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LIAA - Investment and Development Agency of Latvia
DISCOVER LATVIA! Your partner for cooperation
November 2013
LIAA - Investment and Development Agency of Latvia
COUNTRY PROFILE
Territory 64.6 ths.sq.km Population 2.07 million Population growth -0.3% Language Latvian Highest point 311.6 m Lowest point Sea level Internet users 57 per 100 Retirement age 62
LIAA - Investment and Development Agency of Latvia
RIGA – METROPOLIS OF THE BALTICS Riga is the largest city in the Baltic States: 659,418 / 1,03 million (with suburbs)
Stockholm 864,324
Riga 659,418
Oslo 599,230
Copenhagen 593,013
Helsinki 583,350
Vilnius 554,400
Tallinn 409,342 #2 Largest North European city
LIAA - Investment and Development Agency of Latvia
15
%
24
%
24
.09%
11% 2
1%
CIT Personal
Income tax
Employee
social tax Employers
social tax VAT
Low tax system
2 million EUR 21.1 billion GDP Population of
FACTS OF LATVIA
Germany
5%
Russia
5%
Sweden
24%
Netherlands
8%
Finland
4%
Estonia
5% Norway
5%
Cumulative FDI – bln EUR (2012)
5.7 7.5
8.1
8.1
8.2 9.4
10.0
FDI Stock by Country 2012
LIAA - Investment and Development Agency of Latvia
17 Lithuania 2
18 Thailand 1
19 Canada 0
20 Mauritius 3
21 Germany 0
22 Estonia 1
23 United Arab Emirates 3
24 Latvia 4
25 Macedonia, FYR 6
26 Saudi Arabi 0
27 Japan 0
EASE OF DOING BUSINESS 2014 – LATVIA RANKED NO. 24 The International Bank for Reconstruction and Development / The World Bank
LIAA - Investment and Development Agency of Latvia
THE FASTER GROWING ECONOMY IN THE EU
11,2%
9,6%
-3,3%
-17,7%
-0,3%
5,5% 5,6%
3,7% 4,0%
2006 2007 2008 2009 2010 2011 2012 2013 2014
Forecast
LIAA - Investment and Development Agency of Latvia
FISCAL STRATEGY TO PREVENT EXCESSIVE
BUDGET DEFICIT General government deficit (% of GDP)
2007 2008 2009 2010 2011 2012* 2013* 2014*
-0.3%
-4.1%
-9.7%
-8.1%
-3.4%
-2.1%
-1.4%-0.6%
Maastricht criteria
€ *target number
LIAA - Investment and Development Agency of Latvia
Transportation and storage
17%
Real estate 13%
Professional, scientific and
administrative services
11% Public
administration and defence
10%
ITC 6%
Education 6%
Finance 5%
Health care-4%
Entertainment and recreation 2%
Accommodation and food service 2%
Wholesale and retail 23%
GROSS DOMESTIC PRODUCT By kind of services, 2012 (%)
LIAA - Investment and Development Agency of Latvia
Chemical industry and related industries
8.1% Production of other non-metallic mineral
products 5.7%
Other industries 4.2%
Production of electrical and optical
equipment 5.5%
Light industry 4.2%
Paper industry and publishing
3,9%
Production of vehicles 3,8%
Production of machinery and
equipment 2.3%
Food industry 22.9%
Wood processing 23.9%
Production of metals and metal articles
15.5%
*provisional data
STRUCTURE OF MANUFACTURING By turnover, 2012(%)*
LIAA - Investment and Development Agency of Latvia
THE ROLE OF EXPORT IN THE ECONOMY INCREASES
% of GDP
LIAA - Investment and Development Agency of Latvia
e – estimation of Ministry of Economics
Wood and articles of wood 15.2%
Base metals and articles of base metals 14.0%
Machinery and mechanical appliances; electrical
equipment 13.7%Mineral products 9.0%
Prepared foodstuffs 8.6%
Vegetable products 7.1%
Products of the chemical and allied
industries 6.3%
Transport vehicles 5.3%
Live animals and animal products
4.4%
