European best destinations 2024 - Riga

High value–added manufacturing

New and innovative technological solutions and developing high-value-added products and services are both our priorities and strengths.

With more than 100 years of experience in delivering state-of-the-art solutions for the industry and excellent supply chains for electronics, optics, and lens manufacturing, It is possible to find an enormous potential for the science, engineering, and industry of smart materials. The manufacturing industry in Latvia is now focusing on the development of high-value products, such as smart materials and photonics, green technology, and electronics.

Why Riga?

  • Excellent geographical location and the best connectivity in the Baltics
  • Focus on high added value products
  • An inclusive society and a high level of digitalization
  • A cost-competitive business environment
  • Support mechanisms and special economic zone

Riga offers superior connectivity by being a convenient logistics hub connected with rest of Europe by rail, air and sea. Riga has a large port that is located in the special economic zone area, the Riga central train station will soon be the largest in the Baltics, and already has the largest international airport in the Baltic region.

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Life-science industry in Riga 2023
High value-added manufacturing sector in Riga 2023

  • Latvia is an EU country that boasts diversity, digital advancement, and cost-effectiveness. It is noteworthy for having the highest proportion of women in management positions among EU countries, as well as being ranked 19th globally in terms of ease of doing business. Additionally, Latvia ranks 4th among EU nations in terms of e-government services.

  • Companies in Latvia can benefit from a variety of government incentives and support mechanisms to foster innovation, growth, R&D and export capacity. Furthermore, the Riga port special economic zone offers specific advantages, such as tax reliefs and co-financing. Foreign investors have all the same rights and opportunities as the local businesses.

  • Latvia, compared to other EU countries, stands out with cost competetiveness in labour costs, favorable tax rates, and lower real estate and utilities’ costs make it an attractive destination for companies to establish their operations in.

Fastest growing sectors

  • Electronics and electrical engineering
  • Smart materials and photonics
  • Green technologies
  • Life sciences and chemical production

Largest companies





  • Smart materials and photonics industry ~ 3733 companies
  • Employed 35,000 people (year 2022)
  • Electronics and electrical engineering ~ 290 companies
  • Green technologies ~ 66 companies , more than 2000 employees
  • Chemical and pharmaceutical industry ~ 500 companies
  • The number of employees in chemical and pharmaceutical companies ~ 8,000

Key Benefits 

  • More than 100 years of experience
  • 41st place in the World Innovation Index
  • International knowledge
  • 7th place in Europe in terms of number of students entering science, technology, engineering and mathematics undergraduate programs (2022)
  • 1st place among OECD countries in the proportion of women in science, technology and innovation
  • First-class supply networks for electronics, optics and lens manufacturing
  • Tech Scouts
  • The world's fastest optical Internet and high-level fiber optic products
  • The MATERIZE platform is a centralized solution for connecting the business environment and science
  • Employment leader in rapidly growing companies in the Baltic States
  • Green Channel support

Useful links:


Rolando Huapaija-Delgado, phone. +371 29340979, 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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