Government is doing everything possible to make it easier to do business in Latvia - Silina

RIGA - Foreign investment attraction in Latvia continues to grow steadily, and the government is doing everything possible to make it easier to do business in Latvia, Latvian Prime Minister Evika Silina (New Unity) said on Monday at the conference Beyond Borders: Investment & Security in the Baltics organized by the Foreign Investors Council of Latvia (FICIL).

"Latvia is open for investment, innovation and cooperation. I believe that Latvia is a safe and stable place to invest," said the prime minister, noting that Latvia values long-term cooperation and investment.

She also thanked FICIL for its strategic reviews and annual reports, saying that they are a guide on what needs to be done in Latvia to increase investment and improve the investment environment.

At the end of 2024, total foreign investment in Latvia reached more than EUR 26 billion, which is 65 percent of Latvia's gross domestic product (GDP), Silina said, adding that compared to the end of 2023, this is an increase of 2.1 percent. "This shows the important role that foreign capital plays in the Latvian economy," said Silina, stressing that overall Latvia's investment attraction rates continue to grow steadily.

The prime minister said that FICIL's annual Sentiment Index helps to understand where Latvia is not growing and what needs to be done better. She also stressed that the government takes the FICIL reports very seriously and acts accordingly.

Silina said that the government is doing everything possible to make it easier to do business in Latvia. As an example, Silina said that the Latvian Investment Development Agency (LIAA) has been reformed and now works faster and more efficiently. Bureaucracy has also been reduced, especially in the real estate and construction sectors, Silina said.

"I believe in Latvia and its potential. Latvia is a small country, but this is also our advantage because we can react faster and more efficiently. This means that we can be ahead of other economies. How can we do this? By running faster, by believing in Latvia's ability to win and, above all, by the public and private sectors working together," said Silina.

She said that the amount of investment also depends on confidence, which is why Latvia is investing in security, defense, cyber security, energy security, and building a military industry.

"Latvia is not alone. We see the importance of regional cooperation, building infrastructure, expanding markets and ensuring stability, not only in the Baltics but also in Europe," said Silina.

She also said that a meeting of the three Baltic prime ministers is planned this week to discuss how to boost the economy.