The economy of Latvia is recognized nowadays as a very interesting one. It has bloomed in the last decade, despite different moments of crisis and hard times related to international markets such as the Russian, which is one of its main export destinations, and the general situation in the Baltic region, which heavily depends on the Russian economy. Latvia has been able to find ways to adapt to these periods of economic stress and adversity, and this is reflected in its good performance in international economic indexes and its intention to become part of international organizations, initiatives that rely on Latvia’s constant growth regarding its imports and exports.
Latvia has become in that way a very attractive destination to do business. Its privileged location on the Baltic Sea, surrounded by the Baltic countries, has placed Latvia at the center of international commerce as a link between west and east. So, for example, it has enabled the country to function as a very comfortable place for companies and corporations to plan their annual meetings and other types of meetings, particularly in those cases in which they have employees all over the world. In general, Latvia is seen as the economy with the fastest growing rate in the European Union. Many of its products exceed the export expectations associated with the size of its export economy and the size of these products’ global market. These factors give many Latvian products a comparative advantage when compared to those coming from other countries in the European Union.
The following list gives you some examples of companies from Latvia that have had a very good performance in the country, and have become important referents both at the local and at the international level.
One of the reasons to explain the growth of Latvia’s economy is its success concerning export circulation. And this is related in the country directly to Air Baltic Corporation, or simply airBaltic. airBaltic was established in 1995, and it works as a stock company, but with the Latvian state as its main shareholder. The Latvian state has 99.8% of its stock, which turns the company into the national airline of Latvia. airBaltic provides direct flight connections to 50 final destinations, which helps to see why the company is seen as a leading channel for export circulation in Latvia. It has even been listed in the top 10 of the World’s Most Innovative Airlines. Its next step is to be the first airline to offer green flights with turbo propeller planes in Europe.
Perhaps some time ago, the Nordic countries would not have been seeing as a main player in the industry of electronic systems. But that is not the case anymore, and HansaMatrix is a good example of this. The company, on the market for over 15 years, has been recognized as one of the most innovative producers of electronic systems in the North of Europe. It has experience both in engineering and in manufacturing, and this enables the company to develop products and services that benefit a wide range of clients from different markets. Some of them include data transmission networks, information communications technology, medical and defense industries, internet of things, among others.
No one can deny that garbage has become a major problem for everyone in the world, and for that reason, there have appeared several initiatives in different countries to deal with this issue that affects the environment at a global scale. Recycling is now regarded as an important feature of any economy, and Latvia understood that very well. For that reason, it is not surprising that the biggest PET (polyethylene terephthalate) bottle recycler in the region is from Latvia. PET Baltija was founded in 2003, and its success is attributed to the development of permanent innovations in the industry, and its ability to work with both Latvian and foreign collectors and suppliers. The company received the Major Exporter Award in Latvia for its achievements in 2010.
It is well known that the North Atlantic Treaty Organization (NATO) demands very high standards for all the products and services having to do with it. And one of the companies that are fulfilling those standards is Valpro. With more than 60 years of experience, Valpro is recognized as one of the largest metal processing companies in Latvia. It exports products for both civil and military uses, but it specializes in metal cans, fire extinguishers, fire extinguisher cylinders, and petrol cans, also known as NATO cans around the world. The company provides services such as periodic inspection of gas cylinders too. Valpro exports 93% of its products to more than 30 countries, and from there, they are distributed to other countries in Europe, Australia, North America, Asia and Africa. This has helped the company to be seen as one of the leading export companies in Latvia.