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Latvia has it all for British exporters

by Enterprise Europe Network

Reposted article by Enterprise Europe Network. Click here to view the original.

Daniele Esposito, our newest recruit, is passionate about Latvia, where he worked before joining the Enterprise Europe Network East advisers’ team. He tells us why…

Sampling a delicious beer from local microbreweries and accessing trilingual, highly educated and hardworking staff. Taking advantage of one the fastest internet connection in Europe in a highly innovative research environment and indulging yourself in a traditional Latvian sauna. Making use of a strategic logistic location between Europe and Asia, equipped with advanced transport infrastructure in a vibrant business environment, while enjoying a visit to the Opera or a centuries-old folk choir tradition for an affordable price. Tasting delicacies and fresh berries (Latvia has been awarded the European Region of Gastronomy 2017) and, at the same time, benefiting from investment incentives, free ports and Special Economic Zones, in one of the fastest growing economy in Europe. All of this available in fluent English.

These are some of the reasons why Latvia is a very attractive destination for forward-looking businesses.

Latvia, as a booming export-oriented economy, is a hungry importer of high quality and highly technological equipment in order to boost its growth. The main imports for 2015 are machinery, mechanical appliances and electrical equipment (22%), followed by minerals (12%) and chemical products (10%).

Latvia can offer very good opportunities for UK businesses:

- Need for high quality technology;

- Reliable suppliers and manufacturers;

- Gateway to Scandinavia, Russia and Asia;

- It is still a relatively unexplored country for British businesses;

Need for high quality technology

The Latvian main industrial sectors are leading the imports trends: the pharmaceutical, chemical sector and electrical equipment production are constantly looking for new suppliers of highly technological equipment, metal, chemical and mineral products.

A long standing tradition of electronics, pharmaceutical and biomedical research and the presence of over 15 technology parks make Latvia an interesting market for exporters of research and technology related services and equipment.

Reliable suppliers and manufacturers

Several big international companies have chosen Latvian companies as suppliers and manufacturers Big players in the telecommunication industry such as Nokia, Siemens Networks, Ericsson, Alcatel are among them. Their reasons: reliability, fairness and hardworking: labour strikes or work stoppages are practically non-existent.

Gateway to Scandinavia, Russia and Asia

Latvia is placed in a strategic position for exporters focused on Scandinavia, on Russia and Asia. Thanks to advanced transport infrastructures, three ice-free international ports and the largest airport in the Baltics, Latvia can be considered the gateway for both the Nordic countries and the Russian and Asian market.

Many companies take advantage of the modern and affordable logistic facilities in order to store goods for the Scandinavian market. Latvia plays a very important role as a safe and regulated gateway to Russia and to the Central Asian energy hub.

Member of the WTO, OECD and the EU, Latvia is a convenient and low-risk first step in order to explore business opportunities in the CIS counties. In fact, Latvian professional have expertise and language skills to handle successfully trade with Russia and the central Asia countries.

If you are interested in knowing more about Latvia, contact Daniele Esposito on tel 01707 398038, or email d.esposito@eeneast.org.uk.

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