Posts Tagged ‘Latvia’
The Baltic states must move towards a unified economic and political identity
On Thursday, October 30, Latvian Prime Minister Evika Siliņa and Lithuanian Prime Minister Inga Ruginiene met with representatives of the Latvian Chamber of Commerce and Industry (LCCI) and the Lithuanian Chamber of Commerce, Industry and Crafts (ALCCIC), as well as representatives of entrepreneurs from both countries, focusing on the conclusions of the study “Baltic Tiger” and the idea of a joint global brand for the Baltic States.
During the meeting, the main conclusions of the study “Baltic Tiger” conducted by the Latvian Institute for Strategic and Economic Studies “LaSer” were presented. The author of the study, Professor Daunis Auers, pointed out that in order for the Baltic countries to maintain their growth rate and security stability, deeper integration is needed in four areas: defense, diplomacy, functional cooperation, and joint branding. The study shows that the potential of the Baltic region increases when the countries act as a single player rather than three separate economies. Closer integration and a shared economic vision can become the main drivers of growth in the region. The author also emphasized the importance of the Nordic countries’ experience—close cooperation and joint solutions have helped to strengthen economic and political stability.
“The economies of Latvia and Lithuania are closely linked, and we have ample opportunities to deepen cooperation, especially in the defense industry and the digital sector. With a more favorable environment for entrepreneurs, closer economic cooperation, and fewer bureaucratic obstacles, we can increase the international competitiveness of the Baltic region,” said Latvian Prime Minister Evika Siliņa.
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Originally published on 30 Oct
Read MoreNext May, Latvia will host the second high-level international Drone Summit
On May 27, 2026, Riga will host the second International Drone Summit, bringing together defence ministers from the countries of the International Drone Coalition, leading experts, and companies from the defence industry. The summit will serve as a leading platform for discussions and future decisions, where Drone Coalition and allied nations will have the opportunity to agree on further drone deliveries to Ukraine, discuss the development of the drone industry, and establish new partnerships with drone manufacturers and innovators.
“Latvia has taken on international leadership in the drone industry not only by heading the Drone Coalition but also by promoting the development of the drone industry, fostering cooperation among entrepreneurs, and driving innovation. It is important that we continue to strengthen the defence capabilities of our country and its allies by encouraging closer cooperation between industry, science, and military sector,” notes Latvian Minister of Defence Andris Sprūds.
At this year’s international high-level Drone Summit, the establishment of the Autonomous Systems Competence Center, also known as the Drone Centre, was announced. The center has already begun operating at full capacity, ensuring the development, testing, and implementation of the drone and counter-drone capabilities required by the Latvian National Armed Forces, as well as close cooperation with industry and research partners from Latvia and allied nations.
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Originally published on 3 Nov
Read MoreLatvia’s space and smart technology potential presented at EXPO Japan
In September, Latvian entrepreneurs and scientists participated in the world’s largest exhibition, EXPO 2025 Osaka, at a business conference organized by the Investment and Development Agency of Latvia (LIAA) entitled “How Innovation in the Aerospace Industry Can Promote Sustainability and Environmental Conservation,” highlighting Latvia’s expertise and innovation potential in the field of space and smart technologies.
The conference took place as part of the Expo 2025 Osaka thematic week “The Future of Earth and Biodiversity,” bringing together experts, industry representatives, academics, and students from Latvia, Japan, and other countries to seek solutions on how sustainable aerospace technologies can help preserve the environment and biodiversity.
The conference was opened by Latvian Foreign Minister Baiba Braže. In her speech, she emphasized: “Latvia’s achievements in innovation, ICT, quantum technology and other new technology fields are recognized worldwide. The geopolitical situation has promoted the development of the domestic security industry, including in the field of drone technology. Latvia also has the advantage of extensive technology testing opportunities – more and more manufacturers from our allied countries are coming to Latvia to test the latest generation of drones. We have also achieved a lot in quantum technologies – we are a “small quantum superpower” whose professors have developed algorithms that account for up to 20% of the world’s quantum algorithms. The minister also pointed out that confirmation of our companies’ achievements is also reflected in investor assessments – the investment climate in Latvia has improved significantly, and half of existing investors plan to continue investing in Latvia in the future.
