The trade mission to Hamburg organized by the Investment and Development Agency of Latvia (LIAA) and led by Prime Minister Evika Siliņa and Minister of Economics Viktors Valainis concluded with a significant event. A memorandum of understanding was signed between the State Defense Corporation and Rheinmetall AG, a leader in the German defense industry, on the establishment of an artillery ammunition production facility in Latvia. More than €200 million in investments are planned for the implementation of the project, and exports could exceed €3 billion over ten years.
Commenting on the agreement, Prime Minister Evika Siliņa emphasized that Latvia is consistently investing in its defense and partnership with its allies. Cooperation with Rheinmetall provides an opportunity to attract hundreds of millions of euros in investment, create new jobs, and give Latvian companies access to state-of-the-art technologies. This strengthens not only our economy, but also national security and NATO's collective defense."
Economics Minister Viktors Valainis also pointed out that this agreement confirms Latvia's strategic direction towards strengthening the defense industry as an important part of the national economy. He emphasized that this involves new investment volumes, high added-value jobs, and technologies that will benefit the entire economy. “This gives Latvian companies the opportunity to integrate into international supply chains and be part of the modern European defense ecosystem,” Valainis added.
Ieva Jāgere, Director of LIAA, participating in an investor breakfast organized at Hamburg City Hall prior to the signing of the memorandum of understanding, noted that the agency's task is to help Latvian companies find their place in global value chains, and that this project is an excellent example of how, together with international partners, it is possible to create new opportunities for local entrepreneurs and increase Latvia's export volumes. In her opinion, this is an opportunity for Latvian companies not only to supply products and solutions to Rheinmetall, but also to develop new cooperation projects in Europe and other markets.
Ingrīda Ķirse, head of the State Defense Corporation, emphasized that the memorandum is an important step in strengthening Latvia's military industry, as it will attract investment, develop technological capacity, and create infrastructure that is essential for national and regional security.
The memorandum of understanding was signed during a large-scale visit by a Latvian business delegation to Germany. More than 180 representatives of companies and organizations from various sectors, ranging from energy and digitalization to defense, biotechnology, and infrastructure projects, are participating in the trade mission in Hamburg and Rostock. As part of the mission, Latvian entrepreneurs are presenting their solutions to the German market, strengthening existing cooperation and establishing new international contacts.
The trade mission will continue in Rostock on 25 and 26 September, where Latvian entrepreneurs will participate in the Latvian-German Business Day with more than 250 participants. The event will focus on cooperation opportunities in the energy, digitalization, infrastructure and defense industries, strengthening economic and security ties between Latvia and Germany.
Companies and organizations included in the Latvian delegation
ALL-TECH; AM Energy; Abillio; AdvanGrid; AppXite; Baltijas Fotonika; Bdetect; Biosan; Bonusukarte.lv; C2; CIS Liepāja; CMB Mājokļu Fabrika; Cellbox Labs; Citrus Solutions; Cēsis Municipality; 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
