India–Latvia: Boosting trade and economic relations for prosperity and sustainability

Although we are thousands of kilometres apart, we have been historically linked by the ancient trade route known as The Amber Way, through which India was one of the destinations for Baltic amber. Since 2014, Latvia has had diplomatic representation in New Delhi. The opening of the Embassy of India in Latvia last year is proof of the deepening of bilateral relations. There have been a series of high-level visits and interactions between Latvia and India in the previous three decades since the establishment of diplomatic relations between our countries.

India and Latvia enjoy excellent bilateral relations, with significant economic growth potential. Latvia’s total foreign trade turnover with India in 2024 was 371.4 million euros, up 67.2% from 2023. Latvia’s exports of goods to India in 2024 amounted to 58.4 million euros, an increase of 26.4% compared to 2023.

There is a considerable untapped business potential in the fields of electronics, photonics, space industry, and green tech, ranging from 5G-enabled technologies to breakthroughs in biomedicine.

Latvia’s export is anchored in several robust sectors that have established the country as a significant player in international trade. The main contributors are the wood industry, chemical and pharmaceutical industries, electrical engineering products, telecommunication technologies, software and cloud solutions, artificial intelligence (AI), IT support, and automation & robotics.

We are delighted that our companies are supplying India with pharmaceutical products, ICT technologies and chemicals. I want to mention just a couple of them: Latvian IT company MicroTic (routers and wireless ISP systems) and SAF Tehnika (digital Microwave Data transmission equipment) have sales representatives in India. Valmiera Glass Fiber, the chemical plant Biolars, and the pharma companies Olpha and Grindex are among the largest exporters to India.