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Nine companies plan to invest LVL 12.4 million in Latvia to create 949 new jobs

Andris Ozols, Latvian Investment and Development Agency director. Photo: Evija Trifanova/LETA.
 RIGA, Dec 10 - Thanks to the Latvian Investment and Development Agency's (LIDA) support, nine companies made the decision to implement their investment projects in Latvia in a total amount of LVL 12.4 million in January-September this year, as the LIDA informed "Nozare.lv".

After the projects are fully implemented, they will create 949 new jobs.

In terms of new job creation, 2012 will be a more productive year than last year - the said nine investors are to create as many jobs - 949 - as seventeen investors during the entire 2011 - 944 new jobs.

In attracting investors and helping investors who already conduct business in Latvia to expand their operations, the LIDA works as a coordinator among the various parties involved.

The LIDA also closely cooperates with local governments in order to increase their involvement in the attraction of foreign investments, as well as with Latvian scientific institutes and academic institutions, therefore the LIDA can offer investors a full picture of what Latvia has to offer. The LIDA's latest cooperation agreement was signed with Jelgava City Council, where the newest cooperation achievement is the entry of Russian industrial company "UralVagonZavod" in the city.

In collaboration with state institutions and ministries, the LIDA also continues work on tackling problems important to the existing investors in Latvia as well as to prospective investors: helping the IT sector find new employees, supporting the expansion of the "Bioletic" plant in Livani, and others.

The LIDA also informs, foreign investors who entered Latvia this year are mostly interested in the metallurgical and electronics sectors (33 percent of investors' projects) and in the IT sector (30 percent).

Also, more than a half of investment projects were implemented in the production sector - 61 percent, and the rest in the services sector.

According to the LIDA's data, most prospective investors in Latvia at the moment are from the United States and Great Britain (13 percent each), followed by Russia, Germany and Netherlands (8 percent each).

Although United States still has the largest number of potential investors in Latvia, this number has reduced from 2011, when every fifth potential investor was from the United States. On the other hand, Russia and Netherlands' interest in investments in Latvia is increasing. Altogether, 70 percent of potential investors in Latvia with which the LIDA is currently working are from Europe.

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