On Friday, 2 October, Raivis Bremšmits, State Secretary at Latvia’s Ministry of Economics, met with Ieva Jāgere, Director of the Investment and Development Agency of Latvia (LIAA), to review progress during the first nine months of 2026 in attracting investment and using state financing and capital instruments, as well as the results of LIAA’s trade missions to Germany and the United States.
During the first nine months of 2026, the total value of investment projects attracted by LIAA reached €886.8 million, equivalent to nearly 90% of its investment attraction target for the year. This figure represents the total planned value of the projects secured. Actual investments are made gradually, with implementation taking between one and five years, depending on the project. The projects cover energy, real estate, defence and dual-use technologies, financial technology, logistics and other sectors.
“In nine months, we have reached nearly 90% of our annual investment attraction target. This means that most of the work planned for the year has already been completed. Equally significant is the fact that investment projects are being implemented across various sectors of the economy, while state financing instruments are helping companies undertake increasingly large and strategically important projects,” said Raivis Bremšmits, State Secretary at the Ministry of Economics.
The trade mission to Germany, led by Minister of Economics Viktors Valainis, brought together 54 Latvian companies and organisations. During the mission, work continued on advancing German companies’ investment projects in Latvia worth more than €600 million. A memorandum of understanding was also signed between LIAA, the German Chamber of Commerce and Industry (DIHK) and the German-Baltic Chamber of Commerce (AHK). It provides Latvian companies with access to contacts and services through Germany’s international chamber network at 150 locations in more than 90 countries, as well as the establishment of a Latvian export support contact point at AHK.
Meanwhile, 44 Latvian companies and organisations participated in the trade mission to the United States. Memoranda of cooperation were signed in defence technology and genomics, and discussions began on new research, investment, manufacturing and export projects. The mission strengthened cooperation with US companies, investors and research institutions, creating opportunities to expand Latvian exports and attract new investment.
“LIAA will continue to focus on developing concrete investment and export opportunities. We will help Latvian companies strengthen their position in foreign markets and support investors in implementing projects in Latvia. The results achieved in nine months demonstrate that focused work with companies and investors delivers results. The agreements reached during the missions to Germany and the United States open up opportunities for Latvian companies to join international supply chains and develop technologies alongside foreign partners. The priority now is to turn these agreements into joint projects and export deals,” said LIAA Director Ieva Jāgere.
Financing instruments offered by the development finance institution ALTUM also make a significant contribution to the implementation of major investment projects. Across four funding rounds, the Large Investment Fund has approved 36 investment projects worth €894.7 million. These projects are expected to create 1,645 new jobs, increase exports by €516.2 million and generate an additional €668 million in tax revenue by 2035.
