Baltic Export, Forum, Good for Business, Latvia, Technology, Telecomunications

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The latest statistics show that 470 new ICT companies were founded in Latvia in 2014, bringing the total number up to 5,534 companies. “The steepest increase was in the sub-sector of Software Development, Consulting and Related Activities. The number of employees in the industry increased by 3,200 compared to 2013, reaching 26,600,” Balina said.

She said that the ICT industry's turnover in 2014 was EUR 3.064 billion and the share of its value added in the gross domestic product was 3.8%.

Taxes paid by the ICT industry account for EUR 103 million or 5.9% of all taxes in the second quarter of this year, which ranks it fourth among all branches of the economy by contribution to the total budget revenue.

"Total exports of the Latvian ICT industry in 2014 increased 22% from 2013,” said Balina, adding that export growth was a steady trend. For example, in the second quarter of this year computing and information services showed a 39% growth year-on-year to EUR 62 million.

"The share of exports in the industry's turnover, including both products and services, has grown from 34% in 2013 to 42% in 2014,” the head of the association said.

LIKTA's 17th annual conference “Europe 2020: Achievements and Challenges of Latvia” is under way in Riga on Thursday.