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Riga

Riga combines tourism and foreign investment in one body

Riga combines tourism and foreign investment in one body

This stems from the principle that both are connected to attracting positive attention from abroad

Earlier this week, and more precisely on 24 March, the Riga City Council established the Riga Investment and Tourism Agency, which will start operating in April. This new administrative body will have the aim to attract tourism flows and foreign investments, and also to continuously promote a good image of the Latvian capital abroad.

Previously attracting investment was a decentralized process

In a move showing some administrative innovation, the Riga government has decided that tourism and foreign investment, at the end of the day, have a lot in common given that they use the city’s brand and image on the international markets in order to encourage foreigners to come and spend their currency there. In one way or another, it makes perfect sense therefore to combine the two economic activities under one roof.

"Until now, there was no institution in Riga whose main goal would be to open the capital to international business. Today, Riga is taking a broad step towards having a breakthrough in attracting investment to the capital. I started working for such an agency from the first day in the position of mayor, and I am pleased that the result of this work is already visible,” explained Mayor Mārtiņš Staķis at a press conference.

It is expected that the new agency will employ 32 people and combine the resources of previous institutions, such as the Riga Tourism Bureau and the Foreign Affairs Department at the city council, in order to cut down costs and streamline the effort.

"It is planned that the agency will work creatively and with innovative methods, setting ambitious goals for attracting foreign direct investment, organizing international conferences and other events. We plan to start work and recruitment from April 1, so I invite enthusiastic and patriotic people to take this into account and take the opportunity to apply for a job in the agency's team,” added Rolands Bogdanovs, head of the city Investment Department.

The agency as a legal form, it was reported, provides more transparency in decision-making and project implementation. The new body will operate under the direct authority of the Riga mayor.

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