Legal Market Overview
Latvia has continued as one of the poster children of the integration of new states in to the European economic fold since the 1990s. Economic prosperity has continued despite the COVID-19 pandemic, with the country’s technology industry acting as a particular bright spot. Latvia has an export-led economy, with forestry products constituting a notable sector, with other exports including wheat, pharmaceuticals, chemicals and food products (noting that Stolichnaya vodka for the European market is made in Latvia by a company in a dispute with the Russian government).
As a member of NATO, as well as the European Union, OECD and Eurozone, the Russian invasion of Ukraine has been at the forefront of concern in Latvia, which has a border with Russia and for that matter a Russian-speaking (but not uniformly politically pro-Russian) minority.
Regional Baltic firms lead the way in Latvia, a strong reflection of regional integration with Estonia and Lithuania and pan-Baltic approaches taken by many international investors.