Exporting to Latvia
Ease of doing business
Latvia scores highly for ease of doing business score on the World Bank index. There is a strong and open economy and English is widely used as a business language.
Latvia has a population of approximately 1.9 million (IMF, 2018). It’s a sophisticated consumer market, and consumers are open to new technologies.
Location and transport
Latvia occupies a strategic location at the crossroads of northern and eastern Europe. It’s at the centre of the developing Baltic states market. The country has strong transport links and is a key logistics base.
Opportunities for exporters
There are opportunities for UK companies across a broad range of industries. Our trade advisers in Latvia have identified particular opportunities for UK businesses in the following sectors.
There are plans to improve Latvia’s railway infrastructure over the next few years. The ‘Rail Baltica’ project is a huge development linking Finland, the Baltic States and Poland with the rest of the EU. The project, worth £5.8 billion, is in the development and design stage (Rail Baltica, 2018). There are opportunities for UK companies with railway expertise.
Sea and air infrastructure
Plans to reconstruct airports and upgrade air traffic control systems in Latvia present business opportunities for British companies. There’s also demand for continued investment in sea port development.
Several major construction projects are underway in Latvia. A new terminal for Riga International Airport is being built to meet increased demand. Latvia’s bridges are in critical condition and need reconstruction.
Gas market liberalisation
Latvia’s gas market has been liberalised since 3 April 2017 and is now open to competition, meaning that instead of one single supplier, consumers in Latvia will be able to choose between several possible suppliers. This has opened up opportunities for the UK gas sector.
There’s significant potential for UK businesses in Latvia’s energy efficiency market, especially around energy efficiency measures and management systems, smart grids and meters, and the sustainable use of energy sources.
High regard for the UK education system
The UK’s education system is highly valued among the Latvian population. UK businesses providing educational services and products therefore have considerable advantages in the market and will be attractive to students.
Use of English
English is the main business language in Latvia and so courses in English are in higher demand compared to those in other languages.
Demand for UK expertise
There is demand for UK expertise in education about topical technology issues. In particular, UK businesses will find opportunities in supplying courses on cybersecurity and artificial intelligence.
Information and Communications Technology
Cybersecurity and Artificial Intelligence solutions
The UK is considered to have considerable expertise to offer in the fields of cyber security and Artificial Intelligence. There’s demand for UK businesses in providing innovative solutions in these areas.
Appetite for latest technology
Latvian consumers are early adopters of new technology and it could good be test market for your high tech product.