With a coastline of 531km along the Baltic Sea, Latvia is bordered by Estonia, Lithuania, Russia and Belarus. Woodlands cover over 40% of this low-lying country. Latvia also counts more than 3 000 lakes and 12 000 rivers. The most important sectors of Latvia’s economy in 2012 were wholesale and retail trade, transport, accommodation and food services (30.0 %), industry (19.5 %) and public administration, defence, education, human health and social work activities (14.0 %).
Latvia’s main export partners are Russia, Lithuania and Estonia while its main import partners are Lithuania, Germany and Russia. It can be seen from the data below that Satsafe® represents a very significant Internet of Things (IoT) business opportunity in Latvia focussed on security and safety applications.
Geographical size: 64 562 km2
Population: 2 044 813 (2012)
Population as % of total EU population: 0.4 % (2012)
GDP: € 22.257 billion (2012)
Official EU language(s): Latvian
Political system: parliamentary republic
EU member country since: 1 May 2004
Seats in the European Parliament: 8
Currency: Eurozone member since 1 January 2014
A world of opportunity:
We are currently seeking expressions of interest from International distributors for a range of Satsafe® branded safety and security applications including geobloc.
If you are interested in acquiring the Satsafe® Master License as a business opportunity in Latvia, please contact us outlining your experience.