Welcome to the Norwegian Chamber of Commerce

NCCL is a non-profit, non-governmental membership-based business association for companies with Norwegian - Latvian share capital, management or cooperation. Norway is one of the largest investors in Latvia with over 325 MEUR and the Norwegian Chamber has more than 100 members. Members are invited to regular business and social events with interesting topics, speakers, companies, stakeholders and networking opportunities. We facilitate professional networking, exchange of experiences, provide relevant information and promote Norwegian companies, competence and business values. Please contact me to hear more about us and the value of membership!  

Our Corporate Members

NCCL News

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Commercial Real Estate Outlook for Riga 2020-2022

A very informatively rich afternoon at the newly-opened Business Garden Riga today! Close to a hundred participants came to hear an update on the Commercial Real Estate Development in Riga for 2020-2022 as presented by the CBRE Baltics... Read more >

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Discussion on Increasing Norway - Latvia Tourism Flow

On February 19, NCCL members working in tourism promotion and hospitality met with representatives of the Latvian Investment and Development Agency (LIAA) and airBaltic for a roundtable to discuss tendencies and possibilities for increasing tourism flow between Norway and Latvia... Read more >

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CBRE: Rent Stability Unaffected by New Office Construction Records in Riga

Total stock has grown remarkably since 2018 and reached over 704,000 sq m at the end of 2019. Seven office buildings were added to the stock in 2019. The most significant deliveries are Business Garden Rīga, Akropole Offices, Mežaparks Offices and Henrihs (Jaunā Teika). The vacancy rate increased significantly to ca. 9%. Rent rates remain stable. Up to 50% of lease deals were sized from 300 sq m to 1,000 sq m, and one-third of lease transactions were for premises up to 200 sq m in 2019. The Latvian economy lost momentum, yet the growth remained above the 2% level. The forecasts remain firmly positive. Prime office yields stayed at a historic low at 6.25% over 2019... Read more >

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Norwegian Investors Invite to Approach Rail Baltica Project as a Catalyst for Development

While there are internal politics at play for Latvia's Transport Minister Tālis Linkaits to keep his job and pursue his vision, he appeared to instill confidence among Norwegian investors in Latvia, who surveyed the Minister at a business luncheon on February 5 seeking clarity on the future of Latvia's transport infrastructure, mobility and connectivity. Among many projects under discussion, one of the central topics in the conversation was the progress of the Rail Baltica project, which the investors invited to see as a historic opportunity and catalyst for regional cooperation and creating positive spin off effects for the development of Riga, Latvia, and the whole Baltic region... Read more >

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NCCL joins FICIL in Calling for Reforms in the Higher Education Sector

The Norwegian Chamber of Commerce in Latvia co-signed a statment by the Foreign Investors' Council in Latvia that was published this week, calling for reforms and swift actions in the Higher Education sector, which in the FICIL's Sentiment Index has been cited as one of the problem areas in Latvia which lacks progress and hence negatively impact's Latvia's economic growth... Read more >

letaNews

Riga Airport ranked 3rd fastest-growing airport in European capital cities

Last year, Riga International Airport was the third fastest-growing airport in European capital cities, the airport's representatives informed LETA, citing a report by Airport Council International (ACI) on airports' performance in 2019. The number of passengers at Riga Airport rose 10.5 percent last year, which is the third steepest growth after Vienna Airport and Milan Malpensa Airport. .. Read more >

S&P increases Latvia's credit rating to highest ever level

The international rating agency S&P Global Ratings has raised Latvia's credit rating from A to A+, with a stable future outlook, the ratings agency announced. This is Latvia's highest ever ratings level. The agency points out that prudent fiscal policy will continue to support Latvia's already modest debt decline, despite somewhat weaker medium-term economic growth prospects. .. Read more >

Reduced VAT rates could be applied to medications, newspapers, food products and restaurants

As part of the forthcoming tax changes, several ministries have proposed applying a reduced value added tax rate to medicines, certain food products, restaurants and newspapers, according to ministries' proposals for changing tax policy guidelines for 2021-2025... Read more >