Translated using ChatGPT service.
On 30 September, a meeting was held at the Ministry of Economics (MoE) with representatives of Italy’s leading steel industry group Marcegaglia. During the meeting, the parties discussed opportunities for expanding the company’s operations, issues related to industry competitiveness, as well as potential cooperation and investment opportunities, including in the defence industry.
The company’s representatives were also informed about support programmes available to foreign investors in Latvia.
During the meeting, Minister of Economics Viktors Valainis emphasised that several Italian companies have already successfully implemented their projects in Latvia. Such cooperation promotes the economic development of both Latvia and the investors themselves.
“The visit by representatives of Marcegaglia confirms the interest of foreign investors in Latvia as a stable and strategically important partner. Our country offers a variety of support instruments for foreign investors, enabling them to become significant partners in the context of Europe’s security and industrial development. We see strong potential for successful cooperation with the Italian company in both civil and military technologies, including the production of dual-use goods,” stressed Minister of Economics Viktors Valainis.
Representatives of the Italian company Marcegaglia expressed their willingness to expand operations in Latvia and are prepared to contribute the experience and expertise of the entire steel industry group to future development.
On 9–10 July 2025, during a working visit to Rome, Minister V. Valainis met with Marcegaglia representatives, who stated that they plan to invest in Latvia within the next two to three years. In 2024, the Marcegaglia group also acquired a steel plant in France, Marcegaglia Fos-sur-Mer, which produces goods for the French defence industry. The Minister invited the company to join the activities of Latvia’s defence cluster.
Latvia is currently making substantial investments in the defence industry, and the government has adopted a conceptual decision to increase the national defence budget to 5% of GDP from 2026. This creates new opportunities for business development in Latvia.
Representatives of the Italian company are visiting Latvia from 29 September to 1 October as part of a programme organised by the Investment and Development Agency of Latvia (LIAA). During their visit, they plan to meet with representatives of the Ministry of Economics, the Association of Mechanical Engineering and Metalworking Industries, the Ministry of Defence, SIA Valpro and LIAA, as well as visit several Latvian companies – Steel PROFI, SFM Latvia and East Metal.