Latvia’s new Ambassador to Monaco, H.E. Alise Balode, used her first official visit to the Principality to spotlight the economic strengths of her country, positioning the Baltic state as an increasingly attractive destination for investors.
Speaking before members of the Monaco Economic Board, Ambassador Balode underlined Latvia’s rapid growth since regaining independence in 1991. With a GDP that has expanded at double the pace of the EU average, the country has carved out a reputation for agility and innovation. “Starting from scratch in the digital era turned out to be an opportunity,” she explained, noting how Latvia now ranks among Europe’s leaders in e-government and digital services.
The event, organised by Jean-Claude Eude, Honorary Consul of Latvia to Monaco, was designed to encourage closer economic ties between the two nations, building on the cultural bridges already established through initiatives such as the Monte-Carlo Philharmonic Orchestra’s collaborations with Latvia.
Latvia’s advantages for business and investors are numerous. Half of its two million citizens live in the capital, Riga, which serves as a gateway to northern Europe. Membership in the European Union since 2004 and participation in all major multilateral organisations further underline its global outlook. With renewable energy making up 73% of its energy mix, a thriving cybersecurity and biotechnology sector, and modern infrastructure, the country offers fertile ground for innovation.
Tax policy is another draw. Latvia ranks second on the OECD’s International Tax Competitiveness Index and exempts reinvested profits from corporate tax. Ambassador Balode also highlighted the country’s highly skilled, multilingual workforce and what she described as a “Nordic spirit” of resilience and creativity.
The presentation concluded in a relaxed atmosphere, with a lively Q&A session followed by a cocktail reception hosted by Mr. Eude, a fitting end to an evening focused on partnership and new opportunities.
Image courtesy of MEB / P.H. Sébastien Darrasse: From left to right: Mr. Guillaume Rose, Chief Executive Officer of
the MEB; H.E. Mrs. Alise Balode, Ambassador of Latvia to France and Monaco; Mr. Jean-
Claude Eude, Honorary Consul of Latvia to Monaco; Mr. Justin Highman, Deputy Director of
the MEB
