Latvia Market

Latvia has a unique geographical and cultural position, providing a strategic location for business operations targeting developed economies and emerging markets of its Northern and Eastern European neighbours. Latvia is a natural gateway between the US, EU and Asia (especially Russia/CIS).

Located on the Baltic Sea, Latvia has three major, ice-free international ports—Riga, Liepaja and Ventspils. They are closely linked into the country’s land-based infrastructure, including an extensive rail, road and pipeline system. The largest airport in the Baltics is Riga International Airport—with over 70 international direct destinations.

Latvia’s external trade and customs policy is based on free trade principles. Latvia is an EU country, a member of Schengen and an active participant of the World Trade Organization, enjoying all the benefits of free and open trade in the world’s markets.

Latvia continues to build on its traditions of innovation and product development. Innovation has been recognised as crucial for the country’s development of a knowledge-based and sustainable economy, as well as Latvia’s overall national and social development.

Latvia offers significant cost advantages, including competitive labour and real estate markets, as well as competitive tax rates. Coupled with strong productivity in manufacturing and services, Latvia provides a highly cost-effective environment for business, producing compelling returns on investment.

Strongest sectors in Latvia

  • Woodworking
  • Metalworking and mechanical engineering
  • Transport and storage
  • Information technology (including global business services)
  • Green technology
  • Health care
  • Life sciences
  • Food processing

BitWise was planning to establish a company presence in Eastern Europe, and was at an early stage of investigation. Charles highlighted the potential of various countries including the Baltic states.


Charles Cormack was involved in developing opportunities for us in Eastern Europe. He was able to quickly get a handle on our business, and from that was able to identify potential partners for us.

Caravan Sitefinder

We have been delighted by the level of service we have received from CCG, they helped us identify the opportunity, then approached key organizations and companies and introduced our product, and then brought us across to meet with potential distributors.

Magnatech Fuel Conditioning Systems

I am writing to confirm that over the last few years Cormack Consultancy Group Ltd has been helping Sigma Capital Group plc to identify potential investment opportunities in the renewables sector in the Baltic region.

Sigma Capital Group

During my time with Invest Lithuania Charles Cormack and CCG were among our main counterparts in our efforts to get British companies to invest in Lithuania. This co-operation resulted in quite some deals and our realistic expectations were grossly exceeded.

Deloitte Lithuania