9 Most Important Sectors for Investment in Latvia – 2020 Guide

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Latvia is not only a country that offers a wide range of beautiful things to tourists, but, it also offers a competitive advantage for investors, which means that it is actually the best place for opening a or doing business. This includes cost-efficiency, a workforce that is experienced, as well as an infrastructure that is properly developed, all of which will contribute to your business.

If you are thinking about investing in Latvia, you are probably wondering – what are the most important sectors that I can choose to invest in? Well, the article below can provide you with the answer you need. Let’s take a closer look at what industries you can choose to invest in Latvia:

  1. Transportation and Storage

If you did some research, then you know that Latvia is located in Europe, more specifically, in the center of an area that is growing in popularity fast, the Baltic Sea. This is, perhaps, one of the reasons why you might consider investing in the transportation and storage industry.

Some other reasons include a good geographical position – that has access to both Russian and Asia markets – as well as a highly-trained workforce and a perfect infrastructure with 3 ports. All of these things will give you an advantage when compared to other countries, hence, you might seriously want to consider this sector.

Img source: entrepreneur.com
  1. Green Technology

Did you know that Latvia has a lot of experience in utilizing green energy? Yup, this is completely true, as well as one of the reasons why it might be perfect for green energy companies.

The government also created a plan for this energy type and they are aiming to expand the green tech sector further. Since the country strives to improve this industry, you can expect them to support you in your efforts, especially since you’ll be adding potential to the green tech sector.

  1. Woodworking

Another interesting thing that you might not know about Latvia is that the woodworking industry is their most crucial export sector, and it does play a major role in producing rural and regional jobs. Why is it so successful? Well, it has vast forest areas, a good location, and a workforce that is experienced and inexpensive.

Of course, this does not mean that everyone can chop wood down as they want. The Latvian government imposed strict laws and regulations that prevent deforestation. This means that they take care of their vast forests, instead of allowing citizens to cut them down as they please.

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  1. Health Care

The health care industry was significantly reconstructed, and there were various budget cuts that were used for boosting efficiency and ensuring the introduction of private health care options.

For instance, medical tourism is an increasingly popular sector, which is slowly building the country’s reputation as a spa country. This means that you can opt for investing in and promoting spa tourism that has a wide range of health benefits, including helping individuals suffering from cardiovascular and respiratory illnesses.

  1. Food Processing

Beverage and food processing plants offer investors a wide range of chances for success, including a vast supply chain, a highly trained labor force, and a strategic position.

If you choose to work in this industry, you’ll be able to track your produce, from the ingredients used for production, to transportation and sales. This means that you’ll be able to produce fresh and natural food that customers seek all the time.

Img source: diabetes.org
  1. Life Sciences

The life sciences sector is described as one that has a developed R&D capability, a high-quality manufacturing infrastructure, as well as a good position on the map. Trained and efficient employees and continuous investments in boosting productivity contribute to the overall potential and success of this sector.

  1. Mechanical Engineering and Metalworking

Historically speaking, engineering and metalworking have been the leading industrial sector, especially since the nation is one of the high-tech centers for the aerospace and military departments. The reason why it is so successful is the country’s connectedness with the rest of the world.

  1. Information Technology

The IT industry does provide a wide range of benefits and advantages to any investor, mostly by offering IT professional that is incredibly skilled. Most of them also know several languages, and they’ll know all about the Russian work culture because of the proximity to the country. Government support and high-tech communications all allow investors to prosper.

Besides, technology is constantly evolving and improving, which means that it will remain prosperous for a lot of years to come. If you have a good plan and strategy for your business, you’ll definitely be able to prosper if you choose to invest in the information technology industry.

Img source: goodfon.com
  1. Property in Latvia

As you already know, Latvia is growing its real estate industry, and according to a report from 2016, it has returned to the pre-crisis state and is experiencing a growth rate and financial benefits. This is why a lot of investors started looking at their property options are in Latvia.

There are several things you can do. For instance, you can purchase a property and rent it throughout the year or you can choose to remodel it and then sell it later on. Whatever choice you make, you’ll be able to benefit financially from it. For more information about buying properties in Latvia, you can visit this website.

Conclusion

As you were able to learn, there are various industries that you can choose to invest in while in Latvia. Naturally, this is not a decision that you can make likely, which is why you’ll need to think long and hard about what industry should you choose to spend your money on.

Of course, the decision will also be influenced by your business knowledge and skills, as well as your goals and personal desires. Nonetheless, now that you know what you can opt for, you should not lose any more time. Instead, you should start thinking about what your best option is and start devising a business plan right away.

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