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…
Estonian Prime Minister Kristen Michal has submitted his government’s draft state budget for 2025 and budget strategy for 2025-2028 to the country’s parliament, the Riigikogu, ERR reports. According to the Ministry of Finance, budget expenses and investments will increase by 3.8% to EUR 19.1bn and revenues by 5.2% to EUR 17.7bn in 2025, ERR reported….
Latvia’s national air carrier, airBaltic, plans to expand its operations at Lithuania’s Vilnius International Airport (VIA), CEO Martin Gauss announced, LETA reports. He said that the company would more than double its fleet in Vilnius and increase the number of destinations offered from the airport. Currently, airBaltic has two aircraft stationed at VIA. Gauss said…
Lithuanian Prime Minister Ingrida Simonyte has expressed scepticism about an idea to establish a state-run second-pillar pension fund, Baltic News Network reports. She noted that there was plenty of competition in the pension fund market, and that the activities of pension funds were well regulated. The problem was that there was not much choice on…
Estonian postal services provider Omniva has opened a new logistics centre near Lithuania’s second-largest city, Kaunas, BNS reports. The company invested EUR 42mn in the new facility, which was the group’s largest investment to date. The logistics centre, located in the Kaunas Free Economic Zone (KLEZ), has an area of almost 22,000 m2. The facility…
Nearly half of small and medium-sized enterprises (SMEs) in Estonia regard the country’s economic climate as being negative, according to a Turu-Uuringute poll for loan comparison platform Sortter, BNS reports. The survey showed that 46% of local entrepreneurs saw the economic climate as negative in August 2024. The main perceived challenges included operating costs (57%)…
The world’s largest bicycle manufacturer, Dutch-based Pon.Bike, has opened a new production facility in Kedainiai in central Lithuania, BNS reports. The company invested EUR 57mn in the factory, which will produce up to 450,000 bicycles per year. The facility, located in the Kedainiai Free Economic Zone (KLEZ), will employ around 600 people. Under an agreement…
US engineering company KBR has signed a cooperation agreement with Latvia’s GI Terminal on a project to build a renewable aviation fuel plant at Latvia’s Port of Liepaja, LSM reports. Under the memorandum of understanding, KBR will provide engineering solutions and equipment for GI Terminal’s planned sustainable aviation fuel (SAF) plant and CO2 liquefaction terminal…
The Lithuanian fish processing company, Port Lite, has invested EUR 80mn in a new salmon processing plant in the Latvian port city of Liepaja, Baltic News Network reports. Sigitas Ambrazevicius, founder and owner of Port Lite, said that the 15,000 m2 plant would process around 25,000 tonnes of salmon per year. The company will sell…