Explore Export – Latvia
Sanita Bankava, head of the Trade Section at the British Embassy Riga, addresses opportunities for East of England businesses in Latvia.
Latvia is located at the crossroads of northern and eastern Europe, on the East Coast of the Baltic Sea. Its strategic location has been the major influence on the country’s diverse historical and cultural experiences.
Due to major growth in foreign trade, in 2012 Latvia was one of the fastest growing economies in the European Union with GDP growth of 5.5 per cent and the value of total exports and imports increased by 15 per cent and 12.7 per cent, respectively.
Latvia was the UK’s 79th largest export market in 2011 and UK exports in goods rose by 39 per cent to £228m.
The UK is Latvia’s 10th largest import source, with a market share of 3 per cent of total imports into the country.
Key sectors and industries • Educational ICT and Skills – Opportunities in top level training sector, education IT infrastructure (software, e-programmes etc.).
• Infrastructure - Opportunities for UK rail sector in: Rail Baltica project - European Standard gauge rail connection from Tallinn to Warsaw, via Riga and Kaunas. Total value of the project is EUR 3.7 billion receiving significant EU funding; Modernisation of Latvia Railways infrastructure - electrification of the East-West rail corridor with estimated costs at 549 million Euros. • Energy - heavily supported by the EU funds, e.g. Development of Public Heating Networks. FICC (Financial Instrument of Climate Change) has been provided for legal entities to increase energy efficiency in commercial buildings and to replace fossil energy sources to the renewable ones.• ICT – ERDF project of 120 million Euros – The Middle Mile – the broadband internet optical fibre network throughout Latvia. Open tenders for the delivery of the equipment and the cable laying works to be announced during 2014 and implemented by 2017.
• Engineering - Areas of opportunities are in plasma cutting processes for metal production sector, galvanisation, thermal treatment of surfaces and manufacturing of press forms for plastic industry and many others.
UKTI in Latvia
Our team offers a wide range of assistance helping you to achieve your business goals. Whether you are new to selling overseas or an experienced exporter, trying to break into a new market we will work with you to develop strategy and service package focused exclusively on helping you to succeed in Latvia.https://www.gov.uk/government/world/latvia