EU – Baltic States, Good for Business, Investments, Latvia, Technology, Telecomunications

As Gulbis explains, investments have not been halted. For example, he says that an extensive modernization of its cable network has been launched this year, which is especially important for households which have not yet had access to fiber-optic Internet. ''This means that over 180,000 Latvian residents will now have access to 10x faster Internet,'' Gulbis points out.

Gulbis also point out to the report released today by the European Commission, which mentions Latvia as having the second most fiber-optic Internet subscribers in the EU, and the fourth most subscribers with an Internet speed of over 30 Mbit/s, saying that these investments in the country's Internet network have been very fruitful.

''The report reveals what many Latvians observe when visiting foreign countries – that we are considerably ahead many EU countries in regard to Internet speed and connection,'' Gulbis added.

Lattelecom is the leading provider of electronic communications services in Latvia.

Lattelecom was established in 1994 as a joint venture. 51% of capital shares belong to the republic of Latvia, and 49% belong to the Tilts Communications consortium.

In 2014, the company achieved EUR 165 million in turnover and EUR 30.3 million in profit.