Latvia’s Economic Outlook: Key Insights from the BritCham Discussion with minister of Economics, Viktors Valainis

On Wednesday, 29th January 2025, BritCham Latvia hosted a discussion with the Minister of Economics, Viktors Valainis, on Latvia’s economic priorities and initiatives for 2025. The event provided an opportunity for business leaders and investors to learn about key strategies for economic growth and investment in Latvia.

We also welcomed the new LIAA Director, Ieva Jāgere, who shared insights into investment attraction and business opportunities.

Key Takeaways from the Discussion:

✅ Economic Growth Strategy – The Ministry of Economy aims to double Latvia’s GDP by 2035 through increased private investment, exports, and productivity.
✅ Reducing Bureaucracy in Construction – Introduction of a unified building registration process to simplify development.
✅ Promoting Lending for Economic Growth – Increasing SME equity and credit volume to improve financial accessibility.
✅ Reduction of Food Prices – Implementation of markup caps, lowest price settings, and a digital price comparison tool.
✅ AI Solutions in Public and Private Sectors – Development of labour market analysis tools and pilot data processing projects.
✅ Transformation of Latvian Ports – Investment in new industrial territories and export capacity.
✅ Rental Housing Development in Regions – Support for low-rent housing construction and mortgage lending.
✅ Attracting Large Investments – Strengthening financial instruments, capital markets, and EU fund support.
✅ Investments in National Defence – Establishing defence industry strategies and material reserves.
✅ Public Sector Reforms – Streamlining government functions to reduce costs and enhance service delivery.
✅ Trade Missions Abroad – Expanding foreign investment opportunities and promoting exports.

The discussion was moderated by BritCham Board Member, Robin Poynder, ensuring a focused exchange of ideas.

BritCham Latvia thanks Minister Viktors Valainis, LIAA Director Ieva Jāgere, and all attendees for their participation. We look forward to continued discussions on economic development in Latvia.