Foreign investment indicators in Latvia continue to grow steadily, and the government is doing everything it can to make doing business in Latvia easier, Latvian Prime Minister Evika Siliņa (New Unity) said on Monday at the Foreign Investors’ Council in Latvia (FICIL) conference “Beyond Borders: Investment & Security in the Baltics.”
“Latvia is open to investment, innovation, and partnerships. I believe Latvia is a safe and stable place to invest,” the Prime Minister said, emphasizing Latvia’s appreciation for long-term cooperation and investment.
She also thanked FICIL for its strategic reviews and annual reports, calling them a guide to what needs to be done in Latvia to boost investment volumes and improve the overall investment environment.
By the end of 2024, total foreign direct investment in Latvia had exceeded 26 billion euros, which represents 65% of the country’s GDP, Siliņa noted. Compared to the end of 2023, this was an increase of 2.1%. “This demonstrates the significant role foreign capital plays in Latvia’s economy,” she said, underlining that Latvia’s investment attraction indicators are steadily improving overall.
Siliņa explained that FICIL’s annual Sentiment Index helps identify the areas where Latvia is not progressing and what needs to be done better. She stressed that the government takes FICIL’s reports very seriously and acts accordingly.
PM said that the government is doing everything possible to ease the process of doing business in Latvia. As an example, she cited the reform of the Investment and Development Agency of Latvia (LIAA), which now operates more swiftly and efficiently. Bureaucracy has also been reduced, especially in the real estate and construction sectors, she said.
Siliņa emphasized that the government is working to remove barriers hindering business development. She added that the results are already visible in growing investment levels and stronger market activity.
“I believe in Latvia and its potential. Latvia is a small country, but that’s also our advantage—we can react faster and more effectively. That means we can outpace other economies. How can we do that? By running faster, believing in Latvia’s ability to succeed, and most importantly, through joint efforts between the public and private sectors,” Siliņa said.
She also noted that the volume of investment depends on confidence. Therefore, Latvia is investing in security, defence, cybersecurity, energy security, and is developing its military industry.
“Latvia is not alone. We recognize the importance of regional cooperation in building infrastructure, expanding markets, and ensuring stability—not only in the Baltics but also across Europe,” Siliņa said.
She added that this week a meeting is planned between the prime ministers of the three Baltic states to discuss ways to boost economic growth.