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Originally published on 29 Sep
Read More145 MW Stelpe solar farm reaches full commercial operations
The 72.5 megawatt (MW) Stelpe solar farm II, developed in Latvia by Ignitis Renewables, an international green energy company, has reached the commercial operation date. The project is located in the southern part of Latvia, Bauska municipality. The solar farm, which covers 85 hectares, is equipped with 121 thousand solar panels. The investments in the project, including the acquisition and construction costs, should amount to approximately EUR 54 million.
Stelpe solar farm II is a part of the Stelpe solar project, which consists of two sites, each with a capacity of 72.5 MW. The project has a combined installed capacity of 145 MW and will cover the electricity demand of around 70 thousand households.
Ignitis Renewables is actively continuing the development of renewable energy projects in Latvia. This year, the commercial operation date was also reached by the 94 MW Varme solar farm, and the development of the 174 MW Tume solar farm is on track. These solar farms, with a combined installed capacity exceeding 400 MW, will be able to cover the electricity demand of nearly 200 thousand households.
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Originally published on 22 Sep
Read MoreA delegation of more than 180 Latvian entrepreneurs begins a trade mission in Hamburg and Rostock
From September 24 to 26, Minister of Economics Viktors Valainis, together with 180 representatives of businesses and organizations, will participate in a trade mission to Hamburg and Mecklenburg-Western Pomerania. On September 25, Prime Minister Evika Siliņa will also join the trade mission to participate in a business forum and meet with senior officials from Mecklenburg-Western Pomerania.
This trade mission brings together more than 100 Latvian companies from various sectors – from biotechnology and sustainable energy to financial technology, information technology, and the defense industry.
Germany is the third largest economy in the world and one of the leading innovation and industrial powers. It is Latvia’s second most important foreign trade partner, with a total trade volume of €4.98 billion in 2024. Germany is also Latvia’s third largest export market, second largest import partner and main destination for Latvian service exports. In the first half of 2025, exports of goods to Germany increased by 4% to EUR 641.7 million, while exports of services increased by 6% to EUR 355 million.
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Originally published on 24 Sep
Read MoreThe Baltic Pavilion at EXPO 2025 Osaka: Recognised Among the Best
The Baltic Pavilion at EXPO 2025 Osaka has already welcomed around 800,000 visitors — a strong sign of its growing popularity. Its success has also been confirmed on the international stage: at the TEDA Awards, organised by the Experience Design Association, the pavilion won 2nd place in the Visitor’s Choice category and 5th place for Best Mascot.
The TEDA “Expolympics” competition highlights the most creative, innovative and impactful experiential design solutions at EXPO. This year, more than 160 countries and organisations are taking part.
“Visitor interest in the Baltic Pavilion has been strong from the very first days of the Expo, and we are delighted that the way we present Lithuania and the Baltic region has also been recognised by the international jury. Our aim was not only to capture attention, but also to build lasting connections — combining modernity and innovation with elements that reveal our identity and uniqueness. Standing out among so many participating countries is no easy task, and we are proud that Lithuania has succeeded,”
– Lina Antanavičienė, Commissioner General of the Lithuanian Pavilion at EXPO 2025 and Ambassador
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Originally published on 24 Sep
Read MoreFrom Stockholm to Riga, Outlast Fund launches €21M fund to back founders in it for the long game
Outlast Fund, a Baltic-Nordic VC fund, has closed its first fund at 21M EUR to invest in pre-seed and seed-stage startups from the region. The fund is based in Riga and Stockholm, and aims to be the first cheque in backing founders building solutions that are built to last, with initial pre-seed tickets of up to 250,000 EUR and 1.5M EUR seed rounds.
