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Sunday 28.05.2017 | Name days: Vilhelms, Vilis

EY: appearance of new jobs hit a new historic peak in Europe last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU2014 had been mostly successful for Baltic States: an increase of 9% in terms of attracted investment projects and 31% more jobs created.

The year was especially successful for Latvia: the country managed to attract 24% more investment projects than the year before (18% more in Lithuania and 17% less in Estonia), as mentioned in the European Attractiveness Survey 2015 by EY.

Lithuania had the largest proportion of new investment projects among Baltic States last year – 39%. Latvia had 36% and Estonia – 26%. Researchers note that Latvia had the smallest proportion of investment projects the year before – 31% (33% in Estonia and 35% in Lithuania).

«Latvia has picked up good speed in the investment field. It even managed to get ahead of Estonia in terms of new investment projects. It is important to keep in minds that geopolitical instability in our regions and uncertainty in the development of certain industries reduces the readiness of investors to partake in projects. With that, Latvia’s results are especially impressive,» – said EY partner in Baltics Guntars Krols.

EY notes that 2014 was successful for the whole of Europe in regard to investments: 10% more investment projects were attracted in 2014 than the year before. There was also a 12% increase in the number of created jobs in comparison with 2013.

«Poland is the largest competitor for Baltic States in Central and Eastern Europe. We see that Poland is the leader of its region in terms of new investment projects. Baltic States, on the other hand, are leaders in terms of software and food industry; Poland is not that far behind as well. It is clear that we cannot compete with Poland in industries that require large local markets. Nevertheless, Baltic States can successfully compete in areas that are based on knowledge and effective logistics,» – comments Krols.

Researchers also note that internal market investors now start the majority of projects in the field of direct investments. This means that the proportion of European investors in projects launched in 2014 was 52%, and this proportion has remained the same over the course of the past five years. The proportion of investments from USA was 25% and that of China and Japan – 5% each.

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