LIAA is doing its best to attract foreign investment and help companies grow, encourages new businesses and facilitates plans of government and municipalities.
When it comes to attracting foreign investment, the main sectors are metalworking and mechanical engineering, transport and logistics, IT, life sciences, healthcare, woodworking, green technologies and food industry. The work is being done to develop other industries too.
Polaris process is designed to attract foreign investment in a more efficient way. This is done by identifying target sectors, following the latest innovations in relevant industries, offering projects to foreign investors and coordinating cooperation between Latvian public authorities, municipalities, the private sector and scientific institutions.
As one of LIAA’s goals is growing export volume, trade missions, national stands, export workshops, B2B events, as well as individual meetings are organised.
Going abroad to make new contacts is a great opportunity to establish new partnerships and get to know potential markets. Trade missions might include business forums, workshops, round-table discussions, B2B events, attending fairs, visiting potential cooperation partners, as well as informal gatherings.
Being part of stands at industry fairs is an opportunity to show off products and services made by entrepreneurs and helps making new contacts and finding cooperation partners.
Workshops is where one can get updated on latest developments and trends in relevant markets.
LIAA helps companies finding potential cooperation partners both over individual meetings and B2B events organised as part of trade missions, fairs or other events.
Visiting potential partners is a great start for a new partnership. Visits are usually organised to countries where LIAA representative offices or Latvian embassies are located.
LIAA encourages development and competiveness of tourism products and services and promotes Latvia as an attractive travel destination.
In 2016, LIAA was merged with the Latvian Tourism Development Agency thus adding a Tourism Department to LIAA.
LIAA Foreign representative offices help bridging Latvia and its entrepreneurs to the most crucial markets. The representative offices are based in Belarus (Minsk), China (Beijing, Shanghai and Ningbo), Denmark (Copenhagen), Finland (Helsinki), France (Paris), Germany (Berlin), Japan (Tokyo), Netherlands (Amsterdam), Norway (Oslo), Russia (Moscow), Singapore, Sweden (Stockholm), Ukraine (Kyiv), United Arab Emirates (Dubai), UK (London) and USA (Washington).
Magnetic Latvia Business Incubators help growing new businesses, as individuals and companies can join a pre-incubation (PINK) or incubation (INK) program.
PINK is a six-month-long free program for individuals with business ideas. Its participants can benefit from using coworking spaces, office equipment, consultations, training and mentor guidance to validate their ideas and their viability. When joining INK program, additional support for purchasing services, as well as grants are available.
Incubators are located in Bauska, Daugavpils, Jelgava, Jēkabpils, Jūrmala, Kuldīga, Liepāja, Madona, Ogre, Rēzekne, Sigulda, Talsi, Valmiera, Ventspils, and the Creative Industries Incubator is working in Riga. Incubators in Latvia are working since 2016.
Turning the work of scientists into commercial success and encouraging innovation are some of LIAA’s top priorities.
LIAA organises various training and networking workshops to educate on trends, protection and management of intellectual property, technology transfer, development of new products and technologies. Consultations and funding for development of new products and technology are also offered.
Program consists of motivating and supporting activities for entrepreneurs such as technology conference “Deep Tech Atelier” Mini-MBA, masterclasses, networking workshops, hackathons, and competition “Idea cup”, student enterprises, innovation and technology portal “Labs of Latvia”.
LIAA stands for innovative ideas, supports turning ideas into products and businesses, and also raises awareness about Latvian start-up community abroad.
This means implementing Law on Aid for the Activities of Start-up Companies, supporting their participation at fairs, conferences and visits abroad. LIAA also organises informative and educational events in Latvia and abroad, gives a “start-up visa” for non-EU start-up founders who are willing to come and kick-off their ideas in Latvia.
Enterprise Europe Network (EEN) is active in more than 60 countries to help raise competitiveness of SMEs worldwide.
EEN, which is co-financed under a European Union’s programme, consults on EU legislation, international markets, finance and funding, assists in finding new partnerships, providing innovation and technology audits to help carry out technology transfer.
In Latvia, EEN started working on 29 February 2008 as part of LIAA.
Magnetic Latvia Business Information Centre is based at C Departure sector of Riga International Airport. It’s where visitors of Latvia get their first impression about the country. The centre is made to help experience the creations of Latvian entrepreneurs, it is also a place where LIAA consults on business opportunities and support available for entrepreneurship or tourism.
Centre’s premises are open to Latvian entrepreneurs who can use them before their flights. Entrepreneurs can review their presentations, print materials or meet business partners.
The Centre started working on 27 February 2018.
Every year, LIAA organises workshops, masterclasses, business and tourism forums, as well as other events where latest trends are discussed, people are encouraged to start entrepreneurship and where LIAA tells about what it can offer. The most significant are:
The database of food and drink products made in Latvia www.foodlatvia.com is a digital platform to find potential business partners and a tool to be used by producers to present their exportable products and foreign representatives to promote food and drink industry. www.exim.lv is a database of Latvian exporters. It also includes cooperation offers, information about events and market overviews.
Latvia maintains relationship with its citizens living abroad to facilitate export, tourism, foreign investment, and technology transfer.
As the Diaspora Law directs, LIAA gets involved in activities to engage professionals living abroad to update them on current developments in economy, among them business opportunities or cooperation in Latvia.
On December 14 of 2017 the Minister of Finance Dana Reizniece-Ozola and the State Secretary of the Norwegian Ministry of Foreign Affairs Jens Frølich Holte signed the Memorandums of understanding on the Implementation of the Norwegian Financial Mechanism in 2014 - 2021.
Investment and Development Agency of Latvia (LIAA) is responsible for the implementation of programme, "Business Development, Innovation and SMEs ".
Programme objective: Increased value creation and sustainable growth
Programme grant: € 12 500 000
Programme co-financing: € 2 205 882
Donor programme partner: Innovation Norway
Bilateral ambitions: € 125,000 shall be allocated to the programme from the fund for bilateral relations.
LIAA is developing the concept note of the programme at the moment. The programme will be implemented till 2024. More detailed information about implementation of Norwegian Financial Mechanism is here.
Jānis Ločmelis, Head of European Funds Post-implementation Supervisory and
Norwegian Financial Mechanism Department
phone: +371 67039448