By Al Jazeera Tv

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BAKU, Azerbaijan, October 2. On September 30,
Latvia’s Ministry of Economics hosted a meeting with
representatives of Marcegaglia, Italy’s leading steel industry
group, to discuss the company’s potential business expansion in
Latvia, competitiveness in the sector, and opportunities for
cooperation and investment, including in the defense industry,

During the talks, ministry officials presented available support
programs for foreign investors in Latvia. Minister of Economics
Viktors Valainis emphasized that several Italian companies have
already successfully carried out projects in Latvia, noting that
cooperation benefits both the country’s economy and the investors
themselves.

“The visit of Marcegaglia representatives confirms foreign
investors’ interest in Latvia as a stable and strategically
important partner. Our country offers a range of support
instruments that can make Latvia a valuable partner in the broader
context of Europe’s security and industrial development. We see
strong potential for cooperation with Italian companies in both
civil and defense technologies, including dual-use goods
production,” Valainis said.

Marcegaglia representatives expressed their interest in
expanding operations in Latvia, highlighting their readiness to use
the group’s experience and expertise in the steel industry. The
company’s plans for Latvia were first outlined during Minister
Valainis’s working visit to Rome in July 2025, when the group
announced its intention to invest in Latvia within the next two to
three years.

In 2024, Marcegaglia expanded its European presence by acquiring
the French steel plant Marcegaglia Fos-sur-Mer, which also
manufactures products for the defense sector. Minister Valainis
invited the company to engage in Latvia’s developing defense
industry cluster.

Latvia is currently making major investments in its defense
industry, with the government deciding to increase defense spending
to 5 percent of GDP starting in 2026, opening new opportunities for
industrial development and international cooperation.

The Marcegaglia delegation was in Latvia from September 29
through October 1 as part of a visit organized by the Investment
and Development Agency of Latvia (LIAA). During their stay, company
representatives met with Latvian institutions and visited several
companies, including Steel PROFI, SFM Latvia, and East Metal.
Meetings were also scheduled with the Ministry of Economics, the
Association of Mechanical Engineering and Metalworking Industries,
the Ministry of Defense, Valpro, and LIAA representatives.

Marcegaglia Steel represents a prominent Italian industrial
conglomerate, recognized as a preeminent player in the steel
processing sector. The entity specializes in an extensive portfolio
of steel derivatives, encompassing carbon steel flat products,
pre-painted steel solutions, stainless steel variants, and an array
of welded tubular products. The enterprise stands as a preeminent
independent steel processor on a global scale, boasting an
extensive network of 28 production facilities strategically
positioned across three continents. Its product offerings are
integral to the automotive, construction, and appliance sectors,
underscoring its pivotal role in the supply chain ecosystem.

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