RIGA, March 7 (LETA) - Riga has been officially recognized as the most dynamically growing city in Central and Eastern Europe in the business services sector at CEE Business Service Awards 2025, which took place yesterday, March 6, in Warsaw, Poland.

This achievement repeats last year's success, positioning Riga ahead of other cities in the region, the organizers informed LETA.

Two companies based in Riga, Tech Mahindra and GoCardless, were also awarded.

The jury panel that granted Riga this award included experts from several countries, including Switzerland, Lithuania, Bulgaria, the Netherlands, Portugal, Hungary, Denmark, France, and Slovakia.

"We see an increasing number of new investors coming to Riga, and existing investors are growing rapidly. In just three years, we have proven that Riga is not only competitive but also one of the leading cities in the business services sector across the region," emphasized Fredis Bikovs, Director of the Riga Investment and Tourism Agency.

According to the agency, Tech Mahindra joined Riga's business ecosystem in 2023 by opening its first service center in the Baltic region. Tech Mahindra's investments in Riga were recognized as the most significant contribution to the business services sector.

Specializing in IT solutions and digital transformation, the company aims to establish one of the region's strongest technology development hubs in Riga. Tech Mahindra's investment represents a major contribution to the business services sector, not only creating high-value jobs but also fostering innovation and the development of the digital economy in Latvia, said Riga Investment and Tourism Agency.

On the other hand, GoCardless was named the best business services center in Latvia. GoCardless is one of the world's leading payment technology companies, it chose Riga as the strategic location for its business service center in 2022.

Specializing in automated direct payments and payment processing solutions, the company offers more efficient and advanced fintech services to the global market. The GoCardless business services center in Riga is experiencing rapid growth, attracting highly skilled professionals and strengthening Latvia's capital city as a key player in the international fintech sector, said Riga Investment and Tourism Agency.