Latvia attracts Swedish companies

Latvia attracts Swedish companies.

During the last few years, Latvia has attracted 60 Swedish companies which have set up operations there.

Lower salaries and the growing access to competence within biotechnology and drug development are the main reasons why.

“Latvia held 25 percent of all medicinal development in the former Soviet Union,” says Guntis Rubins, director of the Latvian Investment and Development Agency, Stockholm office.

Latvian salaries are just 15 percent of Swedish salary levels, a large difference even if they rise in accordance with the country’s inflation rates.

Source: Biotech Sweden, Alannah Eames