This year has seen record-breaking competition in the tourism category of the “Export and Innovation Award 2026” contest, which received 36 applications – more than ever before. Twelve contenders are moving on to the second round, while in the new exporters category, the jury has already heard presentations from 11 companies. At the same time, in-person evaluations of export and innovation leaders are taking place. The recipients of the nation’s highest business award will be announced on December 3.
In total, during the competition’s selection process, the LIAA reviewed the performance results of more than 100 Latvian companies. The evaluation of candidates in all five categories takes place in two rounds. In two categories, participants could apply on their own, while in the remaining three, nominees are selected based on data from the Central Statistical Bureau. The winner of each category will be announced during a formal ceremony on December 3.
The “Export and Innovation Award” is the nation’s highest honor in business, now in its 21st year. The competition honors companies whose achievements in exports, innovation, and the creation of high added value strengthen Latvia’s economy.
“The record-high interest in the tourism category shows that Latvian entrepreneurs are increasingly active in developing offerings for foreign visitors and seeking opportunities to compete in the international market. We also see, in the presentations by new exporters, companies with serious ambitions and a clear understanding of their path to growth. A company’s potential cannot be assessed solely by its revenue or export growth. It is also important to consider what knowledge and technologies the company utilizes, what it invests in development, and how compelling its vision for the future is. On-site evaluations allow the jury to see much more than what financial indicators reveal. For companies that have already advanced to the second round of the competition, this is a significant recognition of their achievements on a national scale and an opportunity to showcase their work to a professional jury. The value of this award is determined by the high level of competition and professional evaluation. Our goal is for receiving this award to serve as a compelling testament to the excellence of Latvian entrepreneurship, even on the international stage,” emphasizes Ieva Jāgere, Director of the Investment and Development Agency of Latvia (LIAA).
New exporters demonstrate their growth ambitions
In the “Export Newcomer” category, organized by the LIAA in collaboration with the Latvian Exporters Association “The Red Jackets,” 14 applications were received this year. Twelve companies advanced to the second round of the competition. On October 13 and 14 of this year, the jury heard presentations from 11 companies, learning about their achievements to date in foreign markets, their export strategies, and their development plans.
A key factor in the evaluation was the companies’ ability not only to enter new markets but also to generate high added value in Latvia. The jury analyzed investments in the quality of products and services, production development, sustainability, and strengthening the companies’ competitiveness.
Companies eligible for the award in this category were those with export revenue ranging from 50,000 to one million euros in 2025 and which aim to reach five million euros in export revenue within five years. The winner will receive a cash prize of 10,000 euros.
“Every successful exporter was once a newcomer. This category helps identify companies that, through ambition, knowledge, and consistent effort, have the potential to become the future of Latvia’s exports. In my opinion, this is the most interesting category in the competition, as the companies are very diverse, with a wide range of products and dynamic entrepreneurs,” says Kaspars Rožkalns, chairman of the board of “The Red Jackets” association.
A new record for applications has been set in the tourism category
This year, Latvian tourism businesses and organizations have shown unprecedented interest in the category “Most Export-Ready New Tourism Product.” A total of 36 applications were received, and 12 tourism products have advanced to the second round of the competition, where they will be evaluated in person.
The competition evaluates tourism products launched on the market over the past two years that are capable of attracting foreign visitors, offering a high-quality and unique experience, and generating high added value. The jury pays particular attention to the products’ competitiveness in international markets, innovation, sustainability, and their potential to promote the development of the tourism sector in Latvia.
Contestants compete in two categories: small and medium-sized businesses, and associations, foundations, planning regions, and local governments. The winner in the small and medium-sized businesses category will receive a cash prize of 10,000 euros.
A jury evaluates Latvia's export and innovation leaders in person
The second round of the competition has also begun in the categories “Export Champion,” “Export Growth Leader,” and “Innovation Champion.” Nominees in these categories were selected using data on companies’ operating results compiled by the Central Statistical Bureau.
Advancing to the second round in these categories is a significant recognition of a company’s achievements. Nominees were selected based on an evaluation of their business performance at the national level and remain in the running for Latvia’s highest business award. The jury’s site visits provide an opportunity to get to know the companies in person—achievements that have placed them among the nominees for this prestigious award.
The jury visits the companies to learn about their operations, development strategies, investments in the creation of new products and technologies, as well as growth opportunities in foreign markets. These on-site meetings complement the analysis of statistical data and allow for an assessment of the companies’ long-term competitive advantages. At the same time, this provides companies with an opportunity to showcase their achievements in direct discussions with the jury, present their development plans, and reveal the advantages that underpin their competitiveness.
The “Export Champion” category highlights companies with significant export achievements; the “Export Growth Leader” honors rapid growth in international markets; while “Innovation Champion” recognizes investments in research, development, and the implementation of innovations.
The competition jury brings together the expertise of specialists in the fields of business, exports, innovation, and tourism. The names of the nominees will not be made public until the competition results are announced.
The contest winners will be honored in December
The “Export and Innovation Award 2026” competition is organized by the Ministry of Economics and the LIAA in cooperation with the Latvian Exporters Association “The Red Jackets,” the Central Statistical Bureau, and AS “Development Finance Institution Altum.”
The winners will be announced at a formal awards ceremony in December. The winners will receive a special statuette created by artists, a diploma from the Ministry of Economics, and the right to use the competition logo in communications regarding their products and marketing materials. Cash prizes of 10,000 euros are also awarded in the “Export Newcomer” category and in the small and medium-sized enterprise group of the tourism category.
More information about the competition is available on the LIAA website.
About the Latvian Investment and Development Agency (LIAA)
LIAA promotes the competitiveness of Latvian businesses, export growth, and the attraction of investment, while also developing the tourism sector and implementing the country’s image policy. The agency acts as the government’s partner in business development—from the initial idea to international markets. With an extensive network of representative offices abroad and regional business centers in Latvia, LIAA helps companies grow and positions Latvia as a safe, innovative, and open country in the global economy.