Latvia presents its economic advantages

On the occasion of presenting her credentials as the Latvian Ambassador to Monaco, H.E. Mrs. Alise Balode highlighted the economic advantages of this vibrant Baltic nation, which is highly attractive to investors, to MEB member companies.

The conference was organised at the initiative of Mr. Jean-Claude Eude, Honorary Consul of Latvia to Monaco. He commenced the presentation with the aspiration of fostering increased economic exchanges between Monaco and Latvia, reflecting the advances achieved in the cultural sector, notably with the Monte-Carlo Philharmonic Orchestra.

Approximately the size of Belgium and the Netherlands combined, Latvia has a population of just under 2 million residents, with fifty per cent residing in the capital city of Riga. The nation joined the European Union in 2004 and demonstrates a commitment to multilateralism. It is among only twenty countries globally that are members of all principal international organisations endorsing free trade, investment security, and collective defence.

Since regaining its independence in 1991, Latvia's GDP growth has been twice as fast as the EU average. This late independence compelled the government to establish foundational systems anew when digital technology emerged. Consequently, the nation now benefits from an exemplary e-government system, fostering a robust culture of utilising these digital tools among both citizens and enterprises.

The new technologies sector is highly prominent and successful, featuring leading companies in cybersecurity. Renewable energy, which accounts for 73% of the country's energy production mix, serves as a significant contributor to economic development. Additionally, Latvia boasts a high-tech industry, often specialising in niche sectors such as biotechnology.

With modern infrastructure and ample space, Latvia is highly attractive to investors, ranking second among OECD countries on the International Tax Competitiveness Index. One of its significant advantages is the absence of corporate tax on reinvested profits. Furthermore, the country possesses a highly educated, multilingual population with an innovative work ethic that reflects its "Nordic spirit".

The Ambassador exemplified this spirit by delivering her presentation with clarity and consistently incorporating examples from her daily life in Latvia. The informal atmosphere persisted throughout the question-and-answer session and the subsequent cocktail reception hosted by Mr. Eude.