German automotive company planning to open small manufacturing facility in Latvia - Investment and Development Agency

RIGA - A German automotive company is planning to open a small manufacturing facility in Latvia, the Investment and Development Agency of Latvia Director Kaspars Rozkalns told TV3 on Friday, but did not reveal the name of the company.

At the moment, the Investment and Development Agency is working with "quite a large German automotive company", which is initially planning to set up a small manufacturing facility in Latvia that could later become an experimental plant.

Further information about the German company's plans could be released in the summer, said Rozkalns, adding that it was neither Daimler nor BMW.

Latvia is not striving to have huge plants as it would be difficult to provide such large manufacturing facilities with the necessary workforce. "Our focus is on small manufacturing facilities making something innovative and new, where we can bring together our researchers' competence and businessmen," said Rozkalns.

Last year, the Investment and Development Agency attracted EUR 250 million in investments, while this year the agency is working on 21 investment projects with a total investment portfolio of up to EUR 1.3 billion. "Latvia is in a good position. We are in Europe, and we have a very attractive ICT sector," said Rozkalns.