“2025 has been a breakthrough year for the Investment and Development Agency of Latvia (LIAA) – for the first time, foreign direct investment attraction will exceed the one-billion mark, export indicators have returned to growth, especially in services, and in the field of international tourism we will come close to 2019 levels,” LIAA Director Ieva Jāgere emphasised at today’s press conference.
Continuing, the LIAA Director highlighted that this year LIAA has demonstrated that Latvia is able to compete for major international projects – and win. “Investors appreciate our professional approach, transparent processes, and the state’s readiness to cooperate,” said Jāgere, adding that the reorganisation carried out over the past year has transformed the agency into an accessible and responsive partner for businesses, capable of reacting quickly to changes in the global economy.
LIAA’s Investment Portfolio Reaches EUR 17.5 Billion
This year, LIAA’s investment project portfolio reached EUR 17.5 billion, covering 184 projects that have the potential to create 7,396 new jobs.
In total, implementation of 20 new investment projects has started this year, with a combined investment volume of EUR 745 million, not including the “Ingka Investment” fund’s forest acquisition transaction worth EUR 720 million. LIAA worked on securing this deal for two years. Among the major projects already publicly known are the “Fibenol” biorefinery development in Valmiera with a total investment of up to EUR 700 million, and the Rheinmetall ammunition plant, where EUR 270 million is planned. Summing these with other projects, total investment in projects launched this year will exceed one billion euros.
Exports: Share of High Value-Added Goods and Services Increasing
In the first nine months of 2025, export growth was 4.4% higher than in the same period a year earlier. These indicators show that Latvia’s export sector is recovering and growing, yet the ability to transform the economy by developing more technologically advanced products, entering new markets, and reducing dependence on regions where economic development has slowed remains crucial.
This year, LIAA has carried out more than 200 activities aimed at promoting export growth. A total of 167 Latvian companies participated in 17 national stands abroad, and their success stories confirm a positive growth trend. For example, Tukuma Piens has tripled its exports to the Netherlands, Rīgas Piena Kombināts has begun exporting to South Korea and secured placement in 800 Kaufland stores in Germany, while Pharmidea has expanded its presence in South American and Australian markets.
Latvia’s participation in the World Expo “EXPO 2025 Osaka” also played a significant role in export promotion and investment attraction. The Baltic Pavilion was visited by 900,000 visitors. In total, during “Expo 2025 Osaka”, 75 cultural and business events were organised in Japan, 200 Latvian companies were showcased, and 34 cooperation agreements were signed.
International Recognition for Latvia
At the press conference, Craig Turp-Balazs, Head of Analytics and Research at the think tank “Reinvantage”, also presented his report. According to the latest Reinvantage study, “The Investment Promotion Playbook 2025”, LIAA has been ranked as the best investment promotion agency in Central and Eastern Europe, ahead of Estonia, Lithuania, and 29 other countries.
The study highlights that Latvia’s success is based on an open and client-focused approach, strong digital competence, and well-designed state support for investors.
“Latvia is a good example of how to build a reliable investment environment. Our analysis shows that investors are not only looking for lower costs, but also trustworthy partners, strong digital solutions, and professional support. LIAA is able to provide all of this to build long-term cooperation,” emphasised Craig Turp-Balazs.
Source: liaa.gov.lv (Translated using an artificial intelligence tool)
