Doing business & staying in touch while in Latvia

Latvia: Doing business & staying in touch

Doing business in Latvia

Business cards are exchanged. Appointments should be arranged in advance. In general, business is conducted in a fairly formal manner.

Dress code is relatively formal, for men and women, with suit and tie/a smart outfit expected for business meetings, although new technology-based industries have got behind the trend of dressing down in more casual gear. Handshakes are the normal way to start any meeting and gifts are appreciated, especially luxury items like watches and quality single-malt Scottish whisky.

In a nation with a high per capita rate of alcohol consumption, most evening meetings and dinners, and indeed many lunches, are peppered with alcoholic drinks. Business hours are normally Monday to Friday 0830-1730. The old Soviet era tendency to turn public holidays into an excuse for two or three days off work seems to be waning.

Office hours: 

Mon-Fri 0830-1730.

Economy: 

Latvia's transitional economy recovered from the 1998 Russian financial crisis, largely due to the government's strict budget and by moving exports toward EU countries, easing Latvia's trade dependency on Russia. The majority of companies, banks, and property have been privatised, although the state is still involved in a few large enterprises.

Latvia officially joined the World Trade Organisation in 1999. EU membership, a top foreign policy goal, came in May 2004.

The global financial crisis in 2008 saw unemployment in Latvia soar from 7% in 2008 to 22% in 2009. High levels of inflation (reaching 17.7% in 2008) delayed Latvia adopting the Euro, but in 2014 the country was finally accepted into the Eurozone. Since 2012 Latvia's economic growth rate has been one of the fastest among the EU member states.

GDP: 

US$28.37 billion (2012).

Main exports: 

Timber and wood products, machinery and equipment, metals, and textiles.

Main imports: 

Machinery and equipment, chemicals, fuels and vehicles.

Main trading partners: 

Germany, Lithuania, Estonia, Russia, and UK.

Keeping in Touch in Latvia

Telephone: 

Payphones are operated by phonecards which can be purchased at kiosks, post offices and in some shops.

Mobile phone: 

Roaming agreements exist with most international mobile phone companies. Coverage is good.

Internet: 

There are many Internet cafes in Riga and some in other towns.

Post: 

Postboxes are yellow. Mail delivery within Europe takes two to seven days, to America and Australia 10 to 14 days.Riga Central Post Officeis located at Stacijas laukums (next to the main railway station), opening hours: Mon-Fri 0700-2200, Sat 0800-2200; Sun 1000-2200.

Post office hours: 

(General, main) Mon-Fri 0700/0800-1800/1900, Sat 0800-1600.

Media: 

Public radio and TV are financed by state subsidies and advertising revenue. The media operate freely, with few legal restrictions on their work. There are laws against libel and incitement of racial hatred.

Press: 

• A wide range of political viewpoints are represented by some 140 newspapers, with a mixture of Latvian and Russian language newspapers printed.
• The main daily isDiena.
• Latvian language papers include the broadsheet Neatkariga Rita Avize (NRA), the business tabloid Dienas Biznessand the evening tabloid Vakara Avize Vakara Zinas.
• Russian language publications include Telegraf(the main daily), Chas, Vesti Segodnya and Biznes & Baltiya.

Television: 

• Latvia's TV market is dominated by the commercial LNT, two networks operated by the national public broadcaster, commercialTV3 Latviaand the Baltic variants of the main Russian networks.
• Latvian Television(LTV) is a publicly-owned channel which operatesLTV1andLTV7.
• Latvian Independent Television(LNT) is the main commercial terrestrial channel, withTV3 LatviaandTV5also.

Radio: 

• The public Latvian Radio operates four national networks, while Radio SWH, Easy FM, and Radio Skontoare commercial stations.
• Radio NABA is a public/university station.