Led by Minister of Economics Viktors Valainis, a delegation of Latvian business leaders will depart on a working visit to Poland and Ukraine on Thursday, April 23. The goal of the Latvian Investment and Development Agency (LIAA) trade mission is to strengthen economic cooperation with both countries, foster the formation of new partnerships, and expand export and cooperation opportunities for Latvian companies in the defense, technology, and energy sectors.
The central events of the LIAA trade mission will be the Latvia–Poland and Latvia–Ukraine business forums.
Minister of Economics Viktors Valainis emphasizes:
“Latvia’s goal for this visit is to achieve concrete results—to increase exports, develop investment projects, and strengthen the presence of our companies in the region. In Poland, we are working to improve the trade balance, while in Ukraine, expanding cooperation and involving Latvian companies in the country’s reconstruction are important to us. Our task is to turn professional contacts into practical projects that generate long-term economic benefits.”
Economic Cooperation Between Latvia and Poland
The forum planned in Warsaw will bring together businesspeople, industry experts, and representatives of institutions from both countries. The program includes an opening session with the participation of Latvian and Polish officials, presentations on the business environment, as well as panel discussions on defense and security, information and communication technologies (ICT), information technology (IT), and opportunities for cooperation in the energy sector. The program will conclude with networking activities and business-to-business (B2B) meetings.
During the visit to Poland, Latvia will highlight the potential for cooperation in defense and dual-use technologies, digital solutions, cybersecurity, and energy—areas where Latvian companies have a competitive offering and where there is growing demand in Poland. These areas align with both the forum’s thematic focus and the development of cooperation with Polish partners to date.
Economic relations between Latvia and Poland are characterized by high trade volumes and close industrial cooperation. In 2025, the trade turnover of goods and services between the two countries reached approximately 3.9 billion euros. Latvia’s exports to Poland amounted to approximately 1.06 billion euros, while imports stood at around 2.88 billion euros, currently resulting in a trade deficit of approximately 1.8 billion euros. This simultaneously highlights significant potential for growth in Latvian exports to this market.
Mutual investments with Poland form a stable foundation for the further development of cooperation. Accumulated direct investments by Polish companies in Latvia amount to approximately 275 million euros, while investments by Latvian companies in Poland amount to around 130 million euros, which confirms the long-term mutual economic interest and the willingness of entrepreneurs from both countries to develop joint projects, particularly in the industrial and service sectors.
Economic cooperation between Latvia and Ukraine
As part of the visit, the delegation will travel to Ukraine, where a Latvian–Ukrainian business forum will be held in Kyiv, aimed at expanding practical cooperation with Ukrainian partners. Economic cooperation between Latvia and Ukraine is developing dynamically, and Latvia maintains an active role in this market. In 2025, the total trade turnover between the two countries was approximately 723.6 million euros, with Latvian exports to Ukraine exceeding 430.5 million euros, while imports amounted to more than 293.2 million euros, allowing Latvia to maintain a positive trade balance.
Mutual engagement is also evident in the investment sector. Accumulated investments by Ukrainian companies in Latvia amount to approximately 295 million euros, while investments by Latvian companies in Ukraine total around 144 million euros. This capital flow confirms close economic ties and the potential for further expansion of cooperation, particularly in the context of economic recovery and modernization.
The advantages of Latvian companies in these markets are based on their ability to offer flexible, technologically advanced, and practical solutions. Experience in defense and security solutions, digital technologies, energy, and engineering projects is particularly significant. In these sectors, Latvian companies are able to both expand exports and participate in international supply chains and the implementation of joint projects.
LIAA Director Ieva Jāgere comments:
“Mutual trade and investment with Poland and Ukraine already form a stable foundation for cooperation, but the next step is much closer economic integration—joint projects, supply chains, and manufacturing cooperation. In an increasingly competitive environment, the ability to be present, build trustworthy partnerships, and swiftly move projects forward is crucial. It is precisely such visits that allow us to turn cooperation potential into concrete investment decisions and long-term economic benefits.”
The LIAA organizes participation in trade missions abroad as part of the European Union-co-financed Innovative Entrepreneurship Development Program for Small and Medium-Sized Enterprises (SMEs), with support from the European Regional Development Fund and state funding.