The fund goes against the grain in the investment environment, eschewing typical VC advice to prioritize quick exits. Rather, they look to scour the edges to uncover the most promising founders in the Baltics and Nordics, and are prepared to invest in them at the earliest stages to help them build enduring companies.
The fund is particularly keen to keep an eye out for serial entrepreneurs with a proven track record, ready to back them as early as the idea stage. Outlast Fund also invests in first-time founders who possess unique and specific insights within their chosen verticals. However, a trait that they look for in all cases is an obsessive drive to solve their customers’ most pressing problems. Regardless of whether the founders are better suited for building lean teams with the help of angels, microfunds, and syndicates, or if they are eyeing large rounds from the get-go, Outlast Fund is ready to support from the first cheque, rather than jumping in at the middle.
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Originally published on 18 Sep
Read MoreRail Baltica marks ceremonial signing of historic electrification contract
At the beginning of September, Riga hosted the European Hydrogen Valleys Investment Forum (EHVIF TechTour 2025), reaffirming hydrogen as one of the central themes for Europe’s future energy landscape. The event gathered more than 220 participants – including start-ups, investors, corporate representatives, experts, and policymakers.
In total, 40 start-ups and hydrogen valley projects presented their innovative ideas, while more than 40 investors and industry leaders shared their perspectives on developing and financing clean energy solutions. The event concluded with eight companies being recognized by the expert jury as Top Presenters.
Special attention in the programme was devoted to discussions on hydrogen production, storage, distribution, and use in mobility and industry, as well as on governance and cooperation models. One of the key highlights was the pitching session, where the H2Value project was presented – the first cross-border initiative to build a green hydrogen value chain between Latvia and Estonia. The project’s goal is to gradually establish the entire chain, from production and storage to distribution and real-life application in transport.
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Originally published on 15 Sep
Read MoreH2Value project plays a significant role in European hydrogen forum discussions
At the beginning of September, Riga hosted the European Hydrogen Valleys Investment Forum (EHVIF TechTour 2025), reaffirming hydrogen as one of the central themes for Europe’s future energy landscape. The event gathered more than 220 participants – including start-ups, investors, corporate representatives, experts, and policymakers.
In total, 40 start-ups and hydrogen valley projects presented their innovative ideas, while more than 40 investors and industry leaders shared their perspectives on developing and financing clean energy solutions. The event concluded with eight companies being recognized by the expert jury as Top Presenters.
Special attention in the programme was devoted to discussions on hydrogen production, storage, distribution, and use in mobility and industry, as well as on governance and cooperation models. One of the key highlights was the pitching session, where the H2Value project was presented – the first cross-border initiative to build a green hydrogen value chain between Latvia and Estonia. The project’s goal is to gradually establish the entire chain, from production and storage to distribution and real-life application in transport.
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Originally published on 12 Sep
Read MoreThe Government approved the proposals from the Ministry of Energy for a longer deadline for the second offshore wind farm tender – until 7 October
The Government approved the proposal of the Ministry of Energy to temporarily suspend the current tender for the development and operation of the offshore wind farm. According to the decision, the tendering procedures will be resumed on 6 October 2025, and the submission of tenders will continue until 7 October 2025, inclusive.
The temporary suspension of the tender is necessary to ensure successful results. The decision was made taking into account the fact that the tender took place during the summer period, when market participants are objectively less active. Political processes taking place during the summer also influenced investors’ decisions to participate in the tender and invest in Lithuania. The Ministry of Energy received indications from potential participants that the current deadline for submitting documents was too short to properly prepare for participation in the tender, including detailed financial, technical, and legal assessments.
These changes will create more favourable conditions for greater involvement of market participants. The aim is to ensure that offshore wind farm projects are implemented at competitive prices by creating attractive tender conditions for investors and ensuring maximum competition. The decision creates preconditions for the implementation of the goal to develop two offshore wind farms with a total capacity of 1.4 GW, specified in the National Energy Independence Strategy.
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Originally published on 5 Sep
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