Almost half of Latvian companies are planning business expansion; similar trends also observed in Finland

Latvian companies mainly cite organic growth, including industry growth potential as the primary objective of their expansion, with many also emphasizing the strengthening of their brand position.

“Despite global challenges, almost half of Latvian businesses see opportunities for growth and expansion. A large number of companies are planning to expand within the Baltic region, which often serves as the first step towards establishing an international presence,” comments Elmārs Prikšāns, General Manager of OP Corporate Bank plc Latvian branch.

According to the survey, 38% of companies plan to invest in their domestic market, 21% in the Baltic countries, 8% in Northern Europe and 4% in Ukraine. While only a small share of companies (2%) are currently considering expansion into other parts of Europe or other continents, this trend is seen as an important step towards enhancing international competitiveness. Meanwhile, 55% of Latvian businesses currently have no plans to expand their operations.

“It is especially encouraging that some companies are already looking beyond their nearest markets, despite ongoing tensions in global trade. The main regions where companies see potential for expansion are Northern Europe and other European countries. Entering export markets and establishing an international presence are essential prerequisites for the global competitiveness of Latvian companies and provide a positive impulse for the long-term development of the national economy,” says Elmārs Prikšāns.

According to forecasts of OP Financial Group economists, Latvia’s economic recovery is expected to continue this year and into the next, suggesting that business interest in investment and expansion may increase further over the coming year.

Finnish companies are looking beyond the euro area

Much like in Latvia, companies in Finland are a willingness to grow. According to a survey** commissioned by OP Corporate Bank in Finland, nearly half —45%—of Finnish companies see positive signs in the economic recovery in their operations. Heightened geopolitical tensions this year have increased uncertainty for large Finnish companies.  Nevertheless, 23% of companies surveyed plan to expand outside the euro area in the near future. Not only have these companies maintained their growth plans, on the contrary – they see new opportunities in international markets.

“The Finnish economy is strongly dependent on foreign trade. Export companies operate in an international environment that emphasises the need to understand corporate financing and cash flows. Looking for new markets is a healthy sign of companies preparing for a continued trade war," explains Katja Keitaanniemi, CEO of OP Corporate Bank.

* The survey commissioned by OP Corporate Bank was conducted by the market research company Rait, which interviewed representatives from more than 100 companies across various industries in Latvia in March and April 2025.

**Survey “Corporate Pulse” commissioned by OP Corporate Bank was conducted in Finland by company Taloustutkimus Oy, which interviewed representatives from 100 large companies in March and April 2025. More information here‍.