LIAA. Only four letters. No biggie. Not so fast my friend. Those four letters stand for one of the most important institutions in Latvia. The Latvijas Investīciju un attīstības aģentūra or the Investment and Development Agency of Latvia in English has played a huge role in getting the word out on what perhaps the most important Baltic country has to offer the world. Ever since the agency was created it has had one goal and that has been to always help bring new business to Latvia and to provide foreign investors with details and opportunities concerning investing in Latvia and or taking some of the country’s strongest activities abroad. And it has does an amazing job.
Business opportunities for everyone.
Investors and companies looking to conduct business with Latvia would be wise to take careful consideration to the LIAA’s very comprehensive Latvian Export and Import Directory. It must be the first step before investing. Why? It’s quite simple. By reviewing the directory foreign investors will find a database where they can find the names of Latvian businesses looking for an opportunity, proposals, foreign trade events, and detailed information on what the Latvian market, its industries and trade is all about. All in one space. And it’s particularly of great aid to entrepreneurs looking to get that next great idea off the ground.
Maybe investors would like a little more information on Latvia’s industry. No worries. The LIAA provides the profiles for each of the country’s main industries as well as the up and coming ones. Investors will find how each industry has performed over the years along with an explanation into the sector. The agency is always trying to provide as much information as possible so that foreign investors will be that working with Latvian companies is the best business decision possible.
Representatives in major European markets and Asia.
The agency can’t get the word out from inside alone. It’s also important to promote business while having a presence in other countries. The LIAA understood and embraced this situation and that is why nowadays it has representation in countries, to name a few, such as:
- The United Kingdom
Having these offices spread out across Europe, Asia, and America is of great help to those looking to invest in Latvia or to import goods and services. The offices provide information regarding business practices in Latvia, trade policies, and companies looking to export.
Recognizing exports and innovation
Ever since 2008, the Investment and Development Agency of Latvia together with the Latvian Ministry of Economics have held the annual Export and Innovation Awards. The awards highlight those Latvian companies that are an example in their field and where there is a strong possibility to do business. Through the awards, Latvia is encouraging companies to create products and services that can compete internationally.
Companies that have shown strong export records and a clear and concrete sustainability plan are considered for Exporter of the Year, the event’s greatest award, by a special jury. Applicants range from all business sectors and academic institutions alike. As a matter of fact, the 2015 winner for Leading Exporter was Rīga Stradiņš University. Last year’s awards counted with the participation of more than 100 Latvian companies which clearly shows that the country has great potential to export goods in services in the near and far future.
Participation in fairs and trade events
Another way in which the LIAA is helping promote Latvian goods is services is through its participation and sponsorship of several commercial events throughout the year. They are all held in Riga, the country’s capital. There are a number international and regional trade fairs in Latvia potential investors can visit throughout 2016. These are great opportunities for the world to see the high quality of Latvia’s products and to conduct foreign trade.
The Investment and Development Agency has been at the forefront of Latvian business promotion for 25 years now. Without it, much of the world would might not know that there are great business opportunities to be had in Latvia. It is working non-stop to ensure foreign investment and trade continues to grow and thus give a boost to the economy. The fact that Latvia has been a member of the Euro zone for almost 15 years not and that economic growth is still happening in the country can attest to how well the economy is doing. The future collaboration of the LIAA revolves around investigation, development of technology, and innovation. The LIAA will continue to play its part to help all Latvian companies grow along with the country and show the world that this particular Baltic country wants to become a major player in how the world does business.