The largest trade mission of Latvian entrepreneurs to Germany to date has been completed, during which several cooperation agreements were concluded and agreements reached on export development. From 23 to 26 September, a business delegation led by Prime Minister Evika Siliņa and Minister of Economics Viktors Valaņš visited Hamburg and Rostock, consisting of more than 180 entrepreneurs, scientists and representatives of organizations.
Minister of Economy Viktors Valainis: “In Hamburg and Rostock, we strengthened cooperation with German regions and companies. We have concluded three cooperation agreements, including with Rheinmetal, which has committed to investing more than 200 million euros in Latvia, while the export potential for this project exceeds 3 billion euros over a ten-year period. The delegation had more than 400 business meetings. During meetings with German officials and companies, we touched on topics such as biomedicine, energy, ICT, and we see that the projects are already bearing fruit: airBaltic-Airbus solutions, port digitalization, the establishment of the q.beyond cybersecurity center, Aerones and Nordic Homes development plans in Germany.”
Strengthening cooperation in seven thematic areas
During the trade mission, cooperation with German partners was strengthened in several strategically important areas – from defense and energy to digitalization, financial technologies and logistics.
“Latvia’s advantage is the ability to act quickly and make decisions that are focused on results. This was also particularly emphasized by Rheinmetall CEO Armīns Papergers, assessing the efficiency of our public administration and openness to cooperation. This mission confirms that Latvia can be a reliable partner for major industry players, and the total potential of investment projects reaches 1.2 billion euros. More importantly, our entrepreneurs not only presented their solutions, but have already reached agreements on specific cooperation in the fields of energy, digitalization and the defense industry. This is proof that Latvia is able to compete internationally with innovations, bold ideas and a willingness to implement them in practice,” emphasized Ieva Jāgere, Director of the Investment and Development Agency of Latvia.
From science to sustainable construction
The visit began in Hamburg with a significant event in the academic field. Riga Technical University and HafenCity University signed a cooperation agreement on joint projects in the field of sustainable urban environment and digitalization. Several Latvian construction companies also started negotiations on the implementation of projects in Germany, including Nordic Homes, which will build offices and housing in Hamburg on an area of 10,000 m2.
Energy, innovation and digital transformation
As part of the visit, a Latvian-German Business Day was held in Rostock, attended by more than 250 participants. The discussions highlighted projects of Latvian companies in the energy sector, including the cooperation of “Laflora Energy” with “Nordex Energy” of Rostock on the latest generation of wind turbines, which will strengthen Latvia’s green energy production capacity in Latvia. Projects in the fields of hydrogen economy and digitalization, as well as the use of drones and artificial intelligence technologies, were also emphasized.
Latvia’s licensed investment platforms are leaders in the EU
The financial technology sector, which was also awarded for innovation in Germany, was represented by 13 companies at the trade mission. The sector considers Germany to be one of its main markets.
“We are currently the leader in Europe with the highest concentration of licensed platforms in the EU, servicing 24% of the portfolio attracted by EU licensed investment platforms. The Latvian payment industry, which is also well-known in Europe and has been awarded for payment innovations in Germany, not only made a strong statement with new collaborations, but even surprised the Hamburg Innovation Center, confirming that solutions created in Latvia have enormous potential in Germany. We work mainly in export markets, so such visits with the participation of top state officials give us a good springboard. It is a great pleasure to see that even competing companies join forces in the field of marketing in order to more effectively conquer foreign markets, as well as that there is interest in the solutions we have created abroad. The insights gained during this visit will definitely bring results,” says Tīna Lūse, head of the FinTech Latvia Association.
Future potential
The trade mission to Hamburg and Rostock is just the beginning of broader cooperation. Already in October, the Hamburg region will be a partner at the Techritory forum in Riga, where the focus will be on artificial intelligence, cybersecurity and infrastructure digitalization. It is planned to reach a final agreement with Rheinmetal on the project details as well as decisions on the implementation of other investment projects in Latvia with German capital later this year.
“Germany is a very important market for Latvia and many exporters have achieved good results here. I am pleased with the companies in ICT, construction, energy and other sectors that are already actively working in Germany, but this trade mission highlighted new opportunities. There is a demand in Germany for modern digital solutions, drone technologies and innovative offers in construction. These are sectors in which we are strong, so the goal of increasing Latvian exports to Germany by 10% is very realistic,” said Līva Stūrmane, Executive Director of the Latvian Exporters Association “The Red Jackets”.
Companies and organizations included in the Latvian delegation
ALL-TECH; AM Enerģija; Abillio; AdvanGrid; AppXite; Baltijas Fotonika; Bdetect; Biosan; Bonusukarte.lv; C2; CIS Liepāja; CMB Mājokļu Fabrika; Cellbox Labs; Citrus Solutions; Cēsu novada pašvaldība; Datakom; Debitum Investments; Double Helix Technologies; Ecengo; Edge Autonomy; Engycell; Fintech Latvia Association; Flora; Freeport of Riga Authority; LVR Fleet, Green Technology Cluster; Ignitis Renewables Latvia; IT Cluster Latvia; Laflora Energy; Latvenergo; Latvian Chamber of Commerce and Industry; LMT; MilTech Latvia; Rettenmeier Baltic Timber; Riga Technical University; Latvian University of Biosciences and Technology; Latvian University of Biotechnology Schwenk Latvia; Tet; Tilde; Vizulo Solutions, as well as a number of other companies and organizations representing biotechnology, sustainable energy, information and financial technologies, logistics, construction and defense industries.
The trade mission is organized by the Ministry of Economics and the Latvian Academy of Sciences in cooperation with the State Chancellery and the Embassy of the Republic of Latvia in the Federal Republic of Germany.
The trade mission is implemented with the support of the European Regional Development Fund.
Photo: Trade mission to Germany
©️Photothek/Thomas Köhler
