Latvia business travel information

Doing business in Latvia

Latvia is a relatively small nation with a dynamic, though recently troubled, economy and a stable political environment. Latvia has a population of approximately 2,27 million inhabitants. The country provides a potentially attractive market for American IT equipment and services, capital machinery and equipment, medical and consumer products. Located at the center of the three Baltic States, Latvia is a member of the European Union and provides a strategic location as a commercial, financial, and major transportation hub for the Nordic/Baltic region.

The Latvian economy is based on the service industry including transportation, information technology, and financial services. At the same time the construction industry plays an important role, as do wood, food, metalworking, and light industries (e.g., textiles). Tourism is growing rapidly.

Currently Latvia is experiencing serious economic difficulties and has received a € 7,5 milliard assistance package from the International Monetary Fund (IMF) and the European Union. The IMF will provide € 1,7 billion, the Nordic countries € 1,8 billion, the European Commission - € 3.1 billion, and the EBRD and other EU Member States, € 0,9 billion. The financial assistance program’s terms do not call for monetary policy changes, this way allowing Latvia to maintain its currency’s exchange rate connected to the Euro.

In order to achieve the goals of the program without devaluation, severe fiscal policy tightening is required. Key elements of the government’s revised budget and economic restructuring program are: immediate measures to stem the loss of bank deposits and international reserves; steps to restore confidence in the banking system in the medium-term and to support private debt restructuring; fiscal measures to restrain inflation, limit government spending and reduce current account imbalances (while also avoiding a substantial widening of the budget deficit due to decreasing revenues and preparing for early fulfillment of Maastricht criteria); and social policy and structural reforms that will rebuild competitiveness and make government more efficient.

Product tip: There are also nice looking laptop bags on the market! A laptop bag doesn’t have to be a dull conservative black bag. There are lot’s of great looking bags on the market these days. Special laptop bags with the protection that is needed for your laptop but also with nice designs in models and materials.

In case emergencies

Before you go on your business trip to , Latvia you should always get a travel insurance with a complete coverage.

Make sure your health care insurance is sufficiently covered.
Maybe this is already covered in your regular health care insurance but often you will need to cover this with the travel insurance. Also a good travel insurance should cover the costs of travel for a relative in case of seriously illness or an accident.

The business trip travel insurance should also cover the costs of search, rescue and repatriation.
When you go on business trips on a regular basis, the easiest way to get insured is with an annual multi-trip insurance.

Keep in mind that you can also use this insurance for your pleasure trips so don`t forget to include to insure your leisure activities.

For medical emergencies you can contact the following hospitals:
ARS Clinic, (C-4) Skolas 5
Has a 24-hour service in English, tel. 72 01 001
For emergencies at home, call tel. 72 010 05, 72 01 003

Riga Hospital
Nr. 1 Bruninieku 5
Tel. 73 66 375

Bolderaja Polyclinic
Kapteinu 7
Tel. 74 33 278

Business Protocol and Etiquette

If your are planning a business trip to Latvia it is a good idea to know at least a little about the culture and etiquette in Latvia. Use these business etiquette tips as a guideline only. There are too many social, personal and business nuances in Latvia to be considered. There is no uniform approach possible for all occasions.
For more in-depth information I suggest you buy and read the "Global Business Etiquettes" book.

• Communication:
  Use formal names, professional and academic titles.
  Hierarchy is very important in Latvian business.
  Latvians are not direct, they prefer subtlety to directness.
  Latvians can appear very stiff in the beginning, they will not laugh and use little facial mimics.
  Silence is a crucial part of the conversation.
  Never interrupt somebody.
  Dress formal and conservative.
  


• Meetings and negotiations:
  When making appointments use the 24-hour clock time format to avoid misunderstandings.
  Be very punctual, if you suspect you will late, call and explain the situation.
  Never cancel a meeting at the last minute.
  Shake hands with everyone upon arriving at the meeting and leaving. Respect the hierarchy
  Remain standing until invited to sit down or others do so.
  Little time is spent to getting to know you before the business conversation begins.
  Agenda’s are strictly followed.
  Keep your presentation as short as possible, to the point, accurate and precise, do not exaggerate.
  Follow up a meeting with a letter with all agreements outlined.
  


• Table manners:
  If unsure on how to behave, mimic the behavior of others.
  Wait until you are appointed a seat.
  Avoid alcohol if possible, otherwise drink little.
  If making a toast, stand up.
  Put your napkin on your left, eat not too much but finish your plate.
  Keep your hands above the table when eating.
  After finishing your plate lay your knife and fork parallel on your plate with the handles to the right.
  Thank your host at the end of the meal.
  

Some phrases in Latvian

Latvian is the official state language of Latvia. It is also sometimes referred to as Lettish. There are about 1.4 million native Latvian speakers in Latvia and about 150,000 abroad.

Although in business people speak English, some Latvian phrases can always come in hand....

Hello	Sveiki
How are you?	Kā jums klājas? (frm) Kā tev iet? (inf)
I’m fine, thanks. And you?	Paldies, labi. Un jums?
What’s your name?	Kā tevi sauc? (inf) Kā jūs sauc? (frm)
My name is ...	Mani sauc
Where are you from?	No kurienes jūs esat?
I’m from ...	Es esmu no ...
Pleased to meet you	Priecājos ar Jums iepazīties
Good morning	Labrīt
Good afternoon	Labdien
Good evening	Labvakar
Good night	Ar labunakti
Goodbye	Uz redzēšanos
Good luck	Laimīgs gadījums! Veiksmi!
Cheers/Good health!	Uz veselību! Priekā! (in happiness)
Have a nice day	Lai jums laba diena!
I don’t understand	Es nesaprotu
Please write it down	Vai jūs nevarētu Lūdzu to uzrakstīt?
How do you say ... in Latvian?	Kā jūs latviski sakāt ...?
Excuse me	Atvainojiet!
Thank you	Paldies
Response (You’re welcome)	Vienmēr laipni / Lūdzu