Braze calls on Turkish businessmen to use opportunities offered by Latvian ports and special economic zones

RIGA - On April 9, Latvian Foreign Minister Baiba Braze (New Unity), upon welcoming the members of a business delegation from Turkey to the Foreign Ministry, highlighted Latvia’s investment environment favorable for foreign businesses and invited Turkish businesspeople to take up the opportunities offered by Latvian ports and special economic zones, especially in the field of manufacturing and logistics, LETA learned from the ministry.

This includes access to appropriate infrastructure, considerable tax incentives and other business-friendly benefits. The business delegation was also addressed by Economics Minister Viktors Valainis.

The Turkish business delegation has arrived in Latvia to develop cooperation with Latvian companies and promote Turkey’s investment potential. The aim of the visit is to strengthen economic cooperation between Latvia and Turkey, which includes support for expanding business activities in Latvia by the members of the Turkish delegation from Izmir, Manisa, and Aydın.

Turkey is an important trade partner for Latvia, ranking 21st among Latvia’s foreign trade partners in 2024. The total foreign trade with Turkey amounted to EUR 525.8 million in 2024. Latvia welcomes an increase in Turkish investments, which reached EUR 31 million last year, showing a growth by EUR 8 million against 2023.

The visiting Turkish businesspeople represent the sectors of engineering and mechanical engineering, renewable energy (wind turbines), food industry, logistics and transportation solutions, chemical industry, and environmental consulting service. While in Latvia on April 8-12, the members of the delegation will explore opportunities offered by Latvia’s business and research infrastructure; their agenda includes meetings with Latvian companies, government officials and experts from various institutions. The entrepreneurs will also visit higher education establishments, where the delegation will be presented with the expertise of the Latvian higher education sector in the areas of mutual interest.

During their visit, the Turkish business delegation headed by the Honorary Consul of the Republic of Latvia in Turkey, Olgu Hikmet Korkmaz, and the President of the Aydın Chamber of Commerce and Industry, Gokhan Maras, will meet with representatives from various sectors, including officials from the Ministry of Climate and Energy, the Bank of Latvia, the Riga Investment and Tourism Agency (RITA), the Investment and Development Agency of Latvia (LIAA), and Latgale Special Economic Zone, as well as visiting Riga Technical University and the Transport and Telecommunication Institute of Latvia (TSI) to examine opportunities for cooperation with Latvia.

In November 2024, a Latvian business delegation visited Turkey’s largest industrial cities and held presentations about Latvia’s investment environment for Turkish investors and entrepreneurs. The response visit to Latvia is organized by LIAA in cooperation with the Latvian Honorary Consul in Turkey, the Ministry of Economics, the Ministry of Foreign Affairs, RITA, and the Latvian Chamber of Commerce and Industry (LCCI).