News

Latvian children’s bicycle design receives a world-class design and innovation award
Children's bicycle “leg&go” created by Shaman Inventions, located in the North-East part of Latvia, has been recognized as the most innovative and state-of-the-art bicycle in...
Latvian start-up Giraffe360 raises one million euro investment funding
Latvian start-up company Giraffe360 has raised one million euro investment to develop its product and expand its export market. The company’s product is a camera and programming technology for...
Latvia launches first AI news anchor
Latvian company Tilde launched Europe’s first artificial intelligence (AI) news anchor. The tool is a result of a collaboration between Latvian technology language company Tilde and one of...
Latvian technology giant LMT has been nominated for a prestigious mobile award
LMT Home Smart TV, a product by LMT which is one of the biggest technology communication companies in Latvia was nominated for the prestigious Global Mobile Awards 2019 (GLOMO Awards). While the...
Start-up companies have attracted more than EUR 300 million in investments since 2012
Start-ups in Latvia have attracted more than 300 million euros since 2012, according to the Ministry of Economics of Latvia. As of January 2019, there were 418 start-up companies registered in...
Latvia triumphs at the International Business Services Center Award
As the global business service centers (GBS) sector is rapidly developing in Latvia, the country took home three titles this year from the CEE Shared Services & Outsourcing Summit & Awards...
Latvia is the second greenest country in European Union
Latvia is the second greenest country in European Union, according to NimbleFins, a company analyzing the environment and the greenery of European Union countries to rank them. Latvia received the...
airBaltic is the most punctual airline in Europe
Latvian airline airBaltic has retained its place as the most punctual airline in Europe and is the second most punctual in the world according to the OAG analysts. The leading global provider of...
US company buys Latvian start-up Funderful
US market leader in attracting donations for higher education institutions has acquired Funderful, a Latvian start-up that supplies universities with artificial intelligence-based communication tools...
GDP is seeing an increase by 4.8%
Compared to the corresponding quarter the previous year, GDP has increased by 4.8% in the fourth quarter of 2018, according to the Central Statistical Bureau. This means that, overall, in 2018, the...
The Latvian start-up company Anatomy Next is partnering with NATO
The Latvian start-up Anatomy Next, which has gained recognition in Latvia and the United States, together with researchers from the Riga Stradins University Military Medicine Research and Study...
Baltic Bioethanol to invest 150 million euro in Bauska
Baltic Bioethanol, an advanced biofuel developer, is planning to build a factory in the industrial park of Bauska, a city in Latvia. Based in the neighbourhing country of Estonia, the company plans...
German retail Lidl begins to construct logistics center in Riga
On October 19, the German retailer Lidl laid the foundation for a new logistics center in Riga. The company is investing over €55 million euro with €42.5 million in construction while a...
Latvia’s GDP growth in Q3 posts at high 4.8%
The latest flash estimate of the Central Statistical Bureau (CSB) shows that, compared to the 3rd quarter of 2017, in the 3rd quarter of 2018 gross domestic product (GDP) value increased by 4.8 %...
Latvian machine translation company Tilde wins top translation competition
The latest machine translator developed by the Latvian company Tilde won the international machine translation competition at the Conference on Machine Translation (WMT2018) and was recognized as the...
Two foreign films featuring Mickey Rourke, Scott Adkins and Al Pacino to be shot in Latvia
Shooting of feature films Warhunt and Pinocchio, which feature Mickey Rourke, Scott Adkins and Al Pacino, will get under way in Latvia later this year. The movie production is partnering with the...
Riga ranked as 10th greenest city in the world
Latvia’s capital city Riga has been named the world’s 10th greenest city, according to the latest Green Cities Index by TravelBird portal. According to the index, green areas makes up...
Latvia remains in the high 19th place on the Doing Business index
Latvia maintains its high 19th place among 190 countries on the latest Doing Business index, according to the publisher of the index World Bank. On the list of European Union countries Latvia places...
Real estate company Sirin Development expanded its sites and activity in Latvia
One of the largest industrial and commercial real estate companies in the Baltic States - SIRIN DEVELOPMENT, has successfully concluded land purchases in Maskavas street (Riga) and expanded its sites...
Anatomy Next offers Virtual Reality Anatomy Education
Anatomy Next, a Latvian startup which provides digitalized and interactive anatomy education for medical students, has teamed up with Microsoft and the University of Washington to bring their pilot...
In the Baltics, the Youngsters with Most Eagerness to Start a Busines are Found in Latvia
Young people in Latvia (ages 18-25) are more likely to be interested in starting their own business than youngsters in other Baltic countries, according to the SEB Banka’s survey. Thirty-six...
Latvia showcases its innovation at the UN’s General Assembly
Together with it’s Baltic neighbours, Latvia showcased select innovative products at the inaugural exhibition ‘’Creativity and Innovation Inspired by Nature’’ on display...
