FICIL Sentiment Index

The aim of FICIL Sentiment Index is to summarize the key concerns and suggestions of the main foreign investors in Latvia – representatives of companies that have made the decision to invest in the country and have been operating here for a considerable time period. FICIL Sentiment Index is commissioned by the Foreign Investors' Council in Latvia (FICIL) and conducted by Dr. Arnis Sauka, Director of the Centre for Sustainable Business at SSE Riga. 

In 2021, the sixth consecutive report was launched, which is based on a survey: mini case studies of foreign investors. FICIL Sentiment Index serves as a temperature measurement each year to let our cooperation partners know what are the most pressing issues at the forefront and solutions the business community can identify for various issues. 

Since 2022 is an election year in Latvia, this Sentiment Index research focused on progress achieved over the last 4 years, not only 12 months.

In addition to the usual topics, the research also provides the investors’ viewpoint on the EU Green Deal implementation process, as well as priorities for the Government and Saeima in regards to the changing geopolitical situation. Executives from 53 companies participated in the interviews, representing the key foreign investors in Latvia. 

Altogether, these companies (including their subsidiaries) contribute to 25% of Latvia’s total tax revenue and employ 15% of the total workforce of companies with an annual turnover above 145 000 EUR and 50% foreign capital (data from Lursoft, 2020).

investment chart

Key results are summarized in a brochure (ENG)

Public presentation of the FICIL Sentiment Index 2021 and discussion "Investment climate in Latvia before and after the beginning of the war and Saeima election" took place on June 14, 2022.

The video recording of the event:


In cooperation with


Arnis Sauka
Professor. Head of the Centre for Sustainable Business. EMBA Course: Research Methods. Read More
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