Investment and Development Agency of Latvia

"LIAA" redirects here. For London International Advertising Awards, see London International Awards.
Investment and Development Agency of Latvia
Latvijas Investīciju un attīstības aģentūra
Agency overview
Formed September 1993
Jurisdiction Latvia
Headquarters Pērses iela 2, Riga
Employees 205
Agency executive
Parent agency Ministry of Economics (Latvia)
Website liaa.gov.lv/eng

The Investment and Development Agency of Latvia (LIAA; Latvian: Latvijas Investīciju un attīstības aģentūra) is a government agency responsible for promoting business development in Latvia by facilitating the growth of foreign investment and increasing the competitiveness of Latvian entrepreneurs in domestic and foreign markets.[1] LIAA also administers EU Structural Funds for promoting business and encouraging the formation of new enterprises.[2] The agency is overseen by the Ministry of Economics of the Republic of Latvia.[3]

History

LIAA was established on September 7, 1993, by the Ministry of Economics of the Republic of Latvia. The agency was originally known as the Latvian Development Agency, but was reorganized into the Investment and Development Agency of Latvia (Latvijas investīciju un attīstības aģentūra, in Latvian) in 2004. Over the last two decades the number of employees at LIAA has grown from 10 to more than 200.[4]

Aims

In order to attract foreign direct investment to Latvia and promote foreign trade, LIAA supports companies in Latvia trading internationally as well as overseas enterprises seeking business partners or locations in Latvia.[5] To meet both these objectives, LIAA administers the State Support Programmes for Entrepreneurs, co-financed from EU Structural Funds.[6]

LIAA is also involved in the implementation of national programs for export and the promotion of innovation, and takes part in projects under EU 7th Framework Programmes.[7]

Working in close cooperation with the business community, particularly with the Foreign Investors Council in Latvia (FICIL), the National Economic Council, and industry associations, LIAA facilitates the steady improvement of the business environment, particularly in the area of administrative procedures.

Functions

Investment facilitation

Working as a "one-stop shop" for foreign investors and buyers, LIAA provides assistance in investment location selection and implementation of investment projects.[8] These services include:

Search for suppliers

The agency also provides assistance in finding appropriate Latvian suppliers and in increasing their competitiveness.[9] These services include:

Follow-up service

LIAA provides follow-up services and support after the implementation of investment or sub-contracting projects.

State support programs

LIAA implements a number of state support programs available for companies registered in Latvia, advancing grants for participation in international exhibitions and trade missions, consultancy, modernization of business-related infrastructure, development of new products and technologies, and increasing the qualifications of employees.[10]

Enterprise Europe Network Latvia

LIAA is also home to Enterprise Europe Network Latvia, the Latvian branch of the Enterprise Europe Network (EEN). EEN is the largest network of contact points providing information and advice to EU companies on EU matters, in particular small and medium enterprises (SMEs).[11] In addition to Latvia, the network offers concrete and effective solutions to entrepreneurs and companies in more than 40 countries, including the 28 EU member states, two EU candidate countries, members of the European Economic Area (EEA), and other participating countries.

Foreign representatives

LIAA has an extensive network of foreign representatives around the world and a cooperative network with other institutions both in Latvia and abroad, which takes the agency close to its customers and links them to markets, business partners, and locations.[12]

LIAA currently has representative offices in:

Copenhagen (Denmark), Berlin (Germany), Paris (France), Tokyo (Japan), The Hague (The Netherlands), Oslo (Norway), Warsaw (Poland), Moscow (Russia), Stockholm (Sweden), and London (United Kingdom).[13]

The agency also has a network of public representatives in Switzerland, Liechtenstein, Republic of Uzbekistan, Germany, Ukraine, and Finland.[14]

LIAA's foreign representatives provide information about business opportunities in Latvia, relevant legislation, the taxation system, the national economy, and external trade. They promote and facilitate cooperation between Latvian companies and businesses in the particular country or region, and assist in finding cooperation partners.[15]

Cooperation with other institutions

LIAA works in close cooperation with the Ministry of Foreign Affairs and diplomatic missions represented in 75 countries around the world. LIAA also cooperates with local municipalities and regional development agencies.

Latvian Export-Import Directory

LIAA administrates the free export-oriented information on-line database EXIM.[16] The goal of the directory is to provide an online exchange of information about import and export facilities for Latvian and foreign entrepreneurs.[17]

EXIM helps to:

Recognition

World Association of Investment Promotion Agencies

In 2005 LIAA received the highest recognition of its professional activity. The World Association of Investment Promotion Agencies (WAIPA) acknowledged LIAA as the best investment promotion agency in Central and Eastern Europe by awarding it the status of World Class Agency.[22] In 2008, at the annual international WAIPA conference in Accra, Ghana, LIAA once again received an award from WAIPA for promoting investment-friendly state policy.[23]

World Bank

In 2009, the World Bank rated LIAA one of the top 10 performing national Investment Promotion Intermediaries (IPIs) in the world, according to the Global Investment Promotion Benchmarking Summary Report published in May 2009.[24] The agency placed 7th out of 213 national and sub-national IPIs, outperforming many agencies from high-income countries such as Australia, United States, Ireland, Finland, Spain, and Czech Republic.

References

  1. ↑ https://web.archive.org/web/20120502001915/http://www.liaa.gov.lv/eng/home/about_us/activities/. Archived from the original on May 2, 2012. Retrieved August 1, 2012. Missing or empty |title= (help)
  2. ↑ https://web.archive.org/web/20120709001137/http://www.liaa.gov.lv/eng/invest_in_latvia/state_aid_programmes_for_20072/. Archived from the original on July 9, 2012. Retrieved August 1, 2012. Missing or empty |title= (help)
  3. ↑ http://www.em.gov.lv/em/2nd/?cat=30219
  4. ↑ http://www.liaa.gov.lv/?object_id=1970
  5. ↑ http://www.liaa.gov.lv/eng/home/about_us/about_us/
  6. ↑ http://www.liaa.gov.lv/eng/invest_in_latvia/state_aid_programmes_for_20072/
  7. ↑ http://www.liaa.gov.lv/eng/home/about_us/organisation/
  8. ↑ http://www.liaa.gov.lv/eng/home/about_us/activities/
  9. ↑ http://www.liaa.gov.lv/eng/home/about_us/activities/
  10. ↑ http://www.liaa.gov.lv/eng/invest_in_latvia/state_aid_programmes_for_20072/
  11. ↑ http://portal.enterprise-europe-network.ec.europa.eu/
  12. ↑ http://www.liaa.gov.lv/eng/offices/offices/
  13. ↑ http://www.liaa.gov.lv/eng/offices/representatives/
  14. ↑ http://www.liaa.gov.lv/eng/offices/public_representatives/
  15. ↑ http://www.liaa.gov.lv/eng/offices/offices/
  16. ↑ Latvian Export Import Directory
  17. ↑ http://www.exim.lv/?object_id=5237
  18. ↑ http://www.exim.lv/?module=companies&do=show_company_list
  19. ↑ http://www.exim.lv/?module=proposals&object_id=5234
  20. ↑ http://www.exim.lv/?object_id=5252
  21. ↑ http://www.exim.lv/?module=events&object_id=5235
  22. ↑ http://www.baltic-course.com/eng/investments/?doc=1196
  23. ↑ http://www.baltic-course.com/eng/investments/?doc=1196
  24. ↑ http://www.ifc.org/ifcext/fias.nsf/AttachmentsByTitle/GIPB2009/$FILE/GIPB2009.SummaryReport.pdf

See also

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