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Latvia sees FDI contract in 2016: study

Xinhua, January 6, 2017 Adjust font size:

The inflow of foreign direct investment (FDI) in Latvia has slowed in recent years and is a far cry from the results reported in pre-crisis years, according to results of a study released by Lursoft, the company maintaining Latvia's business database.

From 1991 to 2016, foreign investors provided 7.21 billion euros (7.64 billion U.S. dollars) in FDI to the Latvian economy, which means that they now own about 29 percent of the total share capital of Latvia's operational businesses, according to the figures.

Over the past year, however, the total amount of FDI accumulated in Latvia contracted by 211.6 million euros, the study showed.

The reduction of FDI occurred in 2016 as Swedbank, the largest bank in Latvia by assets, reduced its share capital by 367.85 million euros in order to streamline its operations.

Authors of the Lursoft study, however, noted that FDI dynamics have generally not been very encouraging in recent years.

While in 2009, FDI grew by 1.05 billion euros over the year, and in recent years the growth has slowed considerably -- to 150 million euros in 2014 and 190 million euros in 2015. (1 euro=1.05 U.S. dollar) Endit