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Latvia is one of the best options for those who want to invest in a foreign country. The main reason for this situation is that it directly supports investors and gives them different opportunities. Today, these opportunities provided by Latvia play a major role in making the Baltic countries an important investment center. It can be said that logistics, manufacturing, health, energy, and many similar fields are preferred by investors. But is it only limited to these?
Why is Latvia the shining star of the Baltic countries for investment? What are the advantages that make Latvia different from other countries?
Transportation
Some criteria are necessary for an investment to be successful. The major one is transportation. It should never be forgotten that transportation is a must depending on the type of investment to be made. Latvia is a highly developed country in terms of transportation.
Latvia, located in the Baltic Sea, has a developed railway network. Besides, we can easily say that highways and pipelines have also developed. Riga, Liepaja, and Ventspils are the most important ports in the country. Besides, direct flights are available to many different centers of the world from Riga Airport. With all these features, it can be said that Latvia will never disappoint investors in transportation.
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Labor
The most important problem faced by those who invest in a foreign country is a qualified workforce. Countries that cannot provide qualified labor despite their many advantages are not preferred by investors. Latvia, on the other hand, exceeds the expectations of investors about this subject. [1]
In Latvia, there are no problems in terms of a qualified workforce. The workforce here consists of well-educated people who speak several languages. The motivation of the employees is extremely high. Besides, their work ethic is highly developed.
Free Trade
One of the answers to the “Why Latvia” question is their experience in free trade. Today, one of the criteria that investors look for is free trade. It would not be wrong to say that countries providing this are more attractive. Latvia is an EU country. It is also a member of the OECD and the World Trade Organization.[2] All these enable Latvia to do free trade, especially within the EU borders. Considering that the EU countries are one of the most important markets in the world, it should be underlined that this is a huge advantage. Besides, it allows free trade with many regions of the world thanks to mutual agreements, border, and customs procedures.
Investors can open up to the world with their investments made here. In other words, investing in Latvia does not mean staying limited to this country. Latvia is a very special gateway to the world.
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Incentives in Latvia
Latvia is a land of opportunities for entrepreneurs. One of the main reasons for this is the incentives and facilities provided by the Latvian government. To increase the competitiveness of new investors, a serious reduction in the tax rates is made by the government. It is even possible for some taxes to be close to zero if certain conditions are met.[3]
One of the important incentives is granting the investors the right of residence and at the end of the 5 years the right to citizenship. Ultimately Latvia is an EU country and obtaining residence and citizenship from there allows free movement within the EU. The incentives mentioned here and other incentives facilitate the job of investors seriously.
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Export
Latvia is a highly developed country in terms of exports. It has serious experience at this point. Therefore, it provides support to its investors in export. It can also be said that it has some advantages that encourage foreign investors and facilitate their job for exporting.
Economic Situation of Latvia
It is known by everyone that developing countries are preferred for investment. Latvia has recently made serious progress in many areas. It has made a remarkable development especially in areas such as renewable energy, woodworking, and construction materials manufacturing. It can be said that the investments to be made in such areas will greatly satisfy the investors. The development of the country may soon make it one of the most important countries in the EU. All this means that it makes perfect sense to invest in Latvia.
Igors Krumins continues his activities as a commercial and international lawyer within the body of “Jurmala Invest”. He has more than 10 years of experience, especially in the investment sector, and has provided consultancy services to numerous companies with his legal expertise. He successfully completed his undergraduate studies at Baltic International Academy and graduate studies at Latvijas Universitate. Apart from his native Latvian language, he can also speak Russian and English fluently.
