important Investment Projects acts as the main institution overseeing the progress of major investments in Latvia. Its main role is to identify and track the development of these key projects. LIAA manages the Council’s secretariat functions.
Photo: State Chancellery / Evija Trifanova
