Lithuanian President Gitanas Nauseda has approved the country’s new cabinet of ministers, BNS reports. He described the incoming centre-left government as more capable than the outgoing centre-right government of Prime Minister Ingrida Simonyte. The Lithuanian Social Democratic Party (LSDP) will hold the post of prime minister and will have nine ministers in the new government,…
The first ship carrying Latvia’s strategic oil reserves arrived at the Freeport of Riga on 2 December 2024, the Ministry of Economy announced, LETA reports. Economy Minister Viktors Valainis said that the state would purchase 20% of the required reserves annually. The state would thus be in possession of 100% of the oil reserves in…
The Estonian government may triple the country’s immigration quota, Minister of Economy and Industry Erkki Keldo announced, ERR reports. The current quota amounts to 1,303 people or 0.1% of Estonia’s permanent population per year. Keldo suggested that the quota could be raised to 2,600 people normally and to 3,900 people when annual GDP growth exceeds…
The largest ever Latvian trade mission to the US concluded its visit on 26 September 2024, LSM reported. Economy Minister Viktors Valainis said that three major cooperation agreements were signed during the visit. Also, talks started on investments in sustainable energy, biomedicine, and infrastructure development, he added. Earlier, Valainis expected the trade mission to bring…
Several ministries in Estonia have criticised the Ministry of Climate’s proposed new climate law, ERR reports. The ministries argued that the bill’s structure and purpose were unclear, and that the bill failed to define the rights and obligations under the proposed law. Interior Minister Lauri Läänemets and Justice Minister Liisa Pakosta said that the bill…
More than 60 Latvian companies are taking part in a large trade mission to the US led by President Edgars Rinkevics, Labs of Latvia reports. Around 80% of the companies represent the service sector. The delegation will visit three cities — Houston, San Francisco, and Denver — over 16-24 September 2024. Economy Minister Viktors Valainis…
US electric car maker Tesla has opened its first pop-up store in Lithuania, BNS reports. The store is located at the Akropolis shopping mall in Vilnius. The company plans to open a permanent store and service centre in Vilnius in early 2025, Invest Lithuania reported. Tesla’s Dutch arm, Tesla International, established a subsidiary in Lithuania…
Latvia’s banking association, Finance Latvia Association (FNA), opposes a proposed windfall tax on local banks, LETA reports. The association argued that the tax was “disproportionate, short-sighted, and nontransparent.” FNA warned that the tax would have negative long-term consequences, hampering Latvia’s growth, competitiveness, and attractiveness for private investment. The tax would oblige the financial sector to…
The Estonian government has agreed to provide EUR 160mn of state support for large-scale export-oriented investments in Estonia over 2025-2028, ERR reports. Economy and Industry Minister Erkki Keldo said that the support mechanism was aimed at regaining Estonia’s competitiveness in attracting investors to knowledge-intensive sectors of the economy. The scheme will be managed by the…