Norwegian investment enters the Latvian business services industry

At the end of 2021, Norway ranked 9th in terms of investments in the share capital of companies registered in Latvia with a total investment of 327 million Euros. These funds have been invested in a total of 252 companies registered in Latvia.

During the last 18 months a business services centre of the Norwegian and the technology company TRY Dig begun operations in Latvia, however this year Rud Pedersen, which is one of the leading North European consulting companies, announced their expansion towards the Baltics by purchasing shares in the strategic communications agency based in Latvia, VA Communications, as well as the public affairs services office, VA Government.

“In terms of attracting investment, our priorities lie in the development of technology-intensive industries, as well as the establishment of international business service centres in Latvia. The economy of Norway has demonstrated stable growth in the last few years and companies are looking to expand. In that sense Latvia is able to meet all the necessary requirements, therefore we see great potential in attracting investment from the Norwegian market,” stressed Kaspars Rožkalns, Director General of the Investment and Development Agency of Latvia (LIAA).

All in all, at the present moment, there are already eight business service centres operating in Latvia which have links with Norwegian capital - Atea Global Services, Circle K Business Centre, DNB Service Centre, Tietoevry, Visma Labs, Webhelp, Norwegian, Zalaris HR Services. This year they were also joined by Rud Pedersen.

“Currently there are more than three thousand employees working in international business centres with Norwegian capital, and the average pay in these companies exceeds two thousand Euros. Norwegian companies operating from Latvia provide their clients all around the globe with IT, accounting, financial, personnel management, logistic and other services,” explains Evita Nedzvecka Head of LIAA representation in Norway, adding that at the moment significant work is being done so that even more Norwegian companies could announce the beginning of their operation in Latvia in the near future.

An agreement has already been made that a considerable delegation of Norwegian entrepreneurs from Oslo will take part in the biggest start-up company conference in the Baltics - TechChill 2022, which will take place in Riga from April 27th to 29th. You will have a fantastic opportunity to establish new contacts and attract investment for your start-up enterprise. It should be emphasized that in Oslo there are currently around 50 different accelerators, clusters and incubators, focusing on the start-up ecosystem that has resulted in five unicorns or companies worth billions in recent years.

The Executive Director and President of Rud Pedersen Group Morten Rud Pedersen emphasises: “Considering the strong heritage of our Nordic countries, expanding in the Baltic states is a logical step, and we are happy that we can now operate in all three countries. Our clients are looking for integrated solutions, therefore we are satisfied that now we will be able to provide the best offer in the region. The companies VA Communications and VA Government have been created by entrepreneurs who want to throw a challenge to the industry, just like us.”

About Rud Pedersen Group

Rud Pedersen Group was founded in 2002 in Gothenburg, Sweden, by Morten Rud Pedersen. Since its foundation, the Rud Pedersen Group has grown to become one of the largest public affairs and strategic communications consultant companies in Europe with more than 350 employees working in 12 offices in 11 countries - Stockholm, Brussels, London, Berlin, Copenhagen, Warsaw, Helsinki, Tallinn, Vilnius and now also in Riga. In 2020, Rud Pedersen Group acquired a 20% stake in the biggest Lithuanian communication agency Fabula. Brands such as Rud Pedersen Public Affairs, King Street, Welcom and RP People are all a part of the Rud Pedersen Group.