European best destinations 2024 - Riga

Global business services and financial services

Riga's Global Business Services (GBS) sector is consolidating its position and continues to experience an upward trend. Riga maintains one of the lowest market saturation levels in the region, which is an especially attractive factor for new market entrants and the growth of the GBS sector.

Riga's strategic location, highly skilled workforce, and favorable, dynamic business environment are key factors that make it a preferred destination for companies seeking to establish or expand service centers and outsource services within Europe.

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Global Business Services (GBS) in Riga
Economy Profile of Riga 2024

Key advantages

  • Competitive cost of doing business.
  • Lowest office rents in the Baltics (Class A office - EUR 15-18 per sqm per month, Class B office EUR 9-14 per sqm per month).
  • 2nd place in the International Tax Competitiveness Index
  • 1 million inhabitants in the Riga metropolitan area, with 54% proficient in at least two foreign languages.
  • 1st place in the Innovation Index among the Baltic States.
  • Low market saturation.
  • Most Latvian universities located in Riga, with approximately 79,000 students and 15,000 graduates annually.
  • Educated workforce, with around 40% holding higher education degrees.
  • Green Corridor for high-priority investment projects, particularly in the GBS and IT sectors.

Main subsectors

  • IT
  • financial services
  • customer service
  • logistics
  • HR management and procurement

Main companies


Accenture 2 000 employees          

Cognizant Latvia 150 employees   

Circle K 760 employees                 

Cabot 260 employees                   

SEB 1 200 employees                    




Read more about the Roche satellite in Riga HERE

Useful links:

Association of Business Service Leaders in Latvia (ABSL)


Eva Medjāne, tel. +371 29495285, e-mail: 

If you need an assistance

We are your first point of contact if you're interested in Riga as a place for investment, business development, or film production. We will assist and help with the right people and organizations without added cost. Get in touch and let's make things happen.

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