First Belarusian companies have made decisions on partially or fully moving to Latvia

  • 2020-10-22
  • LETA/TBT Staff

RIGA - After negotiations with the Latvian Investment and Development Agency (LIAA), several Belarusian companies have made decisions on partially or fulling moving their business to Latvia, but there are ongoing talks with about 50 companies, LETA learned from LIAA.

In late August, LIAA launched regular communication with the Belarusian technology companies that due to the unstable situation in the country considered to partially or fully move their business operations to other countries.

Of the 17 companies that chose to move to Latvia, each project is on a different stage of development. At least three companies have already launched their operations in Latvia - they have opened bank accounts, have found premises and have arranged the necessary documents for moving their employees. Some other companies are still in a development phase, forming new business branches or developing new business ideas, recruiting some of potential employees already in Latvia.

In the coming months, Belarusian companies plan to establish more than 1,000 new jobs in Latvia. At least half of these companies worked in the Minsk High technologies park.

Among companies that have already launched their operations in Latvia, there is a startup developing technologies for drones. Most of the engineers have moved to Latvia. The company has attracted several millions in euros in investments from international risk capital funds, and in the nearest time the company plans to increase the number of employees to 100.

Economics Minister Janis Vitenbergs (KPV LV) said that for the first time a special team has been developed that quickly reacted to the situation in Belarus.

"17 companies have already made such decisions. Belarus has a developed IT sector, knowledge intensive sectors and human capital that meet Latvia's priorities. Such companies that produce goods and services with high added value will expand our export market geography and ensure at least 1,000 new jobs," the minister said.

LIAA said that in cooperation with the Economics Ministry, the Saeima IT and innovative business subcommittee, the Citizenship and Migration Affairs Board, the Border Guard, the Foreign Ministry, the State Security Service and the Finance Latvia Association a cooperation model has been established in a short period of time to efficiently ensure the transition process for Belarusian companies.