Investment and Development Agency of Latvia (LIAA) promotes business development by facilitating more foreign investment, in parallel increasing the competitiveness of Latvian entrepreneurs in both domestic and foreign markets. Having more than 20 years of experience in the attraction of foreign direct investment to Latvia and promotion of foreign trade, the Agency has worked constantly to improve the business environment and provided services appropriate to the needs. We have almost 300 people working in Agency, all are driven towards reaching success for Latvia and Latvian entrepreneurs.
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Latvia has more than 1.000 above-ground springs of different types. Latvian spring waters are classified according to their content: dzidravoti (clearwater); kaļķavoti (calcic); dzelzsavoti (ferruginous); and mineral waters with healing properties.
Latvia’s muds are composed of water, minerals and organic compounds. The mud-formation process is a very long one, but the unique feature of Latvia’s muds is their high degree of decomposition. Latvia has a long tradition of mud treatments, the first such resort being founded at Bārbele in the early 18th century. Later, resorts were established at Ķemeri and Baldone. Currently, the peat and freshwater muds (sapropels) extracted here are used in medical institutions and spas offering mud therapies such as circulatory improvement, and as pain-relieving and anti-inflammatory agents for the treatment of various diseases.
Organic sapropel (prototype – mud of the Nile) is composed of organogenic sedimentary rock and is formed in lake beds over many hundreds of years under anaerobic conditions. Sapropel muds have been found in more than 200 Latvian lakes. Sapropel is used in the treatment of skin diseases; bruises, fractures, fresh wounds, scars and burns, and for cosmetic purposes as it helps cellulite removal, breaks down fats, and facilitates the elimination of toxins from the body; it helps the removal of blackheads, freckles; prevents hair loss and strengthens nail structure.
Treatments also utilise products manufactured in Latvia on mud, clay and sapropel bases.
Around 68 Latvian companies manufacture fragrances and cosmetics, employing around 1,000 people.
In 2021, the total turnover of these companies was €76 million. Four Latvian cosmetics manufacturers - ICOTTON, MADARA COSMETICS, STENDERS and KINETICS NAIL SYSTEMS - have an annual turnover of more than EUR 10 million and employ more than 100 people. Key markets for Latvian cosmetics manufacturers are Estonia, Ukraine, Poland, Romania, Germany, and France.
In 2021, companies exported around €41.3 million of cosmetics, an increase of 20.6% compared to 2020. In 2021, the value of perfumes and cosmetics imported into Latvia reached €169 million, an increase of 7% compared to 2020. Most of these products are imported from Poland, Lithuania, France and Germany.
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