Last week export leaders and innovators from Latvia were honored at the 2022 edition of the annual Export and Innovation Award ceremony. The celebration is organized by the Investment and Development Agency of Latvia (LIAA) and honors local companies with outstanding export performance and innovative services and products. LMT received one of the main prizes – the Innovation Champion award.

LMT received this prize for the second year in a row for its significant investments in research and development, as well as for creating test environments that other companies and institutions can use to test their innovations. 

President and Chairman of the Management Board of LMT, Juris Binde, gave a short but inspiring award acceptance speech:

Innovation is no unknown beast. It's rather a way of looking at things from a different perspective. But the most important thing in the innovation process is knowledge and the ability to apply this knowledge creatively. Therefore, it is important that Latvian society is well-educated and able to apply its knowledge for the common good. I wish everyone to continue developing their abilities so that there is no shortage of worthy candidates to receive this award in the upcoming years.

The Innovation Champion award was presented by the Minister of Economics, Ilze Indriksone. In her speech, Ms. Indriksone pointed out that the Latvian economy has been able to endure the challenges of the past two years, mainly thanks to the creativity, innovation capabilities, and export capacity of local businesses. According to data, the estimated national export value in 2022 could reach 27 billion euros, which confirms the importance for companies to continue adapting, take risks, and be bold in order to succeed.  

Building a strong national economy requires not only the ability to solve current crises. Taking care of future opportunities is just as essential and even more important. Innovation is undeniably a risk and doesn't always bring the expected results. Therefore, the Innovation Champion is an award for foresight and the ability to be one step ahead. I am proud to present the award to a company that tirelessly contributes to research and development,

said the Minister.

The Export and Innovation Award 2022 was organized by the Investment and Development Agency of Latvia (LIAA) in cooperation with the Ministry of Economics of Latvia, the Central Statistical Bureau of Latvia, ALTUM, and the Red Jackets. Awards were given in five categories – Export Newcomer, Export Leader, Export Champion, Innovation Champion, and Most Exportable New Tourism Product.