The Institute of Economics of the Latvian Academy of Sciences (LAS IE) is registered in the Register of Scientific Institutions of the Ministry of Education and Science of the Republic of Latvia as a scientific and research institution. The Institute’s work and activities are directed toward the study of economic issues significant to Latvia and Europe, seeking and creating innovative and scientifically substantiated solutions.

The mission of the Institute is to promote the development of Latvia’s economy in the regions and in the country as a whole, on the basis of research, by preparing competent assessments and opinions on current processes in the economies of Latvia, the Baltic States, and Europe, as well as by developing recommendations regarding opportunities for economic development.

The objectives of LAS IE include promoting the interaction of science, education, technology, and culture in order to build a knowledge-based society, improve competitiveness in the development of science and technology, and foster social dialogue by strengthening cooperation among science, entrepreneurs, social partners, and educational institutions, thereby encouraging civic participation in science and providing support to young scientists.

The Institute places significant emphasis on working with entrepreneurs and young people in order to promote creative leadership and sustainable economic development. LAS IE’s priorities in these areas include the development of entrepreneurship education and the improvement of the business environment, the involvement of young people in science, the promotion of education, the integration of young people into the labour market, as well as encouraging their engagement in entrepreneurship and STEM disciplines (Science, Technology, Engineering, and Mathematics).

Historically, the main areas of research included political economy, industrial and agricultural development, demography, economic development programmes, agro-industrial complexes, and transport. These efforts supported the development and optimisation of productive forces within Latvia’s economy.

Significant changes took place in 1999, when the Institute changed from a state institution into a private-law entity through a merger with a similarly established privately founded institute bearing the same name. This reorganisation enabled the Institute to expand its field of activity by supplementing its existing research portfolio with such contemporary topics as regional development, economic growth, and the knowledge economy. This development reflects the Institute’s continuing commitment to addressing the economic challenges of Latvia and Europe.