Excert from Business-Baltic.com
A traffic signs producer has decided to transfer its production units from Italy to Latvia and plans to suggest other Italian companies to do the same, the daily Diena reports today. The newspaper points out that investors are attracted to Latvia because of the lower production costs and improved workforce availability in the country.
Representatives of the Italian producer of road signs and equipment Blu Way Group comment that in case their experience in Latvia turns out to be a success, they will suggest also other Italian companies to transfer their production units to Latvia. One of the prospective candidates is the Italian tires and other rubber production market giant Pirelli.
Commercial Attaché of the Embassy of Italy in Latvia, Giovanni Turturiello says that he does not have information about specific plans of Italian investors regarding Latvia, however, he can confirm that overall, Italian companies are particularly interested in investing in energy, environment protection and logistics. According to the data in the embassy’s disposition, so far the two largest Italian enterprises operating in Latvia, are the bank Unicredit Group and the frames, glasses and sunglasses distributor Luxxotica Group.