Riga Port City is one of the Baltic states’ most promising metropolitan waterfront developments. Emmanuil Grinshpun, an experienced investor and businessman, is one of the project’s principals.
The project is expected to have a great impact on Riga’s economy, leisure, and tourism.
Emmanuil Grinshpun, who has invested and founded companies all over the world, is focused now on Latvia.
He thinks Riga Port City has great potential as an investment. He also believes that Latvia is a country with great potential for growth and an excellent place both for living and as a summer destination.
In this article, Emmanuil Grinshpun will elaborate on the Riga Port City project and how it will reshape Riga. He will explain what’s to come for the city after the project has culminated. Grinshpun will also reveal what motivates him to invest in Latvia.
Emmanuil Grinshpun: a philanthropist, world-renowned businessman, and investor
Emmanuil Grinshpun is a Moldavian philanthropist and world-renowned businessman and investor. He actively contributes to societal development and economic growth through real estate and other areas.
Throughout his career, he has contributed significantly to the Jewish community. For over a decade, he has been an active member and one of the leaders of the Jewish Community of Moldova.
He participates in social projects and conducts philanthropic activities in countries such as Moldova, Latvia, Kazakhstan, Israel, and the US.
As of lately, Emmanuil Grinshpun has been organizing humanitarian efforts for Ukrainian refugees.
He also serves as the Honorary Consul of the Republic of Kazakhstan in Florida, Georgia, and South Carolina.
Grinshpun holds a managing position in businesses in Moldova operating in different fields like food, hospitality, fitness, pharma, finance, and tech sectors.
Additionally, Mr. Grinshpun invests in various successful businesses such as shopping malls, business and agreement centers, construction companies, law companies, brokerage companies, broadcasting stations, fintech companies, etc.
One of Emmanuil Grinshpun’s latest and most significant investments is the Riga Port City Project, a major metropolitan waterfront development project in Riga, Latvia.
The concept of the Riga Port City project
According to Grinshpun, the Riga Port City project will be Europe’s largest waterfront urban development project. It will feature residential, commercial, and leisure facilities, parks, playgrounds, and public parking.
Riga Port City’s total development area is 470,000 square meters.
The development of the project has started, and its several phases will be implemented over 20 years.
The concept will consider the country’s economic growth forecasts, Riga’s development opportunities, and trends.
The investment environment, real estate market, infrastructure, and transportation issues are thoroughly analyzed. The analysis will include foreign experience in the development of former port areas. Attention is dedicated to assessing air quality, noise level, and wind effect.
The 4.5 km waterfront in Riga Port City will be public, including direct water access and promenades along the riverside. One of the project’s main aims is to improve mobility solutions for pedestrians and cyclists.
Creating a public landscape will encourage greenery already at the initial stage of development. Also, temporary parks and public space projects are being considered.
Why Emmanuil Grinshpun opted for the Riga Port City project?
The project is located where all the cruise ships arrive in Riga. So, it will attract a significant volume of tourists and long-term residents.
Emmanuil Grinshpun believes that Latvia is an outstanding holiday destination. Riga stands out for its history, architecture, culinary offer, and vibrant nightlife. Everything is for affordable prices and of top-notch quality.
Latvia has great potential as a summer destination for those who live in the middle east and are looking to escape from the excessively high temperatures in the summer, claims Grinshpun. In fact, Riga is known by many as “the Abu Dhabi of the North.”
Riga Port City has 4.5 km of riverfront, 47 ha area, and immediate proximity to UNESCO World Heritage Riga historical center.
There is also a viewing of the art nouveau district and the Old Town. It is a unique project in the very center of Riga.
The project aims to return the waterfront to Riga’s inhabitants and guests.
Riga Port City offers a unique integration between the historical and the modern, culture and art, life, and work.
It is a short walk from the city’s historical center, between Andrejsala, Yacht port Andrejosta, and Riga Passenger Port.
The territory development vision in the future will supplement Riga center’s public space and mobility solutions, making it a significant business, residential, tourism, and leisure destination.
Why did Emmanuil Grinshpun choose to invest in Latvia?
Emmanuil Grinshpun moved to Latvia during the Covid-19 pandemic and has stayed there. He doesn’t only see Latvia as a great place to live but also to invest.
These are the reason why he thinks Latvia is an ideal investment destination:
Infrastructural development for transportation
Before investing, investors look at transportation infrastructure. Latvia is a crossroads between East and West, making it an excellent location for shipping goods throughout Europe.
In addition to an extensive road, rail, and port network, the country has a well-developed infrastructure for transportation.
An experienced workforce
An organization’s success is determined by its people. Investors are confident in Latvia’s ability to provide qualified employees thanks to its highly educated and skilled workforce.
Many people in Latvia speaks multiple languages, mainly Latvian, Russian, and English.
A free trade area (particularly within the EU)
“Free trade” is one of Emmanuil Grinshpun’s critical factors before investing in a country.
Businesses in Latvia are free to trade with other EU nations due to their membership in the European Union (EU).
Incentives offered by the government
Investors and businesspeople are offered fantastic incentives by the Latvian government.
Worldwide, low tax rates and the right to reside are two of the most notable incentives that attract investors.
Their tax rates are low, and they are eligible for a Schengen visa to move freely around Europe. According to Emmanuil Grinshpun, this has historically attracted many international investors.
Furthermore, investors are eligible for citizenship after five years of residence.
Considerations related to international regulation
The Latvian regulatory system incorporates European standards and norms.
As a member of the European Union, Latvia is subject to the WTO Trade Facilitation Agreement.
All draft technical regulations must be submitted to the WTO Committee on Technical Barriers to Trade.
Highest developed country in terms of exports
The Latvian economy is heavily dependent on exports, so the country has experience with export policies. Investing in Latvia is safe for foreign investors due to the profitability of the export business.
A thriving start-up ecosystem
Latvia’s growing start-up ecosystem makes it an attractive destination for investors.
Start-ups in the country can access incubators, accelerators, and coworking spaces.
Businesses transporting goods across Europe benefit from Latvia’s safety and security.
Its security is enhanced by being a member of the European Union and NATO.