On December 14, 2023, the annual Export and Innovation Award crowned its winners, and LMT received one of the two Innovation Champion awards.

LMT has been awarded for demonstrating outstanding innovation performance throughout 2023, including successfully trialing 5G network coverage at sea and developing traffic monitoring technologies. The Innovation Champion award was presented by the Latvian Minister of Economics, Viktors Valainis. LMT received the title for the third year in a row.

Valainis stressed the perseverance of Latvian companies in facing global challenges and seeking new opportunities:

Latvian entrepreneurs have shown that they can adapt to complex geopolitical situations and are not afraid to take risks to explore new markets and opportunities. It's important to express appreciation for our best exporters and innovation champions, as they are the driving force behind our economic growth.

Another Innovation Champion award went to Latvian State Forests for its logistics, data processing, and drone technology innovations, while Latvijas Finieris JSC was named this year’s Export Champion.

In 2023, the prizes were awarded in five categories – Export Champion, Innovation Champion, Export Newcomer, Leader in Export Growth, and the Most Exportable New Tourism Product. The winners were determined by a panel of judges assessing company data and its exports, added value, profitability, number of employees, and other indicators provided by the Central Statistical Bureau.

The Export and Innovation Awards is a state award for entrepreneurship, honoring Latvian companies that have excelled in exports in the past year and have created innovative products or services. It’s organized by the Investment and Development Agency of Latvia in cooperation with the Ministry of Economics, the Central Statistical Bureau, the financial institution Altum, and the Latvian Exporters Association, the Red Jackets.