BAKU, Azerbaijan, April 7. The European Investment Bank (EIB) will provide advisory support to Latvia to accelerate the development of high-growth business sectors, in collaboration with the Ministry of Economics and the Investment and Development Agency of Latvia (LIAA), Trend reports via the Bank.
The initiative aims to create conditions for more competitive and scalable companies across the country.
EIB experts will assess how Latvian businesses, research institutions, and emerging technologies are currently supported, identifying opportunities to strengthen policies and financing mechanisms. The work, scheduled to continue until the end of 2026, will also examine potential for deeper collaboration with neighboring Estonia and Lithuania, fostering strategic Baltic-wide initiatives.
Latvia’s startup ecosystem is expanding rapidly, with approximately 560 companies generating over €600 million in turnover and employing more than 5,000 people by the end of 2025. However, access to early-stage and scale-up financing remains uneven. Deep-tech and science-based companies face challenges in expanding internationally, while industry stakeholders have called for a stronger project pipeline and better-aligned national support measures.
As part of the advisory program, the EIB will implement a capacity-building initiative for Latvia’s innovation ecosystem, including public authorities involved in innovation and economic development. The pilot project will review the development plan of Riga Technical University, demonstrating how major university investments can support national innovation and economic growth. The program will help authorities design financial instruments, implement support measures, plan long-term strategic investments, and attract European Union funding for technological advances.
The advisory work will result in a set of recommendations and a roadmap to strengthen Latvia’s innovation system. The initiative is part of the European InvestEU program, specifically its “Advisory Hub,” and will be carried out in close collaboration with public authorities, investors, industry partners, and startups to ensure practical, market-aligned recommendations.