Latgale is a region with many opportunities and advantages. One of which is its location – at the very edge of European Union at the border of Russian Federation and the Republic of Belarus. The region attracts investors from the East because they are interested in developing and expanding export into Europe. These efforts are supported by a developed transport infrastructure that eases the planning of logistics.
Businesses from European Union choose to base their manufacturing in Latgale because of lowered costs of production – cheaper workforce, taxes and raw materials). Local governments have prioritized their efforts to develop industrial infrastructure and are supportive of new investors that can aid in the development of the region.
Significantly lower tax rates in the Special Economic Zone of Rezekne, the availability of various European Union grants and the residency permit program for non-EU nationals and other instruments supports Latgale as an attractive place for investments.
Latgale is also well suited for various recreation opportunities because of its nature – numerous lakes and lush forests and an overall green environment. A special kind of investment with high potential can be made in the “black gold” of Latgale – sapropel that can be extracted from the bottom of numerous lakes and is used as an excellent fertilizer or a beauty product.
Aspects in favor of investments:
- Infrastructure for manufacturing (for metalworking and engineering, textiles, woodworks, production of food and beverages);
- Diversity of natural resources (water, land, forests, sapropel);
- “Eco” friendly environment (for tourism, SPA, Eco food production).