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Wednesday 22.11.2017 | Name days: Aldis, Alfons, Aldris

Latvia falls behind its neighbours in terms of FDI

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe number of jobs created with the help of foreign direct investments (FDI) had increased 241% in Latvia last year. The volume of investment projects, however, was halved.

290 jobs were created as a result of FDI activity in Latvia last year. These jobs were created by seven different investment projects. This puts Latvia on the 32nd spot among European countries in terms of the number of created jobs. In terms of FDI inflow, Latvia falls behind its Baltic neighbours – Lithuania and Estonia, according to Ernst & Young’s European Attractiveness Report 2013.

Last year’s investments in Latvia came to such economic areas as service centers, trading and marketing, and manufacturing. These investments came from Sweden, Norway, USA and Russia.

Latvia’s FDI inflow is significantly behind that of Lithuania, where 27 FDI projects with 1 717 new jobs were implemented, and Estonia, where 25 FDI projects with 443 new jobs were implemented.

A total of 59 FDI projects were implemented in the Baltics last year. This created 2 450 new jobs in the region. In 2011, 64 FDI projects (1 876 new jobs) were implemented in the Baltics. Most of FDI inflow came from Scandinavian countries – Sweden, Denmark and Finland.

The European Attractiveness Report 2013 employs a comprehensive methodology to assess investment projects that allow the creation of new jobs, except for investments that involve the purchase and sale of companies.

The UK is in the lead in terms of creating new jobs in 2012 – 30 311 new jobs. It is followed by Russia with 13 356 new jobs and Poland with 13 111 new jobs. Germany and France are on the fourth and fifth places. Serbia and Turkey also stand out in this regard (sixth and seventh place in Europe). The TOP 10 end with Romania. In total, Eastern Europe had created 26% more new jobs than in 2011.

Countries of Western Europe remain in the lead in terms of FDI inflow. The UK had implemented the most of FDI projects in 2012 – 697. It is followed by Germany (624), France (472), Spain (274), Belgium (169) and the Netherlands (161). Poland is ahead of Russia in terms of the number of FDI projects (148 in Poland to 128 in Russia). Nevertheless, Russia remains ahead of Poland in terms of the number of new jobs.

Ernst&Young performs this survey every year. It provides an insight into FDI projects in Europe. It is based on Ernst & Young’s monitoring data on the implemented projects. The poll of managers that lead 808 countries presents a general outlook about future perspectives of FDI in the region. This also shows just how attractive Europe is in the eyes of foreign investors.

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