Latvia’s geographic location, highly educated workforce, efficient infrastructure, low tax rates and Special Economic Zones specifically designed for business development are the key reasons foreign companies choose to invest in Latvia.
1.93 million inhabitants of Latvia live in north-eastern Europe between Russia and the Baltic Sea making it an ideal location for logistics services of any kind. The Baltic Sea is served by the ports of Liepaja, Ventspils and Riga. The three largest Latvian ice-free ports provide reliable access 365 days a year. Connections to all other transport infrastructure elements, along with attractive tax-free zone incentives, have resulted in the ports becoming regional centres of industrial activity. Nevertheless, there are still a number of port locations available for businesses, within customs-free zones and with direct sea access. All the harbours and cities are connected to an extensive rail and road network, which offers the flexibility and capacity needed for speedy transfer of goods to Russia, CIS, Central Asia and China.
Latvia is proud of its well-educated workforce and one of the highest percentages of university students per capita world wide. Due to the countries cultural mix, the daily use of foreign languages is common-place. The majority of adults (59%) know Russian, 60% know English, but 18% of the population know German. Other popular languages in Latvia are Lithuanian, Polish and French.
To make more out of your starting capital, Latvia offers one of the lowest tax rates in the EU combined with additional tax allowances within the Special Economic Zones and state support programmes.
Liepaja, Ventspils, Riga, Rezekne and Latgale region provide Special Economic Zones on the eastern western borders of Latvia while Jelgava, Jekabpils, Rezekne Valmiera and Daugavpils offer excellent railway services for inland logistics. Each city has different strengths to suit your needs. For more information about Latvian transit please visit www.transport.lv.
If you have decided to start your business in Latvia, Our Investment Promotion Team will be glad to help you with your business development.