Under the leadership of Minister of Economics Viktors Valainis, a delegation of Latvian entrepreneurs will depart on Thursday, April 23, for a working visit to Poland and Ukraine. The trade mission, organized by the Investment and Development Agency of Latvia (LIAA), aims to strengthen economic cooperation with both countries, promote the formation of new partnerships, and expand export and collaboration opportunities for Latvian companies in the fields of defence, technology, and energy.
The central events of the LIAA trade mission will be the Latvia–Poland and Latvia–Ukraine business forums.
Minister of Economics Viktors Valainis emphasizes: “Our objective during this visit is to achieve tangible results – to increase exports, develop investment projects, and strengthen the presence of Latvian companies in the region. In Poland, we are working to improve the trade balance, while in Ukraine our priority is to expand cooperation and involve Latvian companies in the country’s reconstruction. Our task is to turn professional contacts into practical projects that generate long-term economic benefits.”
Economic Cooperation between Latvia and Poland
The forum planned in Warsaw will bring together entrepreneurs, industry experts, and institutional representatives from both countries. The programme includes an opening session with the participation of Latvian and Polish officials, presentations on the business environment, and panel discussions on defence and security, information and communication technologies (ICT), information technology (IT), and energy cooperation opportunities. The programme will conclude with networking activities and business-to-business (B2B) meetings.
During the visit to Poland, Latvia will highlight cooperation potential in defence and dual-use technologies, digital solutions, cybersecurity, and energy—areas where Latvian companies offer competitive solutions and where demand in Poland is growing. These priorities align with both the thematic focus of the forum and the existing trajectory of cooperation with Polish partners.
Economic relations between Latvia and Poland are characterised by a high trade volume and close industrial cooperation. In 2025, total trade in goods and services between the two countries reached approximately EUR 3.9 billion. Latvian exports to Poland amounted to around EUR 1.06 billion, while imports reached approximately EUR 2.88 billion, resulting in a negative trade balance of about EUR 1.8 billion. At the same time, this indicates significant potential for increasing Latvian exports in this market.
Mutual investments between Latvia and Poland provide a solid foundation for further cooperation. The accumulated foreign direct investment (FDI) of Polish companies in Latvia amounts to approximately EUR 275 million, while Latvian investments in Poland total around EUR 130 million. This reflects long-term mutual economic interest and the willingness of businesses in both countries to develop joint projects, particularly in industry and services.
Economic Cooperation between Latvia and Ukraine
As part of the visit, the delegation will travel to Ukraine, where the Latvia–Ukraine business forum will take place in Kyiv, focusing on expanding practical cooperation with Ukrainian partners. Economic cooperation between Latvia and Ukraine is developing under dynamic conditions, with Latvia maintaining an active role in this market. In 2025, total trade turnover between the two countries reached approximately EUR 723.6 million. Latvian exports to Ukraine exceeded EUR 430.5 million, while imports amounted to more than EUR 293.2 million, resulting in a positive trade balance for Latvia.
Mutual engagement is also evident in the investment sector. Ukrainian companies’ accumulated investments in Latvia amount to approximately EUR 295 million, while Latvian investments in Ukraine total around EUR 144 million. This flow of capital demonstrates close economic ties and strong potential for further cooperation, particularly in the context of economic recovery and modernization.
Latvian companies’ competitive advantage in these markets lies in their ability to provide flexible, technologically advanced, and practically applicable solutions. This is particularly evident in defence and security solutions, digital technologies, energy, and engineering projects. In these sectors, Latvian companies can both expand exports and integrate into international supply chains and joint project implementation.
LIAA Director Ieva Jāgere comments: “Mutual trade and investment with Poland and Ukraine already provide a solid foundation for cooperation, but the next step is much closer economic integration—joint projects, supply chains, and manufacturing collaboration. In an increasingly competitive environment, the ability to be present, build reliable partnerships, and move projects forward efficiently is crucial. Visits like this help transform cooperation potential into concrete investment decisions and long-term economic benefits.”
Participation in the trade mission is organized by LIAA within the framework of the European Union co-funded programme for the development of innovative entrepreneurship among small and medium-sized enterprises (SMEs), with support from the European Regional Development Fund and national funding. Companies may participate either on a paid basis or by receiving support for eligible costs.
