Trade with Latvia
Latvia became a member of the European Union in 2004. Ever since, Latvia-based businesses has been able to take advantage of the broad and stable European common market, including the free movement of goods and services, labour and capital. Also, due to the direct border to the large Russian market, Latvia is the ideal accessing point for east/west trade.
Since Latvia’s accession to the EU trade volume with EU members has increased significantly. In 2010 exports to EU countries made up 71.1% of the total volume of Latvian exports. This clearly shows that our products and services are competitive, of high quality and up to EU standards.
Wood and articles of wood comprise the most significant commodity group in Latvian exports and constituted 19.3% of total export in 2010, followed by such traditional export products as metal products, machinery and mechanical appliances and electrical equipment.
Why do business with Latvia? Just a handful of reasons:
- because we are strategically located on the cross-roads between Europe and Russia and hence form the perfect stepping stone for the northern-western European and Russian markets.
- because we possess three all-year ice-free ports and seven smaller ports all connected to the pan-European road and railway network.
- because Riga International Airport is a competitive Baltic passenger hub and a high-speed cargo distribution centre.
- because we have one of the lowest Total Tax Rates in Europe,
- because Latvia offers a highly skilled and competitively salaried labour force with modern work ethics.
- because we can provide high quality products and services with short delivery times.
- because Latvia can offer its scientific potential to enhance business development in various fields. We have a number of scientific institutions which already cooperate in international projects. At the same time, Latvia continues to develop technology transfer centres, competence centres and clusters which can be used to locate and develop technologies in line with your business requirements
- and finally: because we have an open economy with a modern European business culture where foreign companies can expect to be treated according to European standards on an equal basis comparable to domestic companies.
Latvia your partner for Private Label production
Ø The food and beverage industryis the largest industrial sector in Latvia, producing around 2.3% of total value added in 2009 and 23.6% of the value added in manufacturing. More than 700 companies and registered private merchants are active in the food processing industry. Each year more than 100 food specialists graduate from colleges and universities in Latvia, supplying our food processing companies with a highly qualified workforce. In 2009, 24.5% of all the people employed in manufacturing worked in the food industry.
Ø Dairy processingcompanies produce a wide range of products – cheese, butter, yoghurts, milk, kefir, sour cream, ice-cream, etc. Latvia’s butter has been internationally recognized as being of exceptional quality since the 1930s. In addition to traditional generally mild cheeses, there are various new types of cheese with rich flavours and aromas. Latvia’s food processors work closely with scientists to create new and different products.
Ø The long, sandy beaches along the Baltic Sea are a clear indicator that Latvia is a land of fishermen. Latvia’s fish processing plants combine considerable experience, long traditions and modern technological equipment. Smoked sprats have become a recognizable brand of Latvian fish products. But lately also sustainably cultivated Latvian black caviar found its way to Western Europe.
Ø Latvia’s meat processors have strong traditions in producing naturally smoked meats and sausages. The largest frankfurter and dumpling-producing plant in the Baltic States is located in Riga. High-quality products are made by our two chicken processing companies. The excellence of Latvia’s chicken products is recognized far beyond our borders and proven by international certification systems.
Ø For baked goods Latvia can offer many kinds of white bread and more and more ecological products are being introduced onto the market. Alongside tasty and healthy bread products, our bakers also create delicious cakes and tarts which can either be eaten fresh or can be frozen to ensure a longer shelf life. Many types of biscuits, waffles and rusks are also produced. Utilising buckwheat and oats, our grain processing companies offer an extensive and varied range of products – dietary, tasty, healthy, ecological variants on traditional porridges and mueslis.
Ø Latvia’s location makes it perfect for growing many types of fruit and vegetables. We are justly famous for our berry fruits, in particular cranberries and sea buckthorn. Some of the berry harvest is sold to the fresh market and much is frozen, pulped and juiced or used in jams. The use of new technologies in the canning and processing of fruit and vegetables is allowing producers to use fewer additives, to preserve the nutrients in fresh fruit and to offer reduced calorie and diabetic products.
ð For more information on industry profiles, including non-food industries in Latvia, please refer to the website of the Investment and Development Agency of Latvia at: http://www.liaa.gov.lv/eng/home/news/
ð For investment focused projects please refer to the website http://www.polarisprocess.com/Polaris is developed by the Investment and Development Agency of Latvia in order to serve as one stop shop for potential investors. It is the smart way for exploring the investment potential of Latvia.
How to find partners in Latvia?
If you are looking for a partner in Latvia for Private Label production, for packaging, printing or a new supplier, the easiest way to find the perfect match is to contact the Investment and Development Agency of Latvia (LIAA). LIAA services include providing assistance and comprehensive information on financial, legal, fiscal, and procedural aspects of doing business in Latvia, establishing contacts with Latvian partners, identifying property options. We tailor our services to suit clients’ individual needs and provide them throughout all stages of clients’ investment or outsourcing projects.
You can also contact the LIAA representative at the Latvian Embassy, Mrs Rita Rozite, in The Hague who will gladly provide you with all information and assistance needed to help you on your way to successfully do business with Latvia (T: +31 70 306 5007; firstname.lastname@example.org)
LIAA has 11 representative offices in eleven countries that can help you opening your window to Latvia: United Kingdom, France, Germany, the Netherlands, Denmark, Sweden, Poland, Lithuania, Norway, Russia and Japan. You can find contact details at our website: http://www.liaa.gov.lv/eng/offices/representatives/