EU – Baltic States, Foodstuff, Good for Business, Investments, Latvia, Markets and Companies

Business Development Director Guntars Dzerve said that the total figure included investments in product development as well as purchase and installation of the production equipment.

The plant will be making sugar-free chocolate with low energy value, RED, that had been developed over several years in cooperation with chocolatiers from France and Switzerland.

"No sugar and low fat content is our answer to the growing global demand for chocolate with low energy value, and this is going to Chocolette Confectionary be our niche," said Dzerve.

Chocolette Confectionary plans to be selling its product mostly in the Baltics and the major European markets as well as in the United Kingdom, Scandinavia, Asia and the U.S.

Dzerve said that Latvia had been picked as the location for the new chocolate plant for a number of reasons, including its excellent geographical position allowing for convenient logistics, support from the central government and local governments to new business initiatives and availability of skilled personnel with high productivity.

The new plant will be highly automated and the production will be based on the principles of the so-called green thinking, using less water, gas and energy and generating less waste. The plant will also meet the highest environmental and sanitary standards.

According to Firmas.lv business information website, Chocolette Confectionary was registered in Latvia on May 12, 2016, and its sole owner and board member was Russian citizen Igor Sladkov. But later the company was acquired by a Cyprus-registered company, Mediahold SBC Limited, and Russian citizen Anastasiya Repina was appointed as the new board member.