Investment and Development Agency of Latvia

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The Investment and Development Agency of Latvia (LIAA) is an Investment promotion agency that seeks to promote investment to Latvia.

Contents

Investment and Development Agency of Latvia
Latvijas Investīciju un attīstības aģentūra
LIAA logo RGB Eng full.jpg
Agency overview
FormedSeptember 1993
HeadquartersPērses iela 2, Riga
Employees270
Agency executive
  • Director
Parent agency Ministry of Economics (Latvia)
Website www.liaa.gov.lv/eng/home/news

Established in 1993, it acts under the Ministry of Economics of the Republic of Latvia.

Strategic goals

LIAA seeks to promote the competitiveness and export capacity of Latvian companies on the international market, promote the growth of foreign investment, and the implementation of national tourism development and innovation policy.

LIAA Aims and objectives

Aims

Objectives

Investments

One of LIAA’s subactivities is attracting investment from foreign investors for Latvian investment projects and their further development. Examples of investment projects include businesses operating in Latvia, prospective new businesses, as well as state and municipal projects.

Priority areas for attracting foreign investment include metalworking and mechanical engineering, transport and logistics, information technologies, life sciences, health care, wood industry, green technology, and food industry. LIAA also supports the attraction of foreign investment for manufacturing projects that fall outside the priority areas.

Polaris process

Polaris process makes foreign investment attraction to Latvia more efficient by determining investment target sectors, summarizing and updating the newest findings in scientific fields that are related to their respective sectors, suggesting projects to foreign investors, and managing collaborations between Latvian national authorities, municipalities, the private sector, and scientific institutions.

Promotion of foreign trade

LIAA organises activities contributing to export-oriented business development:

Trade missions

LIAA organizes business trips to foreign countries, which includes business forums, workshops, entrepreneur roundtable discussions, contact exchanges, visiting trade fairs, individual meetings with potential business partners, as well as informal events.

Export seminars

LIAA organizes export seminars that deal with the key elements of export and provide information on news and trends on foreign markets, as well as the European Single Market.

Tourism

In 2016, Tourism Development State Agency (TAVA) was added to LIAA, which now forms the Tourism departments. The aim of the department is to promote the development of Latvian tourism products and services, make Latvia internationally known, position Latvia as an attractive tourist destination, and promote the competitiveness of Latvian tourism.

Foreign economic representative offices

LIAA foreign economic representative offices are located in:

Business incubators

Starting October 2016, 11 business incubators and 9 support units are active in Latvia (Bauska, Daugavpils, Jelgava, Jēkabpils, Jūrmala, Kuldīga, Liepāja, Madona, Ogre, Rēzekne, Sigulda, Talsi, Valmiera, Ventspils, and a creative industries incubator in Riga), which provide support for startups and their development.

Innovation incentive program

The goal of the innovation incentive programme is to encourage people to start innovative businesses, using awards as an incentive mechanism. In the same way, it is planned to inform society on developments related to innovations and their potential, as a result encouraging society and entrepreneurs to focus on developing and using innovative solutions, as well as increasing the share of innovative businesses in the economy and motivating them to start businesses in the areas defined and prioritized in the Smart Specialization Strategy of Latvia.

Enterprise Europe Network

On February 29, 2008, Enterprise Europe Network started its activities as one of the LIAA departments.[ citation needed ]

Significant events held by LIAA

Export and Innovation Awards, Creative Business Cup, Latvian Tourism Forum, Mechanical Engineering and Metalworking Business Forum.


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