Foreign entrepreneurs note slight improvement in Latvia's investment climate despite pandemic

  • World
  • Saturday, 30 Jan 2021

RIGA, Jan. 29 (Xinhua) -- Despite the coronavirus pandemic, Latvia's investment climate improved somewhat in 2020, a new survey of foreign entrepreneurs doing business in the Baltic country showed on Friday.

According to the FICIL Sentiment Index 2020, released on Friday by the Foreign Investors' Council in Latvia (FICIL), foreign entrepreneurs' assessment of Latvia's investment climate on a five-point scale improved to 2.7 points in 2020 from 2.6 points in 2019 and 2.5 points in 2018.

"One explanation for such an assessment might be the fact that not all investors' performance results have worsened in the COVID-19 pandemic," said Arnis Sauka, a professor at the Stockholm School of Economics in Riga (SSE Riga) and author of the FICIL survey.

Results of the survey showed that for half of the foreign-capital companies in Latvia turnover either remained unchanged from 2019 or even grew in 2020.

However, the surveyed entrepreneurs noted that Latvia's economic progress in 2020 was hampered by a high degree of uncertainty, taxation issues and demographic problems, the FICIL Sentiment Index suggested.

A bit more than half of the 44 representatives of Latvia's largest foreign-capital companies polled in the survey recognized at least some progress in areas like availability of labor force, quality of education and science, healthcare and the judiciary.

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