Latvia's largest and most important trade mission to Japan to date has been completed - at specially organised events in Tokyo and Osaka, a delegation of government officials and entrepreneurs met with experts and representatives of various Japanese industries to discuss opportunities for strengthening economic relations. The trade mission successfully concluded with four cooperation agreements and valuable inputs in the field of investment.
In 2024, Latvia's exports to Japan grew by 17%, marking positive trends in economic cooperation between Latvia and Japan, which could receive a significant boost from the trade mission led by President Edgars Rinkēvičs and Minister of Economics Viktors Valainis, which was attended by 36 Latvian companies.
"Japan is our export focus in 2025 - it is a priority on Latvia's export map. A total of 16 different export and economic cooperation events are planned during the year to build new partnerships and strengthen Latvia's presence in one of the world's most technologically advanced markets. Japan is not only a regional innovation leader - it is an opportunity for Latvian companies to work in a market of 120 million people. Our talks with Japanese entrepreneurs are already leading to concrete investment projects in energy, manufacturing and other sectors. These initiatives can bring tens of millions of euros to our economy," said Viktors Valainis, Minister of the Economics.
Four agreements signed - a solid basis for further cooperation
Latvian company Fortes entered the Japanese market six years ago and has now consolidated its position. During a trade mission, the company reached an agreement to supply several biomass cogeneration plants to Ichigo ECO Energy, a Japanese company specialising in renewable energy production with a total turnover of more than EUR 500 million.
The Latvian Chamber of Commerce and Industry has signed cooperation agreements with the Japanese and Osaka Chambers of Commerce, which have a total of 350 000 members, opening up a wide range of cooperation opportunities for companies in various sectors.
The Latvian fintech industry also views the Japanese market positively, and during the trade mission, industry representatives had a number of valuable meetings on future cooperation opportunities. The Latvian Blockchain Association signed a cooperation agreement with John Kojiro Moriwaka of Finolab, Japan's leading fintech centre.
"The cooperation agreements we have signed confirm the interest of the Japanese side in working with Latvia. Japan focuses on sustainable solutions, green energy and technologies that are in line with Latvia's values, and there are areas where we are even ahead of the game. This is especially true for various IT solutions," says Ieva Jāgere, Director General of the Investment and Development Agency of Latvia (LIAA).
Japanese companies are looking for investment opportunities in Europe
During the trade mission organised by LIAA, an investment forum was held with the participation of 90 Japanese senior executives, as well as a business forum where Latvian exports of goods and services were discussed in more detail.
"Japanese companies have shown strong investment activity in recent years, both in the US and Europe, focusing on strategic sectors and technology development. This opens up opportunities for us too, especially in areas such as energy. Japan sees Latvia as a gateway to the European market, and this is an opportunity we should seize," said Ieva Jāgere, underlining that economic growth in Japan has slowed down, which motivates companies to invest in markets beyond their borders.
Closer cooperation in the tourism sector - Latvia as an attractive destination
Its rich historical heritage and cultural delights, unspoilt nature and authentic local traditions have already earned it the respect of the Japanese people. During the trade mission, representatives of the Latvian tourism industry were also actively involved in the development of economic relations, outlining new areas of cooperation with the Japanese market and reaching an agreement on closer cooperation in attracting Japanese tourists.
The meeting highlighted the importance of a wide range of programmes and unprecedented experiences as an important factor in attracting Japanese travellers. Highlighting the unique values of Latvia, the Ministry of Economics, LIAA and ALTA, as well as representatives of Rundāle Palace, IMPRO Travel, Estravel Latvia, Goal Events and Baltu Rotas represented our country at the event of tourism professionals. As a result, 35 Japanese tourism companies have already expressed interest in new routes and cultural experiences in the Baltics, taking an important step towards further cooperation.
The trade mission to Japan was part of Latvia's National Day events, taking part in the EXPO 2025 Osaka World Expo, which included a Latvia-Japan Business Forum, as well as a magnificent showcase of Latvia's traditional and contemporary culture, with a multimedia performance "ECHO" or "ATBALSS". The events were attended by a 57-strong business delegation, who also met with Japanese companies such as Sony, Hitachi, Panasonic, Toshiba, Itochu Corporation, as well as with the Japanese big business association Keidanren.
The state visit to Japan is organised by the Ministry of Economics and the Investment and Development Agency of Latvia (LIAA) in close cooperation with the Office of the President of Latvia and the Embassy of Latvia in Japan. The trade mission is organised by LIAA within the framework of the Innovative Business Development Programme for Small and Medium-sized Enterprises (SMEs) co-financed by the European Regional Development Fund and the Latvian State Budget.
About "EXPO 2025 Osaka"
"EXPO 2025 Osaka is the world's most important trade fair for national image-building and export promotion, addressing not only economic but also social issues of global importance. The fair brings together 160 countries, 9 international organisations and is expected to attract more than 28 million visitors from all over the world. The fair is a place to see national and regional showcases, as well as to create new technologies and innovations to tackle global challenges by pooling the world's knowledge and ideas. The main theme of the exhibition is "Designing Future Society for Our Lives", while the sub-theme of the Baltic Pavilion is "Saving Lives", which focuses on improving the quality of life through the latest technologies while respecting high environmental standards. In addition to Latvia's participation in Expo 2025 Osaka, an extensive business programme is being organised to offer Latvian companies the opportunity to participate in industry exhibitions, events and trade missions in Japan, in order to achieve both national image and exportability objectives.
About the Investment and Development Agency of Latvia (LIAA)
The Investment and Development Agency of Latvia (LIAA) promotes the competitiveness of Latvian entrepreneurs, export growth and investment attraction, as well as develops the tourism industry and implements the national image policy. LIAA acts as a partner of the state in business development - from ideas to international markets. With an extensive network of representative offices abroad and regional business centres in Latvia, LIAA helps companies to grow and position Latvia as a safe, innovative and open country in the global economy.