The European Unionβs fastest GDP growth rate of over 4 per cent in 2013 and the recent adoption of the euro are not the only factors that make Latvia an attractive foreign direct investment destination. For example, Mexican CEMEX, one of the world’s largest building materials suppliers and cement producers, chose Latvia almost a decade ago.
“Through an analysis of the region and where the attractive markets were and also the markets where the talent pool of engineers is relevant, we decided that Latvia was a market to expand in. So in 2007, we took a decision to expand our manufacturing investing over β¬300 million,” says Graham Russell, CEO, CEMEX Baltic Region.
Today, the company has expanded to the other Baltic countries, Finland, Sweden and Russia.
Alise PΔ«ka, Deputy Head of the Investment and Development Agency of Latvia in the UK, confirms that Western companies choose Riga for their headquarters serving the CIS market and Russian companies open their offices in Latvia, thus being close to home and still operating from inside the European Union.
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