On Friday, October 2, Raivis Bremšmits, State Secretary of the Ministry of Economics (EM), met with Ieva Jāgere, Director of the Latvian Investment and Development Agency (LIAA), to assess the progress made in the first nine months of 2026 in attracting investment, the use of state financial and capital instruments, as well as the results of the trade missions organized by the LIAA in Germany and the United States.
In the first nine months of 2026, the total value of investment projects attracted by the LIAA reached 886.8 million euros, or nearly 90% of the investment attraction target set for 2026. This amount represents the total value of the planned projects for which investment has been attracted. Actual investments are made gradually, and depending on the project, implementation can take anywhere from one to five years. The investment projects span the energy, real estate, defense and dual-use technology, fintech, logistics, and other sectors.
“In nine months, we have achieved nearly 90% of the annual investment attraction target. This means that the majority of the work planned for the year has already been completed. At the same time, it is also significant that investment projects are being implemented across various sectors of the economy, while state financial instruments are helping companies carry out increasingly larger and strategically more important projects,” emphasizes Raivis Bremšmits, State Secretary of the Ministry of Economics.
Fifty-four Latvian companies and organizations participated in the German trade mission led by Minister of Economics Viktors Valainis. During the mission, work continued on advancing investment projects by German companies in Latvia totaling more than 600 million euros. A memorandum of understanding was also signed between the LIAA, the German Chamber of Industry and Commerce (DIHK), and the German-Baltic Chamber of Commerce (AHK). This provides Latvian companies with access to the contacts and services of the German foreign trade chamber network at 150 locations in more than 90 countries, as well as the establishment of a Latvian export support contact point at the AHK.
Meanwhile, 44 Latvian companies and organizations participated in the trade mission to the U.S., during which memorandums of cooperation were signed in the fields of defense technology and genomics, and negotiations were initiated on new research, investment, manufacturing, and export projects. The mission strengthened cooperation with U.S. companies, investors, and research institutions, creating opportunities for the development of Latvian companies’ exports and the attraction of new investments.
“The LIAA will continue to focus on developing specific investment and export opportunities—we will help Latvian companies gain a foothold in foreign markets and help investors carry out projects in Latvia. The results achieved over the past nine months show that targeted work with companies and investors yields results. The agreements reached during the missions to Germany and the U.S. open up opportunities for Latvian companies to participate in international supply chains and develop technologies together with foreign partners. “It is now important to channel these agreements into joint projects and export deals,” notes LIAA Director Ieva Jāgere.
The instruments of the development finance institution ALTUM also make a significant contribution to the implementation of large-scale investment projects. To date, 36 investment projects totaling 894.7 million euros have been approved in four rounds under the Large Investment Fund. The implementation of these projects is expected to create 1,645 new jobs, generate an increase in exports of 516.2 million euros, and ensure an increase in tax revenue of 668 million euros by 2035.