The Investment and Development Agency of Latvia (LIAA) attracted 28 foreign investment projects in the first half of 2024, LSM reported. The projects will bring investments of EUR 263mn and create 1,245 new jobs. Altogether 13 of the projects are in Riga, 9 in Kurzeme, 3 in Latgale, 2 in Vidzeme, and 1 in Zemgale….
Estonia’s primary goals at the NATO summit in Washington include increasing defence spending, closing capability gaps, and maintaining a focus on the threat from Russia, ERR reports. Estonia is pushing for investments in critical defence capabilities such as air defence and ammunition. Estonia supports raising the defence spending target to 2.5-3% of GDP. Additionally, Estonia…
Estonia’s ruling coalition parties have agreed to boost Estonia’s economic competitiveness by developing new industries and focusing on nationwide development, ERR reports. The three parties aim to reduce bureaucracy and use EU funds and CO2 money for industrial growth. The coalition plans to distribute subsidies for large investments across Estonia to raise wages and improve…
Lithuania has the biggest installed capacity of wind energy in the Baltic States, according to Toms Naburgs, managing director of the Latvian Wind Energy Association (LVEA), LSM reports. Lithuania has 1,400 MW of installed wind turbines, compared to 400 MW in Estonia and just 140 MW in Latvia. Moreover, Lithuania is building and planning even…
Estonia and Latvia will receive TRML-4D radars from German defence electronics manufacturer Hensoldt under the European Sky Shield Initiative, Defense News reports. The company will integrate the radars, worth more than EUR 100mn, into the IRIS-T SLM air defence systems on behalf of Germany’s Diehl Defence. The radars will allow for the detection of aerial…
Latvia’s Riga City Council may revise its property tax policy to address the issue of abandoned and empty shopfronts in the Old Town, LSM reports. Also, the city council has invested EUR 1.5mn in promoting Riga as a tourist destination and will launch a major redevelopment project for two streets in the Old Town to…
Latvia plans to build a new factory producing modular powder charges for artillery ammunition in Iecava parish, LETA reports. The factory will have a production capacity of 50,000 charges annually. The plant is expected to begin operations in 2026. The project will cost an estimated EUR 12mn, with EUR 1mn to come from EU co-financing…
Latvia’s ruling coalition will soon need to discuss “painful decisions” on taxes, Prime Minister Evika Silina stated, LETA reports. Speaking in an interview with TV3, Silina said that simplifying taxation was an important priority. The Ministry of Finance has developed potential proposals for changes on real estate tax, labour costs, corporate income tax, VAT, small…
Electrifying the public transport system in Estonia’s Harjumaa county would require EUR 2bn in grid investments, Tallinn deputy mayor Kristjan Järvan stated, ERR reports. He said that the project would include major upgrades to both the distribution and transmission networks to support the increased use of electric vehicles. Electrifying Tallinn’s bus fleet alone would cost…