The Investment and Development Agency of Latvia (LIAA) helped attract 45 foreign investment projects, which will create an estimated 2,023 new jobs, in 2024, LSM reports. The total value of the projects is EUR 655.4mn, which is up 6% from 2023. The biggest investments were in high-value-added manufacturing, ICT, energy, and aviation. LIAA’s target is…
Parties in Latvia’s coalition government have postponed decisions on possible changes to the management of the country’s national air carrier, airBaltic, LSM reports. Prime Minister Evika Silina said that the government would wait for decisions of airBaltic’s shareholders. She noted that airBaltic was partly privately-owned, and that the government did not manage the company directly….
The Latvian National Armed Forces (NBS) have increased monitoring of Latvia’s critical undersea infrastructure, Defence Minister Andris Spruds announced, LETA reports. He noted that NATO’s response to the recent damage to infrastructure in the Baltic Sea had been swift. Latvia supports NATO’s increased military presence in the Baltic Sea, Spruds said. Meanwhile, Latvian President Edgars…
Latvia’s national air carrier, airBaltic, has no plans to ask the government for more money, CEO Martin Gauss stated, LSM reports. Speaking in an interview with LTV, Gauss said that the company had to raise additional capital from international investors on the stock market instead. Earlier, Klavs Vasks, chairman of airBaltic’s supervisory board, surmised that…
The gross value added (GVA) generated by the forestry and logging industry in the Baltic States was highest in Latvia in 2022, according to Eurostat data, LSM reports. The sector’s GVA totalled EUR 490mn in current prices in Latvia in 2022, which was up from EUR 123mn in 2000. The forestry industry’s GVA totalled EUR…
The Latvian animated film, “Flow,” has become the first Latvian film to receive a Golden Globe award, LSM reports. The film, directed by Latvian filmmaker Gints Zilbalodis, won the Golden Globe Award for Best Animated Feature Film of 2024. The film, notable for being completely rendered on the free and open-source software, Blender, and containing…
People in Latvia are more optimistic about their financial situation, according to a new SKDS poll for Luminor Bank conducted in December 2024, Baltic News Network reports. The survey showed that 42% of respondents expected their financial situation to improve in 2025, with 22% expecting much better and 21% slightly better finances. Meanwhile, 24% of…
The Baltic and Polish transmission system operators (TSO) plan to apply for around EUR 600mn of EU funding for infrastructure investments from the Connecting Europe Facility (CEF), ERR reports. The funds would be divided equally between the four companies. The companies would use the funds for investments in protecting their critical energy infrastructure. Kalle Kilk,…
Estonia has implemented a new rounding rule for cash payments as of 1 January 2025, The Baltic Guide reports. Under the new “Swedish rounding” rule, the final cash transaction totals will be rounded to the nearest five cents, reducing the need for one and two cent coins. The coins will still remain legal tender, however….