On September 4, a meeting of the Coordination Council for Large and Strategically Important Investment Projects was held under the chairmanship of Prime Minister Evika Siliņa, at which the current progress in attracting investment was assessed and future activities were discussed to ensure the successful implementation of strategically important projects.
"Economic growth can only be ensured by attracting strategic investment and strengthening export capacity. Today, together with ministers and the Investment and Development Agency of Latvia (LIAA), we assessed the progress of large projects, the potential of the defense industry, and the implementation of the green corridor. The goal is clear - by cooperating with state institutions in the interests of strategic goals, to accelerate decision-making, strengthen competitiveness, attract strategic investors, and allow entrepreneurs to create a high-value-added economic breakthrough that brings direct returns to the Latvian economy. This is how we will increase the country's prosperity," emphasized Prime Minister Evika Siliņa.
The agenda of the meeting focused on the development of the defense industry. Projects with a total planned investment volume of 1.2 billion euros were reviewed, which will not only strengthen Latvia's security, but also create opportunities for local companies to integrate into international supply chains. Decisions were also made on several other significant investment projects, the total value of which reaches almost 900 million euros. These projects cover energy, high-value-added product production, logistics and the high-tech sector, creating thousands of new jobs and promoting Latvia's export volume.
Director of the Latvian Institute of Advanced Industrial Sciences Ieva Jägere: "Currently, Latvia is working with a portfolio of investment projects with a total value of over 15 billion euros. They cover sectors such as the defense industry, energy, biotechnology, information technology and green innovations. It is particularly important that for the first time in the Council we also discussed support for local companies. This will allow us to purposefully strengthen the capabilities of our entrepreneurs to integrate into international value chains and become strategic partners in broader value chains."
An important milestone at today's meeting was also the first broader discussion on support for local producers. Until now, the Council's main focus has been on attracting foreign investment, but at the same time, ways are being sought to strengthen the competitiveness of Latvian companies and promote their integration into international value chains. However, this requires increasing the investment volumes of local producers in order to build competitiveness and production capacity, which is necessary for entering larger markets.
In order to accelerate the implementation of large investment projects, proposals for improving the "green corridor" were also discussed. This mechanism aims to significantly reduce the bureaucratic burden and provide priority state support for strategically important initiatives, thus strengthening Latvia's competitiveness in attracting investment in the Baltics and the wider European region. The "green corridor" principle provides that all issues related to investment projects in state and local government institutions are resolved twice as quickly as the usual procedure.
About the Council
The Coordination Council for Large and Strategically Important Investment Projects acts as a central institution that identifies and monitors the progress of large investment projects in Latvia. Its task is to ensure interdepartmental cooperation, resolve bureaucratic obstacles and accelerate the implementation of strategically important investments in the interests of the state of Latvia. The functions of the Council secretariat are provided by LIAA
About LIAA
LIAA promotes the competitiveness of Latvian entrepreneurs, export growth and investment attraction, as well as develops the tourism industry and implements the state image policy. The agency acts as a state partner in the development of entrepreneurship - from an idea to international markets. With an extensive network of representative offices abroad and regional business centers in Latvia, LIAA helps companies grow and positions Latvia as a safe, innovative and open country in the global economy.
Photo, State Chancellery: https://www.flickr.com/photos/valstskanceleja/albums/72177720328798790