Latvia: LIAA has approved FDI projects for over EUR 370mn in 2023

The Investment and Development Agency of Latvia (LIAA) has approved 20 foreign direct investment (FDI) projects to the tune of EUR 371.5mn so far in 2023, LSM reports. The projects will create 1,160 new jobs. The investment projects are in sectors such as bioeconomy, ICT, photonics and smart materials, smart energy and mobility, as well as biomedicine. Altogether 12 of the projects will be carried out in Riga and the surrounding region, 6 in Kurzeme, and 2 in Latgale. Investors said that the biggest obstacles to investment in Latvia included high energy prices, attracting foreign specialists, labour taxation, and bank lending policies. In 2022, LIAA supported 40 investment projects to the tune of EUR 473mn, creating 2,398 new jobs.