Towards a Theory of Internationalization
Edited by Léo-Paul Dana, Isabell M. Welpe, Mary Han and Vanessa Ratten
Chapter 22: Analysis of the Environment for Small and Medium-size Enterprises in Latvia for Further Internationalization Development
Tatjana Volkova and Andra Brige Latvia is situated in the North of Europe and it has borders with Russia, Lithuania, Estonia and Byelorussia. Latvia is historically divided into three regions and at present the territory of Latvia covers 64 589 square kilometres, which makes it larger than a few other small European countries such as Denmark and Belgium. Latvia has a 500km long coast line on the Baltic Sea. Like both other Baltic countries (Estonia and Lithuania), Latvia is poor in natural resources. These consist mainly of forest, limestone, clay, sand and dolomite. The geographical location as well as the lack of natural resources has determined the development of particular business sectors, such as transit and transportation services, ﬁnancial services, IT and food processing. Latvia claimed de facto independence on 21 August 1991 in the wake of the failed Soviet coup attempt. After gaining independence in 1991, Latvia embarked on a challenging economic transition programme in order to establish a social market economy. Major goals of this ambitious programme included the stabilization of deteriorated economic conditions, privatization, deregulation, currency reform, private sector development and the creation of market institutions. Latvia is one of the advanced transition countries. With its prime location as a transit hub for east–west trade, the country has a well-developed service sector, and the economy has a strong industrial backbone inherited from the industrialization process which started in the 1950s to supply the Soviet market. Since its independence in 1991, the country has made rapid advances...
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