new port developments on Krievu Sala. Tourism is also a large industry in Riga and after a slowdown during the global economic recessions of the late 2000s, grew 22% in 2011 alone. Riga was intended to become the global financial centre in the former Soviet Union. One bank, which provided high levels of secrecy for its customers, promoted itself as "We are closer than Switzerland!" (). On 28 July 1995, twenty Latvian banks with assistance of persons from the Paris Stock Exchange organised the Riga Stock Exchange which was the first Latvian stock exchange in Riga. Culture Theatres The Latvian National Opera was founded in 1918. The repertoire of the theatre embraces all opera masterpieces. The Latvian National Opera is famous not only for its operas, but for its ballet troupe as well. The Latvian National Theatre was founded in 1919. The Latvian National Theatre preserves the traditions of Latvian drama school. It is one of the biggest theatres in Latvia. The Mikhail Chekhov Riga Russian Theatre is the oldest professional drama theatre in Latvia, established in 1883. The repertoire of the theatre includes classical plays and experimental performances of Russian and other foreign playwrights. The Daile Theatre was opened for the first time in 1920. It is one of the most successful theatres in Latvia and is distinguished by its frequent productions of modern foreign plays. Latvian State Puppet Theatre was founded in 1944 and presents shows for children and adults. The New Riga Theatre was opened in 1992. World Choir Games Riga hosted the biannual 2014 World Choir Games from 9 to 19 July 2014 which coincided with the city being named European Capital of Culture for 2014. The event, organised by the choral foundation, Interkultur, takes place at various host cities every two years and was originally known as the "Choir Olympics". The event regularly sees over 15,000 choristers in over 300 choirs from over 60 nations compete for gold, silver and bronze medals in over 20 categories. The competition is further divided into a Champions Competition and an Open Competition to allow choirs from all backgrounds to enter. Choral workshops and festivals are also witnessed in the host cities and are usually open to the public. Architecture The radio and TV tower of Riga is the tallest structure in Latvia and the Baltic States, and one of the tallest in the European Union, reaching . Riga