Latvia's Investment Agency Registers €887 Million in Successful Projects This Year

Latvia's Investment and Development Agency (LIAA) has registered 19 successful investment projects from 15 countries over the first nine months of this year, totaling €887 million — nearly 90% of the agency's annual goal of €1 billion in attracted investment. LIAA director Ieva Jāgere announced this to media on Friday, adding that given ongoing work on additional projects, the annual target will likely be met and potentially exceeded.

The most active investors currently come from the Netherlands, with three projects, followed by Israel and Estonia with two each. Of the 19 projects, five are in digital technology, four in energy systems, and three in sustainable bioeconomy. The projects span sectors including energy, real estate, defense, dual-use technology, fintech and logistics.

Visits to the US and Germany

Economy Ministry State Secretary Raivis Bremšmits said a recent visit to the United States focused on defense, bioeconomy and film industry cooperation. US companies including Neros Technologies, Starlink, Anduril, Kratos Space and Qualcomm showed interest in replacing Chinese-made components, an area where Latvian firms could offer batteries, communications and fiber-optic solutions. Discussions also covered potential defense investment projects in explosives, rocket artillery and drone component manufacturing, with possible annual exports of around €200 million and total investment near €300 million.

A trade mission to Germany led by Economy Minister Viktors Valainis included 54 Latvian companies, with work continuing on German investor projects worth over €600 million. A memorandum of understanding was signed with Germany's Chamber of Industry and Commerce association and the German-Baltic Chamber of Commerce. A separate US trade mission involved 44 Latvian companies and resulted in cooperation memoranda in defense technology and genomics.

Next year, LIAA plans trade missions to Germany, the US and Sweden, while maintaining its current pace of roughly 12 high-level official visits annually. Additional support for large-scale projects comes from ALTUM's Large Investment Fund, which has approved 36 projects worth €894.7 million across four rounds, expected to create 1,645 new jobs.