Basic facts about Latvia Geographically Strategically positioned in Northeastern Europe, next to other EU member states like Sweden, Finland, Poland, Estonia and Lithuania, and bordering non-EU countries like Russia and Belarus. Small and sparsely populated country with a population of only 2 million. Half of the population lives in the capital Riga which has become the economic and cultural center of the region. Beautiful nature. The country is largely covered with pine forests and sits on the south side of the Baltic Sea. A one-hour flight gets travelers to Stockholm, Helsinki, Copenhagen or Warsaw. One and a half hours gets travelers to Berlin, Prague or Moscow. Two and a half hours gets travelers to London, Frankfurt, Paris or Rome. Riga has 70 direct connections including Abu Dhabi and Istanbul. Politically Member of the European Union. EU membership has largely contributed to the prosperity of the country and currently Latvia is the fastest growing economy in European Union. As a member of the Schengen Area, it allows free – borderless movement to all Latvian citizens and residents to other Schengen Area countries. (CLICK HERE: ec.europa.eu/dgs/home-affairs/what-we-do/policies/borders-and-visas/schengen/ TO SEE EU REGULATIONS) As a member of North Atlantic Treaty Organization (NATO), it contributes to the long-term military and political stability of the country. Economically Latvia is currently the fastest growing economy in the European Union. Its progress has been acknowledged by other member states allowing Latvia to join the Euro Zone. In 2014, the Euro became the national currency of Latvia. Latvia offers relatively high living standards (65% when compared to the European Union average) and relatively cheap cost of living (68% when compared to the European Union average). It won’t take long to reach European standards, but the trade off will be growing living costs. EU laws guarantee the legal safety of businesses and investments in the country. World Bank ranks Latvia in 24th place in the world regarding how easy it is to establish and conduct business. (CLICK HERE: latvia-newyork.org/english/business.php TO SEE BENEFITS FOR DOING BUSINESS IN LATVIA)
Posted on: Mon, 03 Feb 2014 19:21:01 +0000
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