Five investment projects from the US and Canada implemented in Latvia between 2021 and 2023

RIGA - Four investment projects from the US and Canada have been successfully implemented in Latvia with the support of the Latvian Investment and Development Agency of Latvia (LIAA) from 2021 to 2023, Vilis Zinkevics, the Head of LIAA Investment Attraction Division, said at the meeting of the Saeima sustainable development committee meeting on Wednesday.

The total amount of potential investment in the projects with US capital is EUR 2 million, and 250 new jobs in the information and communication technologies (ICT) sector are planned. The project with Canadian capital will create up to 10 new jobs.

In the said period, there was ongoing work on 36 potential US investment projects, of which 10 remain on the agenda also in 2024. These projects have a potential investment volume of over EUR 2 million and are expected to create 445 new jobs.

Also, there was ongoing work on 18 potential Canadian investment projects, of which 11 remain on the agenda in 2024. These projects could create up to 1,000 jobs and attract investment of EUR 165 million.

Zinkevics said that LIAA's investment and export promotion activities in previous years have included participation in conferences and exhibitions, outreach campaigns, trade missions, consultancy for Latvian companies, investor events, visits to Latvia and cooperation with the diaspora.

Meanwhile, at the end of the fourth quarter of 2023, the US had accumulated direct investment in Latvia of EUR 394 million, most of it in the financial sector, manufacturing and real estate.

Canada's cumulative direct investment in Latvia was EUR 14 million.

The LIAA representative pointed out that a number of activities were planned to attract investment in the future, including proactive campaigns to reach out to clients, organization of visits to Latvia, as well as a visit to Riga by a delegation from the US State of California in July this year.

In October, LIAA will be represented at the TechCrunch Disrupt conference to inform about opportunities in Latvia and to encourage technology companies to invest in Latvia. Participation in conferences such as Sohn San Francisco, SaaStr and other events is also planned.