Investments, Latvia, Markets and Companies, Real Estate

Edgars Sins.

The responsible institutions are not prepared to work with such investors. They are ready to service those who are preparing to open small factories with dozens of jobs in the area of 100 square meters. They cannot service large investments," said Sins.

According to him, when an investor arrives in Latvia and explains that he wishes to invest LVL 500 million, he is left puzzled by the fact that he must wait three years to receive a construction permit. Moreover, there is only 30 or 50% chance of implementing this idea, writes LETA.

Latvia does not have any institution that could provide assistance to such investors and guide them through the entire process. We have already seen how Metsaliito, IKEA, Coca-Cola failed to achieve anything here. Latvia needs an institution with the required capacity, goals and motivation to work with these clients, pointed out Sins.

The Latio CEO explained that the country receives hundreds of millions worth of investment offers each month, however, the Latvian ministers are afraid to speak with these investors.

"It is easy to understand them. They are afraid to link their names with large projects. Taking into account the struggle against the so-called oligarchs, the ministers do not want to be suspected of corruption. Nevertheless, these investors could considerably affect Latvia's development and it is necessary to know how to work with them," emphasizes Sins.