LU’s Innovation Center and Microsoft celebrates one-year anniversary
In September, the Innovation Center of the University of Latvia and Microsoft (LUMIC) celebrated its one year anniversary. In the year since its launch, LUMIC has facilitated the creation of various...
Latvian loan fintech Mintos reaches €1 billion in total loans financed
Three and a half years after its launch, the Latvian fintech Mintos has reached a milestone of €1 billion in total loans financed through its marketplace. Founded in 2014, the company offers an...
Riga Airport has been Recognized as the Second Fastest Growing European Airport
Riga International Airport was the second fastest growing airport in Europe in the 2nd quarter of 2018, According to the Airport Council International (ACI) report on airport performance in Europe....
Swedish furnishing retailer IKEA opens in Riga
On 30th of August, IKEA, the Swedish home furnishing retailer, opened its first store in Latvia. Located at the edge of Riga about 15 minutes drive from the center, the new store has created about...
Companies celebrate Latvia’s centenary with special products and wrapping designs
To mark Latvia’s centenary this year, many companies have developed special products or packaging of their products to reflect the celebratory event. The Food and Drug Administration of Latvia...
Business Forum “Discover New Business Opportunities. Discover Latvia.”
As Latvia’s centennial celebratory events are taking place across Latvia’s capital Riga and in other parts of the country, the Investment and Development Agency of Latvia (LIAA) held a...
A New Business Information Centre “Magnetic Latvia” Opened at Riga International Airport
The Investment and Development Agency of Latvia (LIAA) has opened a business information centre “Magnetic Latvia” at Riga International Airport. The Business information centre serves as...
Clients can now open a bank account in Latvia remotely
BlueOrange is the first bank in Latvia that has received the permit from the supervisory institution of the financial sector, Financial and Capital Market Commission (FCMC), to offer fully remote or...
New Information Site Launched for Start-Ups & Investors
An informative site startuplatvia.eu has been launched by the Investment and Development Agency of Latvia (LIAA) for foreign investors and foreign start-ups launching their businesses in Latvia. The...
Riga Airport Included in TOP5 Fastest Growing Airports of Europe
Riga International Airport made it into the top five fastest growing airports in Europe in the group of airports with 5-10 million passengers handled, according to the latest Airport Traffic Report...
US IT company Cognizant Opens New Delivery Centre in Riga
US IT company Cognizant opened a business consultation and solution delivery center in Latvia’s capital city, Riga. Now one of the company’s 100 development and supply centers around the...
Circle K Business Centre Riga wins the Recognition Award in USA-Europe Shared Services Summit
Reflective of the global trends, Global Business Service Centers (GBSC) is a rapidly growing sector in Latvia, and the recent award received by Circle K Business Centre shows that business centres...
Latvia’s Government and Foreign Investors hold their annual meeting
On June 7, representatives of the Latvian Government and the Foreign Investors Council (FICIL) held the annual High Council meeting to discuss future improvements in the business environment that...
A Memorandum of understanding for the development of Global Business Service Centers has been signed
The Memorandum of understanding for the development of Global Business Service Centers (hereafter ‘GBSC’) has been signed on 26th of April 2018. The Memorandum of understanding intends to...
Riga Airport Sets Another Record of Passengers Served in 2017
05.01.2018. Riga International Airport reached another record number of passengers served in 2017 – on December 28, the Airport welcomed its six millionth passenger. Lithuanian Egle...
Government and investors to discuss the improvement of investment environment
On Friday 26 May, the 21st FICIL and Latvian government High Council Meeting will be held. The most important topics for this year include economic growth and tax policy, the fight against economic...
Latvia places third among OECD’s member states for tax competitiveness
Latvia’s tax system ranks third among those of the Member States of the Economic Cooperation and Development (OECD), according to the organization's latest "2016 International Tax...
Pondering Brexit, optimistically looking into the future
The Brexit vote in early summer and US elections in late autumn have shaken up the investor communities around the world. The argument goes that in today’s globalized world no one can escape...
Latvian company produces the fastest ultra ultraweight aircraft
‘’Be fast or be the last’’ is the motto of Pelegrin, a Latvian aircraft manufacturing company in Ādaži, on the outskirts of Riga. Founded in 2010 by avid aviation...
Latvia passes a new law that provides special support for startups
On November 23, the Latvian parliament passed a new start up law that creates a favorable tax regime for startups. The law foresees two tax plans: a special flat tax regime, currently 252 euros/month...
iCotton to build a new production facility
Italian-Russian joint venture in Latvia, iCotton plans to build a new 10,000 square meters production facility in Liepaja, according to the company’s CEO Sergey Binkovskis. The building the...
17 million Hi-Tech Park to be built next to Riga Airport
Plans are in place to develop a hi-tech science park next to the Riga International Airport. The development project will cost 17 million euro, and financing for it also comes from the European Union...
Latvian IT company’s program used to store data in the cloud
Latvian IT company Knowledgeprice.com has helped the British bank OakNorth to become one of the first banks in the UK to store its basic systems in the cloud. British financial supervisors and...