LIAA aims to attract EUR 1 billion in investment next year

RIGA - The Investment and Development Agency of Latvia (LIAA) aims to attract EUR 1 billion in investments next year, LIAA Director Ieva Jegere told LETA.

She said that in planning for 2026, the focus of export promotion measures will be on high value-added sectors and expanding activities in priority markets. The aim is to achieve a EUR 300 million increase in exports, organize participation in 70 international exhibitions, provide trade missions and provide grant support for companies' individual export activities.

In tourism, it plans to attract an additional 150,000 foreign visitors, launch several communication campaigns, especially in the business tourism segment, and use the visibility generated by the Michelin Guide and the international media.

Jegere predicted that similar trends to last year would continue, including investor caution due to geopolitical risks, as well as growing demand for secure, predictable locations in Europe with access to green energy and sustainable supply chains. As a consequence, the number of new projects is expected to increase.

For example, the fintech sector is promising, she said, with the first two licenses to operate in the cryptoasset market (MiCA) being issued in 2025, enabling Latvian companies to work with cryptoassets across the EU. Green energy projects, the export of information and communication technology services and the bio-economy are also expected to develop.

Speaking about the main challenges, Jegere said that for countries like Latvia, the main challenge is to be visible and to highlight what they have to offer. Latvia has the advantage of speed and predictability. Instruments such as the Green Corridor and the Council for Major Strategic Investment Projects, chaired by the Prime Minister, can significantly speed up project implementation.

She pointed out that the availability of talent is a common challenge. On the one hand, Latvia can offer highly skilled workers, but when an investor wants to attract 500 engineers, Latvia is unlikely to be able to provide this, so a clearer, more understandable system for attracting highly skilled professionals needs to be agreed on.

The lack of suitable infrastructure - ready industrial offers, logistics facilities and green energy capacity - is also a challenge. This is not available everywhere, but investors demand it. Jegere cited municipal industrial parks with infrastructure specifically designed for investors as a good solution.