bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 30.05.2017 | Name days: Lolita, Vitolds
LatviaLatvia

Four ways how Latvians living abroad «warm» Latvia’s economy

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEvery fourth person to have emigrated from Latvia in the 21st century and every fifth Latvian of young age contemplated creating a company in Latvia, create a company on his own or help his employer form business relations with Latvian partners, according to results of a survey carried out by researchers of the University of Latvia.

Currently available information states that multiple generations of Latvians have left Latvia at one point or another throughout the country’s history. The estimated number of their descendants is around 370,000. It is an important resource that could potentially benefit Latvia’s economic growth even in spite of the fact that these people currently live outside of Latvia, as concluded by experts.

Here are four ways how Latvians who live abroad can help warm up Latvia’s economy. Information is provided by International Relations and Communications specialist of the Bank of Latvia Andris Strazds, Prof. Mikhail Hazan of the University of Latvia and Nordplay owner Peteris Stupans.

People send money back home

Every third Latvian living abroad (34%) carries out regular money transfer transactions to Latvia, according to a survey carried out by researchers of the University of Latvia. 14,068 respondents from 118 countries of the world participated in this survey. According to estimates of the Bank of Latvia, regular money transfer transactions to Latvia exceed EUR 500 million annually. This money now make up for 2% to 3% of Latvia’s GDP.

Exchange of experience and knowledge

According to Latvian Foreign Ministry’s Special Envoy for relations with Latvian diaspora Peteris Elferts, Latvians live and work in more than 120 countries of the world. Latvians living abroad can help Latvian entrepreneurs explore new markets. Specialists of Latvian origin can also work as consultants and trainers in Latvian companies to help share their intellectual potential with others and strengthen the country’s national economy.

Creating new and innovative companies in Latvia

The research project titled «Communities of Latvian emigrants» carried out by Philosophy and Sociology Institute of the University of Latvia in cooperation with the university’s Economics and Management faculty helped discover that every fourth Latvian emigrant to have left Latvia in the 21st century has plans or considers opening a business in Latvia. 6% of representatives of the so-called young diaspora have already found jobs in Latvia, another 3% have already created a business in the country.

Many Latvian emigrants plan to return to Latvia with pensions earned abroad

Many representatives of Latvian diaspora allow for the possibility of returning to Latvia after retiring. This could potentially help Latvia’s national economy. According to available information, 70% of people who return to Latvia later on in life believe the time they spent abroad had a positive impact on their professional skills and 82% believe it left a positive impact on their level of confidence.

In order to involve the diaspora in the development of Latvia’s economy, the World Latvian Economic and Growth Forum will be organized for a second time. It will take place in Riga on 10 July. On Wednesday, 8 July, there will be a special forum for youngsters: Junior-PLEIF.

Ref: 102.109.109.6792


Leave a reply

Aseradens: businessmen are important partners for the country’s development

This week, Latvian Economy Minister Arvils Aseradens will invite businesses to contribute to development of innovations, adding that the country’s healthy development requires businessmen as invaluable partners, because development of products, services or innovations also contributes to the development of separate industries, as BNN was informed by Economy Ministry.

Murniece emphasizes Lithuania’s role in the fight against Russia’s information war

Latvia and Lithuania have to continue active cooperation in security and defence, as well as transport and energy, says Latvian Saeima speaker Inara Murniece during her meeting with Lithuanian Seimas Chairman Viktoras Pranckietis.

Need for additional income equally high in all three Baltic States

More than 36% of Latvian residents gained additional income in the past year, according to data of a study performed by Swedbank’s Institute of Finances.

Accommodation and catering service industry has become a risk sector in Latvia

Non-registered employment and accidents-wise, catering and accommodation service industry is one of Latvia’s risk sectors, as concluded by State Labour Inspectorate.

Construction costs in Latvia up 0.9% in April

Compared to March, the level of construction costs in Latvia increased by 0.9 % in April 2017. Labour remuneration of workers grew by 2.9 %, prices of building materials increased by 0.5 %, whereas maintenance and operational costs of machinery and equipment rose by 0.4 %.

Estonian wage growth slows down

The average monthly gross wage in Estonia, in the first three months of 2017, compared to the respective period last year, increased by 5.7%, Estonian statisticians have estimated and concluded that the country’s wage increase has continued to decelerate for year in a row.

Allied troops continue arriving in Latvia for military exercises

Saber Strike international military exercises in Europe will be taking place throughout 3 – 15 June. Allied troops and military vehicles continue arriving in Latvia. Because of that, there may be temporary traffic congestions on roads, as reported by Defence Ministry.

