Latvia is a small country that plays an important role in the European Union as it has become a major destination for foreign investors. The Latvian government has implemented encouraging investment policies and created the Investment and Development Agency (LIAA) in order to support foreign investors wanting to open companies in Latvia.
The Latvian Investment and Development Agency was created in 1993 and reorganized in 2004 and it falls under the authority of the Ministry of Economics. LIAA is in charge with the promotion of business development sector in the country providing foreign investments facilities.
The Agency is also in charge with receiving and distributing the EU Structural Funds that are meant to increase the number of new registered companies in Latvia. LIAA attracts foreign investors by encouraging foreign trade activities and by implementing programs for exports. The Investment and Development Agency provides assistance to foreign investors by presenting them with the existent business opportunities and by helping them to contact Latvian companies that could partner with.
Foreign investors benefit from advantageous conditions for setting up new companies in Latvia. Among these, we can enumerate:
Foreign investors have the opportunity to open companies in the industrial sector as Latvia’s economy is based on manufacturing products, but also in areas like wood processing, food industry, textiles and machinery.
Also transport companies can find it easy to set up, as Latvia is the perfect passage way to other countries in Europe and its geographical position provides openness to the Russian market, as well.
There are no comments