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Business briefs

Sep 03, 2014

The most profitable entrepreneurs in Latvia last year were the owners of ABLV Bank Olegs Fils and Ernests Bernis, according to a study carried out by journalist Lato Lapsa, in cooperation with the business magazine Kapitals, and the register of enterprises Lursoft, reports Nozare.lv. Fils reported income of 18.7 million euros last year, while Bernis reported 18.7 million euros. Rietumu Bank shareholder Leonids Esterkins was third on the list at 17.7 million euros, followed by Internet solutions company Mikrotikls co-owner Arnis Riekstins, who reported 11.8 million euros. In fifth place is another Rietumu Bank shareholder, Arkadijs Suharenko, at 11.8 million euros.

Lithuania’s Ministry of Agriculture continues the active search for new markets for Lithuanian agricultural products, reports ELTA. Lebanon and Serbia have opened their doors to Lithuanian meet, fisheries and dairy products. In August the State Food and Veterinary Service harmonized certificates with Lebanon for fresh beef, beef preparations, canned meat, fish and poultry meat products. Trade with Lebanon was not active in the past. Certificates with Serbia have been harmonized for beef and beef preparations, meat products and fish as well as cow, sheep and goat milk products. In 2012 Lithuania exported to Serbia goods worth 418,000 euros. In 2012, compared with 2011, agricultural and food product exports to Serbia rose by 9.4 percent. In 2013, compared to 2012, potato exports to Serbia grew 71 times.

One of the world’s leading energy management companies, Schneider Electric, will invest about 10 million euros into the construction of a new Lexel factory in Latvia, company spokeswoman in the Baltics Santa Rutka said, reports Nozare.lv. The Lexel factory (official name Lexel Fabrika) specializes in manufacturing electric-mechanical and electronic devices, including lighting control systems, thermostats, motion detectors, smoke detectors and light switches. The company has operated in Latvia since 1993, and currently offers workplaces for 180 employees. Lexel Fabrika turnover in 2013 was 38.2 million euros, placing Lexel Fabrika among Latvia’s top-earning companies. The majority of Lexel Fabrika products are exported to Scandinavia and Germany, supplying other Schneider Electric factories with components. The construction of the new factory began in July, and is scheduled for completion in 2015.

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