English
Latvia's export capacity in 2021 has played an important role in mitigating the negative effects of the Covid-19 pandemic. According to the recent data export growth in Latvia is one of the fastest in the European Union. In addition to forestry products, a significant part of the total export volume consists of metals and their products, the production of which, combined with value-added services, is provided by companies operating in the Freeport of Riga.
One of them is SIA “Baltic Bearing Company Riga”. Founded in 2012 and having invested 14 million euros of foreign capital in its production facility, the company offers its clients a wide range of bearings manufactured in Latvia, their packaging, storage of finished products and logistics. The production capacity makes it possible to produce up to 11 million bearing units per year and provides an opportunity to develop and produce new types of bearings according to the client's order.
“Our main sales markets are the CIS and European Union countries, including Ukraine, Russia, Poland, the Czech Republic, Greece and other countries. Considering that we export almost 90% of our production, the establishment of a production plant in the port of Riga is natural thus we can streamline the receipt of raw materials and shipment of final products by sea,” explained Anna Ešenvalde-Filimonova, the company's Executive director.
The company uses more than 200 modern, high-precision equipment units to produce its products and provide services, and the quality of the total end products is monitored in a specialized laboratory located on site. All of this work is carried out by more than 100 employees, all of whom have been vaccinated against the Covid19 virus to ensure the continued operation of the production facility.
According to Jeffrey Sommers, Professor of Economics at the University of Wisconsin-Milwaukee, the increase in exports in Latvia is significant, and the development of manufacturing companies such as “Baltic Bearing Company Riga” shows that the Latvian economy is becoming stronger and more resilient to external shocks. “Someone might argue that production is not the activity that generates the most income today as it did in the past. But even if it is true, production is what creates a kind of efficiency culture. It also adds value to the things one creates. But the main benefit is that it creates the structure of a healthy economy. It has a very positive effect on the whole national economy”, emphasized J. Sommers.
It should be noted that in the framework of the development strategy of the Freeport of Riga it is planned to attract more and more manufacturing companies to the port, thus developing the port’s business cluster, where logistics opportunities would ensure the development of production and production will foster growth of logistics companies.
Around 200 companies work in the territory of the Freeport of Riga, including 36 stevedoring companies (cargo handling terminals). The Port of Riga business cluster provides jobs for more than 4,000 employees.
Information for media
- liene.ozola [at] rop.lv, +371 670 308 53
- Freeport of Riga Authority
- 12 Kalpaka blvd, Riga, Latvia, LV-1010
