Latvian High-Tech Industry: Trends and Developments
DOI:
https://doi.org/10.2478/eb-2018-0013Keywords:
Advanced manufacturing, entrepreneurship in Latvia, high-tech industry, high-tech industry influencing factors, skilled laborAbstract
The paper covers analysis of high-tech industry development in Latvia, as well as its facilitating and restricting factors. High-tech industries become more important in Latvia both in terms of export share and generated value added; also the number of enterprises and employees is increasing. A stable political system, enabling business environment, a relatively low corporate income tax rate, and government aid are considered as some of the most important facilitating factors. The paper emphasizes the government’s role in promoting and developing the high-tech manufacturing. The most significant limitations are the lack of skilled specialists and sophisticated real estate space, and the remote industrial supply companies and the service centres. Recommendations are given on the possible development directions, including improvements in manufacturing infrastructure, enhancements of the skill level of the labour force, and bringing up a new generation of entrepreneurs.References
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Basarac Sertić, M., Vučković, V., & Škrabić Perić, B. (2015). Determinants of Manufacturing Industry Exports in European Union Member States: A Panel Data Analysis. Economic Research-Ekonomska Istraživanja, 28(1), 384-397. https://doi.org/10.1080/1331677X.2015.1043781
Colliers International. (2018). Major Investment Transactions in Commercial Real Estate in Latvia in 2017, Colliers International. Retrieved from http://www.colliers.com/en-lv/latvia/insights/2018_reports_news/2018-02-08_investment_top
CSB. (2018). Statistics Database, Central Statistical Bureau of the Republic of Latvia. Retrieved from http://www.csb.gov.lv
Deloitte. (2018). Corporate Tax Rates 2018, Deloitte. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-corporate-tax-rates.pdf
Eurostat. (2018). Statistics Database, Eurostat. Retrieved from http://ec.europa.eu/eurostat/data/database
Lursoft. (2018). Annual Reports Data Base, Lursoft. Retrieved from <https://www.lursoft.lv/?l=en>\
McCraw, T. K. (2010). Prophet of Innovation: Joseph Schumpeter and Creative Destruction. Harvard University Press.
Ministry of Education and Science. (2013). Zinātnes, tehnoloģijas attīstības un inovācijas pamatnostādnes 2014. - 2020.gadam, POLSIS Politikas plānošanas dokumentu datubāze. Retrieved from http://polsis.mk.gov.lv/documents/4608
Nasdaq & Morningstar. (2018). Company Fact Sheet: Olainfarm, Morningstar. Retrieved from http://lt.morningstar.com/gj8uge2g9k/stockprofile/default.aspx?SecurityToken=0P0000HO66%5d3%5d0%5dE0EXG$XRIS_3113&externalidexchange=EX$$$$XRIS&LanguageId=en-GB&CurrencyId=EUR&clearsession=true
Počs, R., & Ozoliņa, V. (2016). Latvijas ekonomikas konkurētspējas izpētes instrumentārijs [Instrumentary for Competitiveness Analysis of the Latvian Economy]. Latvijas Zinātņu Akadēmijas Vēstis, 70(3), 10-19.
Romero, J. P., & McCombie, J. S. L. (2016). Differences in Increasing Returns between Technological Sectors: A Panel Data Investigation Using the EU KLEMS Database. Journal of Economic Studies, 43(5). http://www.doi.org/10.1108/JES-03-2015-0045
Ruan, G., & Zhao, Y. (2011). Mechanism of High-Tech Industrial Agglomeration Growth: A View of Knowledge Spillover. In 2011 International Conference on E-Business and E-Government, ICEE2011 - Proceedings. http://www.doi.org/10.1109/ICEBEG.2011.5877028
Schumpeter, J. A. (1942). Capitalism, Socialism, and Democracy. Harper&Brothers.
Stăncioiu, A. (2017). The Fourth Industrial Revolution “Industry 4.0.” Fiabilitate şi Durabilitate, 1(19), 74- 78. Retrieved from http://www.utgjiu.ro/rev_mec/mecanica/pdf/2017-01/11_Alin STĂNCIOIU - THE FOURTH INDUSTRIAL REVOLUTION „INDUSTRY 4.0”.pdf
The Heritage Foundation. (2018). 2018 Index of Economic Freedom, the Heritage Foundation. Retrieved from https://www.heritage.org/index/explore?view=by-region-country-year
The World Bank. (2018). Doing Business - Measuring Business Regulations, World Bank Group. Retrieved from http://www.doingbusiness.org/.
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01.02.2018
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Copyright (c) 2018 Joseph Menaker, Velga Ozoliņa (Author)
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Menaker, J., & Ozoliņa, V. (2018). Latvian High-Tech Industry: Trends and Developments. Economics and Business, 32, 160-171. https://doi.org/10.2478/eb-2018-0013
