A small company in Latvia is planning to open a German automotive company, Kaspars Rožkalns, director of the Latvian Investment and Development Agency (LIAA), told TV3 on Friday in an interview with TV3, not yet revealing the name of the company.
He pointed out that LIAA is currently working with “a rather significant player from the German automotive industry”, who initially plans to create a small-scale production in Latvia with further potential to transform it into an experimental plant.
Rožkalns added that more specifically, the plans of the relevant German automotive company could be announced in the summer. At the same time, he noted that the German automotive company in question was neither Daimler nor BMW.
The head of LIAA emphasized that Latvia does not focus on the establishment of huge production facilities, because it would not be possible to provide the necessary workforce to such large production facilities. “What we are trying to attract is small-scale production facilities that produce something innovative and new, where we can combine the competence of our scientists with business,” said Rožkalns.
He also noted that now is a good time for investment or harvest time. “In many countries, investors are reviewing their future plans and whenever the prospects are reviewed, there are opportunities to gain or lose something,” said Rožkalns.
He added that last year LIAA attracted investments of about 250 million euros, while LIAA is currently working on 21 investment projects, with a total investment potential of 1.3 billion euros. “Latvia’s positioning is not so bad at the moment. We are in Europe, and we are very attractive in the information and communication technology (ICT) sector, ”said the head of LIAA.
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