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Business Business Profile Riga and Latvia have come a long way since independence in 1991, with the old Communist economy completely abandoned in favour of a rush towards outright Capitalism. Such has been the success of the transformation that Latvia is now in the negotiation process for European Union membership, which most Latvians consider essential for continued economic growth. There have been problems along the way, most notably the banking collapse of 1995. The average wage is still only around US$200 a month, although the economic fundamentals are looking good and the report card for a decade of hard work is impressive. In 2001, Latvia registered one of the highest growth rates in Europe, at almost 7%. Riga is the economic heart of the country, with all major Latvian companies and many international players, with KPMG, Price Waterhouse and Radisson all having a presence in the city. The main Latvian industries were traditionally wood processing, textiles and agriculture but since 1991, the service sector and tourism, in particular, has become increasingly important. Unemployment in Latvia as a whole is running at 8.2%, while in Riga the figure is slightly lower at around 7%. The main business district is the New Town, however, many companies are also located at Riga's port, with an increasing number of industrial companies moving out to sites on the city outskirts. Riga Stock Exchange is located at Doma laukums 6 (tel: 721 2431; fax: 782 0504; website: www.rfb.lv). Internet cafés are springing up around Riga. However, for high-speed connections and a good range of business services, business visitors should head for the Radisson Hotel, Amberland, Kuga 24 (tel: 706 1180). Of the public Internet cafés, three of the most reliable are Biltecks, Jekaba 20, Electronic Café, Elizabetes 83-85 and Internet Klubs, Brivibas 3a. Business Etiquette In general, Riga is moving away from how things used to be done in the old Soviet Union days, and firmly embracing the Western European example of how business is conducted. Hence, few businesspeople have any major problems in a city where the etiquette is fairly similar to that in London, Paris or Frankfurt. Dress code is relatively formal, with suit and tie expected for business meetings, although new technology-based industries have got behind the trend of dressing down in more casual gear. Handshakes are the normal way to start any meeting and gifts are appreciated, especially luxury items like watches and quality single-malt Scottish whisky. In a nation with a high per capita rate of alcohol consumption, most evening meetings and dinners, and indeed many lunches, are peppered with alcoholic drinks. Business hours are normally Monday to Friday 0900-1700. The old Soviet era tendency to turn public holidays into an excuse for two or three days off work seems to be waning. |
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