Business, EU – Baltic States, Latvia, Markets and Companies

The German Business Award in Latvia 2010, which has been under the patronage of the German Embassy in Latvia since its initiation, focused on “success in the crisis” and was conferred to a small and medium-sized enterprise from Latvia that has business relations to Germany and pursued outstanding innovative and sustainable performance to overcome the economic and financial crisis.

Although founded only four years ago, SIA Madara Cosmetics managed to convince the jury with its high export-orientation and strong presence on foreign markets. The producer of natural cosmetics and organic body care products based on local ingredients was further applauded for its commitment to an ecological code of conduct which allowed the company to effectively adapt to changing consumer habits and the increasing awareness for the origin and the production process of convenience goods. 

Due to its proactive and target-oriented marketing activities, the young company succeeded to enter new markets during the crisis and to triple its export volume in the last year. By now, Mádara’s face, body and lip-care products are sold in 25 countries. In Germany, the winner distributes its products via several renowned cosmetic stores and is among the small group of exclusive natural cosmetic brands at the perfume retail chain Douglas.

The award is endowed with EUR 5 000. Furthermore, the winner will be granted a one-year free membership in the German-Baltic Chamber of Commerce Estonia, Latvia and Lithuania (AHK) as well as a voucher for a flight to Germany to seek for business partners and to take part in a trade fair.

The aim and intention of the German Business Award in Latvia is to foster the development of German-Latvian economic relations and to encourage Latvian companies to expand business contacts with German partners. The award symbolizes Germany’s commitment to Latvia as a business location and highlights outstanding performances of companies developing export products or adjusting existing products successfully to specific demands of German or Latvian markets.

The winners are chosen by a jury consisting of representatives of the German-Baltic Chamber of Commerce in Estonia, Latvia, Lithuania (AHK), the Ministry of Economy of the Republic of Latvia, the Embassy of the Federal Republic of Germany in Latvia, the Economic Development Agency of the Republic of Latvia, as well as representatives of other institutions and sponsors.

A total of 41 companies have applied for this year’s award. The jury elected six finalists, who were visited by the jury members in order to get a direct and objective impression of the activities of the companies.

The finalists for the German Business Award in Latvia 2010 are:

- SIA Bruker Baltic – www.bruker-baltic.lv

Developer and manufacturer of spectrometric devices from Riga

- SIA Corvus Company – www.corvus.lv 

Waste processing and recycling company from Riga

- SIA Embedded Systems – www.openrb.com

Developer of data processing systems and alternative energy strategies from Riga

- SIA Madara Cosmetics – www.madara-cosmetics.lv  

Producer of natural cosmetics and organic body care products from Riga

- Saldus Partika Kombinats – www.saldusgotina.lv

Producer of milk candy and toffee from Saldus

- SIA Teiko – www.teiko.lv

Woodprocessing company from Kekava

Previous laureates:

• SIA UNDA and SIA Jāņa Rozes apgāds
• SIA Dīlers and SIA Arhis
• SIA Studija Naturals and Staatliche Fachschule für Landwirtschaft in Priekuli
• SIA Baltrotors, AS Valpro Corp. and Mazā Jugla Hidro
• AS Preilu siers, SIA Biosan and SIA Varis Toys
• AS Preses nams, SIA Pure Food and SIA Latvia Tours
• AS Latvijas Finieris and SIA Baltrotors
• AS Jauda and SIA Balts
• SIA Apgāds Jāņa Sēta and SIA ELMI
• AS Dati
• AS Lauma

Note: Previously, the Award had been awarded to one small and medium sized company as well as in an annually changing category. Since 2010, the Award focuses on special topics and is presented to a small and medium sized company