About Latvia and Northern Europe

There may be a temptation to consider Latvia as an insignificant country and market with its 1.9 million population. This is a big mistake. Yes, the Latvian market itself is insignificant, but ….

The main selling points for Latvia include that

• its significance should be compared to the Suez or Panama Canals. Latvia enjoys a unique geographic location being an important point of entry to Northern Europe and the EU, and gateway to North America, and being the geographic centre of Northern Europe serving as a bridge and point of entry between east and west with excellent ties both directions.
• Latvia and its capital, Riga is the commercial hub of Northern Europe. It is the financial centre of Northern Europe (the Luxembourg of the north) with established traditions in banking, manufacturing, education and development
• Latvia has the ONLY ice-free ports in the Baltic Sea.
• it is a financially and politically stable country belonging to both NATO and the EU with a growing economy, an ideal location, shared values with North America and an infrastructure of chemical and pharmaceutical manufacturing, forestry and the IT industry that is driven by various needs and conditions that favour business activity Canada.

Latvia’s national airline, airBaltic, is a transportation hub serving the EU and surrounding countries confirming the position of Latvia as a centre of economic activity in Europe.

Conclusions: Canadian companies should consider Latvia as a facilitator for economic expansion into Northeastern Europe the EU. It can serve as a regional base for business in Northern Europe, and provide a network of contacts in the wider region.