Competition in the tourism category of Latvia’s Export and Innovation Awards 2026 has reached a record high, with 36 applications submitted – more than ever before. Twelve applicants have advanced to the second round, while the jury has already heard presentations from 11 companies in the New Exporter category. Meanwhile, on-site evaluations of Latvia’s leading exporters and innovators are underway. The winners of Latvia’s highest national business awards will be announced on 3 December.

As part of the selection process, the Investment and Development Agency of Latvia (LIAA) has reviewed the performance of more than 100 Latvian companies. Applicants in all five categories are evaluated in two rounds. Companies could apply directly in two categories, while candidates in the remaining three categories were nominated based on data from the Central Statistical Bureau of Latvia. The winner of each category will be announced at the awards ceremony on 3 December.

The Export and Innovation Awards are Latvia’s highest national recognition for business excellence and are being held for the 21st time this year. The competition honours companies whose achievements in exports, innovation and the creation of high added value strengthen Latvia’s economy. The jury assesses not only companies’ past performance but also their development strategies, investments and ability to compete in international markets. The competition is held under the patronage of the President of Latvia, Edgars Rinkēvičs.

“The record level of interest in the tourism category demonstrates that Latvian businesses are increasingly developing their offerings for international visitors and seeking opportunities to compete in global markets. The presentations by new exporters also reveal companies with serious ambitions and a clear understanding of their growth paths.

“A company’s potential cannot be assessed solely on the basis of turnover or export growth. It is equally important to consider the knowledge and technologies it applies, its investments in development and the strength of its vision for the future. On-site evaluations allow the jury to see far more than financial indicators alone.

“For companies that have already advanced to the second round, this represents significant national recognition of their achievements and an opportunity to showcase their work to a professional jury. The value of these awards lies in rigorous competition and professional assessment. Our aim is to ensure that receiving an award serves as a credible mark of Latvian business excellence internationally,” emphasises Ieva Jāgere, Director of the Investment and Development Agency of Latvia (LIAA).

New Exporters Demonstrate Strong Growth Ambitions

The New Exporter category, organised by LIAA in cooperation with the Latvian Exporters Association “The Red Jackets”, received 14 applications this year. Twelve companies advanced to the second round.

On 13 and 14 October, the jury heard presentations from 11 companies, reviewing their achievements in international markets, export strategies and future development plans.

A key element of the evaluation is the companies’ ability not only to enter new markets but also to generate high added value in Latvia. The jury examined investments in product and service quality, production development, sustainability and the strengthening of competitiveness.

The category was open to companies with export turnover ranging from EUR 50,000 to EUR 1 million in 2025 and ambitions to reach EUR 5 million in export turnover within five years. The winner will receive a EUR 10,000 cash prize.

“Every successful exporter was once a newcomer. This category helps identify companies that, through ambition, expertise and consistent effort, have the potential to become the future of Latvian exports. In my opinion, this is the most interesting category in the competition, as it brings together a wide variety of companies, diverse products and remarkable entrepreneurs,” says Kaspars Rožkalns, Chairman of the Council of the Latvian Exporters Association “The Red Jackets”.

Tourism Category Sets a New Application Record

Latvian tourism businesses and organisations have demonstrated unprecedented interest in the Most Export-Capable New Tourism Product category.

A total of 36 applications were submitted, with 12 tourism products selected for the second round, which includes on-site evaluations.

The competition assesses tourism products introduced to the market within the past two years that can attract international visitors, offer high-quality and distinctive experiences, and generate high added value.

The jury pays particular attention to the products’ competitiveness in international markets, innovation, sustainability and potential to contribute to the development of Latvia’s tourism industry.

Applicants compete in two groups: small and medium-sized enterprises (SMEs), and a separate group comprising associations, foundations, planning regions and municipalities.

The winner in the SME group will receive a EUR 10,000 cash prize.

Jury Conducts On-Site Evaluations of Latvia’s Export and Innovation Leaders

The second round has also begun in the Export Champion, Export Growth Leader and Innovation Champion categories.

Candidates in these categories were selected using data compiled by the Central Statistical Bureau of Latvia on company performance.

Advancing to the second round represents significant recognition of a company’s achievements. Candidates have been selected based on their performance at the national level and remain in contention for Latvia’s highest business award.

The jury’s visits provide an opportunity to gain first-hand insight into the companies whose achievements have placed them among the contenders for this prestigious recognition.

During these visits, jury members examine business operations, development strategies, investments in new products and technologies, and opportunities for growth in international markets.

The on-site meetings complement the analysis of statistical data and enable the jury to assess companies’ long-term competitive advantages.

For participating businesses, the visits also provide an opportunity to present their achievements directly to the jury, explain their development plans and demonstrate the strengths underpinning their competitiveness.

The Export Champion category recognises companies with outstanding export achievements. The Export Growth Leader category honours rapid expansion in international markets, while the Innovation Champion category highlights investments in research, development and the implementation of innovations.

The competition jury brings together experts in business, exports, innovation and tourism. The names of the shortlisted companies will not be disclosed until the competition results are announced.

Winners to Be Honoured in December

The Export and Innovation Awards 2026 are organised by the Ministry of Economics of Latvia and the Investment and Development Agency of Latvia (LIAA), in cooperation with the Latvian Exporters Association “The Red Jackets”, the Central Statistical Bureau of Latvia and the state-owned development finance institution ALTUM.

The winners will be announced at a formal awards ceremony on 3 December.

Award recipients will receive a specially designed statuette created by artists, a diploma from the Ministry of Economics and the right to use the competition’s official award mark in their product communications and marketing materials.

In addition, EUR 10,000 cash prizes will be awarded to the winner of the New Exporter category and the winner of the SME group in the tourism category.

Further information about the competition is available on the LIAA website.