Proclamation Day of the Republic of Latvia Proclamation Day of the Republic of Latvia Proclamation Day of the Republic of Latvia is celebrated annually on 18 November. It marks the anniversary of the Proclamation of Independence of Latvia by the People's Council of Latvia in 1918. Various public events take place all over the country, including concerts and fireworks. Torchlight processions held by various organizations have been part of Proclamation Day celebrations and Lāčplēsis Day celebrations since the 1920s. The largest torchlight procession organized by the National Alliance takes place in the capital city Riga and attracts several thousand participants every year. Its route through the streets
History of Latvia to capital investment projects. Around 15% of income was generated by state spirits monopoly. The restoration of industry was more complicated. Before World War I 80% of industrial production was made for internal Russian Empire markets. Trade agreement with Soviet Union was signed in 1927 but did not result in high trade volumes. By the end of 1920s Latvia's largest export markets were Germany (35,6%), United Kingdom (20,8%), France, Belgium, Netherlands (22,9%). Latvia had to import almost all of modern machinery and fuels. In 1929 Latvia had 3 state owned banks, 19 private banks, 605 credit unions and many more