Textiles and textile articles 4.0%
Plastics, rubber and articles thereof
3.0%
Other 9.5%
EXPORTS OF GOODS IN 2012
(percentage)
* - provisional data
LIAA - Investment and Development Agency of Latvia
Machinery and mechanical
appliances; electrical equipment
18.1%
Mineral products18.0%
Base metals and articles of base
metals10.5%
Products of the chemical and allied
industries8.8%
Transport vehicles8.4%
Prepared foodstuffs6.9%
Plastics, rubber and articles thereof 5.2%
Textiles and textile articles 4.2%
Vegetable products 4.1%
Live animals and animal products
3.4%
Other 12.4%
IMPORTS OF GOODS IN 2012
(percentage)
* - provisional data
LIAA - Investment and Development Agency of Latvia
DIVERSIFIED EXPORT MARKETS
65
4032 30
13
30
3229
915
1515
14 1521 26
0
10
20
30
40
50
60
70
80
90
100
2000 2007 2011 2012
Other countries
CIS
Lithuania, Estonia
EU-15
percentage
LIAA - Investment and Development Agency of Latvia
TRADE IN GOODS BETWEEN LATVIA AND IRELAND
LIAA - Investment and Development Agency of Latvia
EQUAL TREATMENT OF FOREIGN INVESTORS
• By law, foreign investors have the same rights and duties as local investors
• The foreign investor may be sole founder and owner of a company
• Foreign companies registered in Latvia are entitled to buy land and property
• Efficient start-up procedure (company registration in 1 day)
• The foreign investor may request a temporary residence permit
• Active dialogue between the Foreign Investors’ Council in Latvia (FICIL)
LIAA - Investment and Development Agency of Latvia
CONSISTS OF
-Prime Minister (Chairman)
-Minister for Economics
-Minister for Finance
-Minister for Transportation
-Minister for Foreign Affairs
-Minister for Agriculture
-Minister for Education and Science
-Minister for Environment
Protection and Regional
Development
MAIN DIRECTIONS
- Governmental level support for investment projects
- Establishment of support and incentive instruments
- Elimination and prevention of administrative and regulatory barriers
INVESTMENT COORDINATION: HIGH COUNCIL
LIAA - Investment and Development Agency of Latvia
BUSINESS INCENTIVES IN LATVIA
• Tax Incentives
• Labour-Related Incentives
• Financial Incentives
• Support for Innovations and R&D
• EU Structural Funds
• Temporary Residence Permits
LIAA - Investment and Development Agency of Latvia
1. WOODWORKING
2. METALWORKING, MACHINERY AND ELECTRONICS
3. TRANSPORT AND LOGISTICS
4. INFORMATION TECHNOLOGY
5. LIFE SCIENCES
6. FOOD PROCESSING
MAIN SECTORS
LIAA - Investment and Development Agency of Latvia
WOODWORKING
Accesible natural resource Traditions Processing Logistics
LIAA - Investment and Development Agency of Latvia
METALWORKING, MACHINERY & ELECTRONICS
• R&D • Competitive and skilful labour force • Wide industry span
LIAA - Investment and Development Agency of Latvia
TRANSPORTATION & LOGISTICS
• EU border-country • Gateway to East & West • Efficient logistics
LIAA - Investment and Development Agency of Latvia
INFORMATION TECHNOLOGY
• Competetive labour • Developed infrastructure • International recognition
LIAA - Investment and Development Agency of Latvia
HIGHLY DEVELOPED COMMUNICATIONS INFRASTRUCTURE
* Source: “State of the Internet” report Q2 2013 by Akamai
www.akamai.com
Average Measured Connection Speed by Country
Country/Region Q1 ’13
Avg. Mbps
QoQ
Change
YoY
Change
- Global 3.3 5.2% 9.2%
