This article covers economic relations between India and Latvia: the value and composition of bilateral trade, Indian companies in Latvia and Latvian companies in India, business forums and chamber agreements, trade and industry delegations, and the areas the two sides see for future collaboration. It draws on the Ministry of External Affairs (MEA) brief dated June 2026.
Trade figures
According to the MEA brief of June 2026, bilateral trade between India and Latvia stood at US$ 475.66 million during FY 2025-26, as compared to US$ 472.94 million in 2024-25. During FY 2025-26, Indian exports stood at US$ 311.61 million and imports at US$ 164.05 million.
Main items traded
The major items of export from India to Latvia in FY 2025-26 were:
- pharmaceutical products
- rubber and articles thereof
- electrical machinery and equipment
- miscellaneous chemical products
- plastics and articles thereof
The major items of import from Latvia in FY 2025-26 were inorganic chemicals, organic or inorganic compounds of precious metals, of rare earth metals, or radioactive elements or of isotopes; aluminium and articles thereof; wood and articles of wood, wood charcoal; electrical machinery and equipment; and animal or vegetable fats and oils.
Indian investment in Latvia
The brief records the following Indian business presence in Latvia:
- In 2022, Tech Mahindra acquired Com Tec Co IT Ltd (CTC), which has Development Centers in Latvia and Belarus.
- Tech Mahindra opened a Business Process Services center in Riga in 2024.
- Sweden-based Domsjö Fabriker of the Aditya Birla group has a subsidiary, Domse Latvia.
The brief adds that Indian Diaspora members living in Latvia for over 3-4 decades have established businesses there, including Unifarma, DHK Trading, Musk Trading, Evening Show Entertainment and Restaurants.
Latvian companies in India
Several Latvian companies operate in India, according to the brief, including MikroTik, SAF Tehnika, Valmieras Stikla šķiedra, Olainfarm, Olpha and Biolmars, DeskTime and Fixar.
Business forums and chamber agreements
ASSOCHAM and CII concluded MOUs with the Latvian Chamber of Commerce during the Vice President's visit to Latvia in 2019. Latvia participated in the India-Europe-29 Business Forum in November 2019.
The first meeting under the India-Nordic-Baltic Conclave mechanism was held virtually in November 2020 under the theme 'An Innovation-driven Partnership for Growth in a New World'. Major Latvian companies, including Latvia Mobile Telecom (LMT), SAF Tehnika (digital Microwave Data transmission equipment) and the Latvian Space Industry Association, participated. The Parliamentary Secretary for Economics of Latvia, Jurģis Miezainis, visited India to attend the 2nd CII-India-Nordic-Baltic Business Conclave, held in New Delhi in November 2023 on the theme 'Creating Partnership for Future'.
Trade and industry delegations
The brief lists these recent business delegation visits:
- February 2026: tour operators from India participated in the BaltTour Exhibition in Riga.
- September 2025: representatives of the medical and pharmaceutical industry of Latvia participated in the MedTech Expo 2025 in New Delhi.
- May 2025: a delegation of Indian businesses organised an exhibition dedicated to India, titled "India Expo", at the International Exhibition Center in Riga.
- March 2025: a business delegation from the Latvian Space Industry Association (LAIK), with Mr Mihails Ščepanskis, CEO of Deep Space Energy, and Mr Pavels Razmajevs of Eventech, accompanied Foreign Minister Baiba Braže to India. The Mission coordinated meetings with Indian counterparts in New Delhi and Karnataka, and space cooperation with ISRO was also discussed.
- February 2025: a delegation of tour operators and travel experts from India participated in the BaltTour Exhibition in Riga and set up an India Pavilion.
- August 2024: a delegation of more than 60 members of the Federation of the Indian Chambers of Commerce and Industry Ladies Organization (FICCI FLO) visited Latvia. They met Dace Melbarde, Parliamentary Secretary of the Ministry of Foreign Affairs of Latvia, who, according to the brief, highlighted the positive dynamics of bilateral relations, the growing interest of Indian companies in Latvia and the opening of the Embassy of India in Riga.
Potential areas of collaboration
The brief names ICT, cyber security, agri-tech, food processing, pharmaceuticals, fisheries, waste management and hygiene as potential areas of collaboration.