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Latvia could be Europe's new cluster hot spot

With their induction into the EU nearing, Latvia presents a great opportunity for the implementation and development of cluster policy. Being located between Scandinavia, Russia and large EU economies (Germany, Poland), Latvia is in an enviable position; one that should put them at the crossroads of increased trade for several years to come.

The Baltic Review published an article outlining their future scenarios for economic growth in the region, in an attempt to assist Baltic States in developing appropriate economic development plans. Mission accomplished, these plans have already been taking shape in Latvia.

Recently Michael Porter was enlisted to write A Baltic Rim Regional Agenda and this summer the Regional Workshop on Cluster Creation was sponsored by the World Association of Investment Promotion Agencies (WAIPA), the United Nations Conference on Trade and Development (UNCTAD), and the Latvian Development Agency (LAA). Collaborations of this sort, demonstrate just how much interest and support the Latvian economy is receiving from the national and international community. This goes a long way towards economic stability and increased foreign investment.

The LAA has established itself as a central player in cluster development and it has reported an annual growth rate of 150% in the IT sector alone. With major planned investments into business parks within the country and its transition into the EU and the adoption of the Euro, Latvia could be Europe?s new hot spot.

Keep up to date on Latvian development on the LAA website