1. South Korea 13.3 -6.3% -6.4%
2. Japan 12.0 6.5% 11%
3. Switzerland 11.0 9.1% 31%
4. Hong Kong 10.8 0.8% 21%
5. Latvia 10.6 12% 22% 6. Netherlands 10.1 6.2% 27%
7. Czech Republic 9.8 8.7% 36%
8. United State 8.7 3.4% 22%
9. Sweden 8.4 0.7% 44%
10. United Kingdom 8.4 11% 48%
Country/Region Q1 ’13
Avg. Mbps
QoQ
Change
YoY
Change
- Global 14% 13% 38%
1. South Korea 45% -8.6% -6.5%
2. Japan 43% 5.8% 18%
3. Switzerland 37% 21% 71%
4. Latvia 33% 13% 29%
5. Réunion 33% 35% -
6. Hong Kong 32% -1.9% 23%
7. Netherlands 31% 8.5% 66%
8. Czech Republic 27% 24% 88%
9. Belgium 25% 23% 80%
10. United States 24% 2.3% 43%
Country/Region Q1 ’13
Peak. Mbps
QoQ
Change
YoY
Change
- Global 18.9 0.1% 17%
1. Hong Kong 65.1 -0.9% 32%
2. South Korea 53.3 19% 14%
3. Japan 48.8 3.1% 21%
4. Romania 47.5 -0.6% 23%
5. Singapore 45.6 4.1% 61%
6. Latvia 44.6 5.4% 33%
7. Switzerland 41.4 3.9% 38%
8. Israel 40.1 6.4% 53%
9. Belgium 39.9 8.1% 35%
10. Taiwan 39.5 22% 61%
Average Peak Connection Speed by Country High Broadband (>10 Mbps) Connectivity
Latvia has strong positions in internet speed
rankings. With 10.6 Mbps average connection
speed, 44.6 Mbps peak connection speed and
with 33% from all connections with speed
higher than 10 Mbps Latvia is in top 5 in the
world and 2nd best in Europe.
LIAA - Investment and Development Agency of Latvia
LIFE SCIENCES
• Regional centre of Baltics • High R&D potential • Skilled labour
LIAA - Investment and Development Agency of Latvia
FOOD PROCESSING
• Traditions • Quality • Environmentally clean country • Recognition
LIAA - Investment and Development Agency of Latvia
LIAA FUNCTIONS - ACTIVITIES
Investment
Agency
Trade
Promotion
Agency
Innovation
Agency
Structural
Funds
Administrator
LIAA - Investment and Development Agency of Latvia
LIAA - Investment and Development Agency of Latvia
Mode City 2012 7-9, 2012, France
LIAA - Investment and Development Agency of Latvia
CeBIT 2013 March 5-9, 2013, Hannover, Germany
Nacionālie stendi
LIAA - Investment and Development Agency of Latvia
Tirdzniecības misijas
Koksnes kurināmā uzņēmumu kontaktbirža Nīderlandē un Beļģijā 2013.gada 5.-6.jūnijs
Latvijas dienas Maskavā «Оцени Латвию» 2013.gada aprīlis, Maskava
«Оцени Латвию» 4-30 April, 2013, Moscow, Russia
Trade mission / event Latvia’s days in Moscow „Taste Latvia”
LIAA - Investment and Development Agency of Latvia
Mission to Silicon Valley January 29-February 13, 2013, San Francisco, USA
Trade missions
LIAA - Investment and Development Agency of Latvia
Largest business forum “LIAA Biznesa forums” December 2012
Business forums
LIAA - Investment and Development Agency of Latvia
Annual prize for best exporters December 19, 2012
Competitions
LIAA - Investment and Development Agency of Latvia
LIAA INTERNATIONAL PRESENCE Representative offices in 14 countries + Latvia
LIAA - Investment and Development Agency of Latvia
RIGA – PERFECT PLACE FOR BUSINESS AND LEISURE !
LIAA - Investment and Development Agency of Latvia
RIGA – CAPITAL OF CULTURE Historic Centre of Riga is included in the UNESCO World Heritage List
LIAA - Investment and Development Agency of Latvia
Welcome to Latvia!
Investment and Development Agency of Latvia (LIAA) 2 Perses iela, Riga, Latvia LV-1442 T: +371 67039400 F: +371 67039401 E-mail: [email protected] http://www.liaa.gov.lv http://www.polarisprocess.com