The official visit to Sweden, organized by the Investment and Development Agency of Latvia (LIAA) and led by Minister of Economics Viktors Valainis, has concluded. Over two days in Stockholm and Malmö, Latvian entrepreneurs held dozens of meetings with Swedish companies, investors, and institutions, discussing cooperation in defense, digital technologies, green transformation, sustainable construction, and modern manufacturing.
Minister of Economics Viktors Valainis:
"Sweden is one of Latvia’s most significant economic partners and the largest investor in our economy; therefore, this official visit was a vital opportunity to strengthen long-term economic cooperation between our countries. Meetings with internationally significant companies such as Amazon Web Services and Saab were particularly important, focusing on digital infrastructure, the defense industry, and high-tech sectors. Latvia's economic development is closely linked to exports, investments, and our companies' ability to remain competitive in international markets."
Economic Cooperation Between Latvia and Sweden Intensifies
The Latvia–Sweden Business Forum in Stockholm brought together over 200 representatives from companies and institutions, including more than 130 participants from Latvia. The forum was opened by Latvian Minister of Economics Viktors Valainis and Diana Janse, State Secretary to the Swedish Minister for International Development Cooperation and Foreign Trade. Business Sweden, the Swedish Embassy in Riga, and the Latvian Embassy in Sweden also contributed significantly to the event.
In 2025, the total trade turnover of goods and services between Latvia and Sweden reached €2.6 billion, ranking Sweden fifth among Latvia's foreign trade partners. Sweden remains the largest investor in Latvia, with accumulated direct investments exceeding €7.7 billion.
Sweden is currently undergoing a massive economic transformation with an increasing emphasis on green technologies, digitalization, and climate-neutral industry. It is in these areas that Latvian companies are increasingly able to offer internationally competitive, high-value-added solutions.
State Secretary Diana Janse:
"Sweden is proud to be the largest investor in Latvia, with over 500 Swedish companies operating in almost all sectors of the economy across the country. They make a significant contribution to Latvia's development and strengthen our common resilience—in the financial system, digital and physical infrastructure, energy, manufacturing, and defense. Through trade and investment, we not only promote economic growth but also strengthen our common security, as economy and security are closely linked and mutually reinforcing in today's world."
Showcasing Competencies in High-Value Sectors
The visit featured over 130 B2B meetings, an investor forum at the Nasdaq Stockholm stock exchange, and individual meetings with Swedish firms. Special attention was paid to the defense industry, digital infrastructure, green transformation, and sustainable construction.
The Latvian delegation also met with the Mayor of Stockholm, Karin Wanngård, to discuss cooperation in innovation, sustainable urban development, and investment attraction.
LIAA Director Ieva Jāgere:
"During the visit, we saw very high interest from Swedish companies and investors in Latvia and our companies' competencies. The Business Forum, B2B meetings, and the investor event at Nasdaq Stockholm allowed Latvian companies to build new contacts and address potential partners in high-value-added sectors. It was particularly important to see that Latvian companies are perceived in Sweden as professional, reliable, and competitive partners."
The Latvian Delegation
The delegation included companies and organizations from various sectors:
-
Defense & High-Tech: LMT, HansaMatrix, Ammunity, Atlas Aerospace, Baltic Photonics, Redwire Defense Tech Riga, SUBmerge Baltic, Zippy Vision, and others.
-
Construction & Sustainable Development: UPB, PRIMEKSS, VIA-S modular houses, Tenax Panel, SCHWENK Latvia, EcoHeat Technologies, etc.
-
Metalworking & Engineering: Jelgava Machine-Building Plant, EMJ Metāls, RB Metāls, Steel PROFI, and more.
-
Finance & Capital Markets: Citadele Bank, Signet Bank, INDEXO, Nasdaq Riga, Finance Latvia Association.
-
Energy & Infrastructure: Latvenergo, Augstsprieguma tīkls, Rīgas ūdens, Freeport of Ventspils, Riga City Council.
-
Food Industry: Lāči, Lazdonas Piensaimnieks, Cannelle Bakery, WISEMEAL, Ķelmēni.
These visits are part of LIAA's targeted efforts to strengthen export capacity and promote participation in high-value-added projects. Participation is organized within the framework of the SME innovative business development program, co-financed by the European Regional Development Fund and state funding.