De Facto: millionaire Krumins’ family donates to UGF; four more houses to be built in Jurmala

Latvian businessman Julijs Krumins’ daughter donated EUR 19,000 to the Union of Greens and Farmers in May, as reported by LTV programme De Facto. Krumins has confirmed this, adding that «four more houses are to be built in Jurmala».

State law enforcement institutions join forces to combat crime

Latvia’s state law enforcement institutions join forces to combat crime. Work groups first meeting already held, as reported by State Police representatives.

Political fights for tax reforms planned to be concluded in Mid-June

Latvian government plans to view legislative drafts associated with the intended tax reform in the middle of June. Finance Minister Dana Reizniece-Ozola says the ministry is working hard to prepare legislative drafts. The objective is viewing legislative drafts in the government on 13 June, said the minister.

More rain expected in Latvia this week; air temperature to decline also

With the beginning of next week, weather in Latvia will be dictated by the south-east part of a cyclone. Central regions will likely experience short-term rain and even thunderstorms, as reported by the Environment, Geology and Meteorology Centre.

Germany: EU cannot fully depend on allies

The European Union cannot fully depend on the U.S. and UK anymore, the long-time German Chancellor, Angela Merkel, has evaluated in election atmosphere.

Week in Lithuania. PM: Coalition isn't the best

Lithuanian Prime Minister Saulius Skvernelis, whose government has been in office for half a year, says that the Lithuanian Farmers and Greens Union and the Lithuanian Social Democratic Party differ in their philosophies and approaches to many issues.

BNN summary of the week: Estonian minister disapproves of NATO; Latvia’s tax system lags behind

BNN offers a summary of this week’s topical news in a variety of categories: Business; Change; Future; Decline; Truth and Growth.

Municipal elections 2017: what do people say?

With municipal elections gradually coming close, BNN offers a compilation of opinions provided by experts from different industries. Short answers consist of thoughts about specific municipalities that affect respondents directly, and municipal administrations in general – what people expect from officials and what changes they expect from elections.

Trade of natural gas to legal clients in Latvia commences

Trade of natural gas to legal clients in Latvia has commenced. Latvenergo’s Elektrum product offers fixed-price contracts for 12-month supply period. The first gas supply contracts have been signed with clients in Latvia, the company reports.

Murniece: the biggest strength of Latvia’s parliament is public involvement

The biggest strength of Latvia’s parliament is the involvement of the public in resolution efforts of matters associated with child and women’s rights, the rights of disabled people, as well as security, tax policy and the European Union, says Saeima speaker Inara Murniece.

Corruption on decline in Lithuania, yet still remains troublesome

To wrap up the findings of a new corruption research ordered by the Special Investigation Service, an institution dealing with financial crimes in Lithuania, the situation is largely improving, yet not as fast as the service wishes.

Ventspils signs agreement with Chinese-Belarusian industrial park Great Stone

Vetnspils Freeport Authority and Ventspils High Technology Park signed an agreement yesterday with Chinese-Belarusian industrial park Great Stone, which is the largest infrastructure development project in Belarus, as reported by the freeport’s representatives.

Resignation filed by arrested Tallinn Deputy Mayor

The Deputy Mayor of the Estonian capital has stepped down from office after being arrested as part of a criminal case into violations of procedural restrictions of Tallinn procurement tenders.

Residents: situation in Latvia is developing in a wrong manner

54% of residents believe the situation in Latvia is currently developing in a wrong manner. A similar situation is noted in relation to the evaluation of the government’s work. 75% of respondents are critical about the government’s work. Only 17% of respondents are positive about the government’s work, according to results of Baltic International Bank Latvian Barometer.

Finance Minister: we have to be ready for flexibility in the reform plan

Currently we have to progress forward with the intended tax reform and prepare for a degree of flexibility, says Latvian Finance Minister Dana Reizniece-Ozola.

Zarins: unlike healthcare workers, Latvia’s roads are crumbling silently

Saeima deputy Ivars Zarins has submitted a proposal that offers restoring State Roads Fund and providing it with funding of 80% of excise tax for oil products. It is also proposed to divert income from vehicle operation tax and road use fee.

Price of oil slides 5%, though exporters decide to uphold production restrictions

Oil price has dropped by around five percent, even though oil-exporting countries have decided to maintain production limits until spring 2018.

Experts: role of free trade agreements to increase – especially with Asia

Latvian businessmen are already sufficiently active in several Asian markets. Their experience shows – these markets have great potential, according to representatives of the European Parliament’s Information Bureau.

Newest comments