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 have a meaningful cooperation among governmental institutions, Riga City Council and interested parties from private sector in order to strengthen the growth of GBS companies. It is expected that this cooperation would potentially bring 10 thousand additional work places in well-known and internationally recognized companies that are able to provide competitive salaries, attractive work environment, as well as career growth opportunities.

There are more than 50 international companies representing GBSC sector in Latvia, including business centers such us Circle K Business Centre, Tele2 Shared Service Center, Accenture, Cabot, Evry, Tieto, Visma, Atea, SEB Shared Service Center, DNB Bank ASA, providing jobs to more than 7 thousand citizens of Riga. Nevertheless, if we are comparing those figures with other popular GBS location cities in Central and Eastern Europe, we can see that there is unused potential to have significantly higher amount of work places in this sector. It is expected that the development of GBS companies will motivate young people to stay in Latvia after graduating the high school, besides activities carried out to strengthen GBS sector will support the remigration process as well. The main goal of the Memorandum is to understand the challenges in GBS sector and come up with solutions how to deal with those issues, as well as to encourage the conversations among GBS companies, promote the recognition of Riga and Latvia as a great GBS location in global area.

The Memorandum of understanding is supplemented by action plan, where the main emphasis is put on cooperation among GBS companies in Riga, competences and talent development, implementation of support programs, provision of appropriate infrastructure and other needed resources. Additionally the action plan of the Memorandum intends to popularize the sector in local market and put Latvia on the map as an attractive GBSC location.