Therefore, Latvia needs export-oriented investments, which would provide currency earnings, enhance trade and improve the balance of payments.
The import substitution is essential as it would reduce the currency expenditures, thus improving trade and the balance of payments. Latvia also requires new technologies, which would enhance the competitiveness of Latvian entrepreneurs, increase the added value and employees’ incomes, as well as the promotion of competition, to ensure the lowest possible prices.
”In its struggle for investment attraction Latvia is not in the field of equal opportunities and fair competition. The regions and countries are competing rather than the commercial enterprises, emphasized Maris Elerts informing about the present situation in investment attraction in the world.
The latest foreign direct investment projects implemented in Latvia: CEMEX – One of the leading construction material producers in the world. In 2009 finished reconstruction, the most up-to–date cement production in Europe. Investments – EUR 270 million, the largest in production in Latvia.
Bau How - Announced about investments in Latvia in the heat of the crisis in June 2009. The first house modules produced in the plant in Ventspils were supplied to customers. In September, the construction of the second plant will start in Ventspils, 250 employees more. Bau-How Baltic Ltd has contracts on the supply of the modules of multi-story dwelling houses and hotels to Norway and Denmark. The turnover after opening of the 4th plant will amount at LVL 420 million per year.
Brabantia – On June 10, immured a capsule in the foundations of the second plant in Talsi region. The investments amount at EUR 2.13 million. A new 3000m2 large production plant is being built next to existing plant.
AGA – a producer of industrial and medicinal gas will establish a new gas production station in Ropaži region. Investments – EUR 8.3 million. 30 experts will be employed.
Coca-Cola HBC – in 2009, investments – EUR 6.2 million (up to EUR 80 million at full implementation of the project), up to 150 workplaces. In 2009, purchased the land and obtained all permits, the implementation is postponed due to economic situation.
The U.S. Company of the chemistry sector has chosen Riga for the development of a shared services centre, provides financial, personnel management, IT and procurement (administrative) services for the parent company group in the USA and Europe. 38 employees are employed, it is planned to recruit 40 employees in September, increasing the number up to 125 by June 2011.
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PM Specific Action in Latvia Tony Harkén