Latvia unveils new business support scheme

Mar 10, 2010
TBT Staff

Economy Minister Kampars said the plan would make doing business in the country faster and cheaper.

RIGA - The Latvian government has unveiled a new plan to help foster the growth of small businesses in the country.

The plan, titled the "Entrepreneurship Environment Improvement plan for 2010", has been eagerly awaited by prospective entrepreneurs and is seen by the government as a way to help get the economy back on track.

Economics Minister Artis Kampars stressed the theme "faster, cheaper, fewer procedures" as the way in which the government will help businesses strengthen the economy.

The goal is for Latvia to reach 25th place in the World Bank’s Doing Business ranking by 2010, and 19th place by 2013. The ranking lists the "ease of doing business" in the world’s countries.

Although Latvia presently stands at 27th place in the global Doing Business ranking, it is listed among the top 10 EU members states, and surpasses Austria, the Netherlands and France.

Despite this, Latvia still has one of the lowest levels of entrepreneurship in the EU.

The plan was developed after a survey of Latvian businesses and a thorough review of existing problems that hamper effective business practices in Latvia.

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