University of Latvia University of Latvia The University of Latvia (LU) () is a state-run university located in Riga, Latvia. It was established in 1919. The university is ranked 701st–750th in the world, as well as 4th in the Baltic states after the University of Tartu, Tallinn University of Technology, and Vilnius University. The University of Latvia, initially named as the Higher School of Latvia () was founded on September 28, 1919 on the basis of the former Riga Polytechnic (founded in 1862). The first rector of the university was chemist Paul Walden. In 1923, the school received its current name with the
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