Life sciences in Latvia are well above the regional level with the knowledge and experience coming from the past. Thanks to its high R&D capacity, being close to the markets, and established production infrastructure, the life sciences sector has high competitive power. Latvia supports this sector in different ways and tries to develop it further. This offers very important opportunities for investors.
Advantages of Life Sciences Sector in Latvia
This sector has the power to affect many fields directly or indirectly. Therefore, the importance of the advantages provided by this sector in Latvia is much more than expected. We can list the major advantages as follows:
- >>> Advanced production infrastructure
- >>> High production capacity
- >>> Qualified and experienced workforce
- >>> The geographical location being close to markets
- >>> Having deep-rooted traditions in the field of chemistry
* These are the main reasons why the life sciences field in Latvia is more developed than in other countries.
Chemical Sector in Latvia
The chemical sector has an important place in the Latvian economy. The foundations of this sector were laid with the researches of Latvian chemists in the 19th century.
Paul Valden and Willem Ostwald can be shown as the founders of the chemical industry in Latvia. Valden was the founder of physical organic chemistry and was nominated twice for the Nobel Prize. Ostwald was the founder of physical chemistry and one of the Nobel Prize winners. The chemical industry whose foundations were laid by these names is one of Latvia’s most successful fields.
The Place of Life Sciences Sector in the Manufacturing Industry in Latvia
The life sciences sector in Latvia has risen to 4th place among the manufacturing industries and its steady rise continues. The fact that it is located close to important markets such as the EU countries and Russia is a great advantage for this sector. So much so that, since 2003, exports in this field have increased by approximately 500%. This increase occurred in the EU countries and the Russian markets.
Considering the Baltic countries, it will be seen that Latvia is at the top in the field of life sciences. This sector is constantly supported with the R&D steps taken, the right investments made, and a competitive workforce. It is estimated that this sector will develop further soon and Latvia will become the most important exporter in the region. This provides important opportunities and advantages to investors. Contact us for more information on the life sciences sector in Latvia.