Economic growth can only be achieved by attracting strategic investment and boosting export capacity - Silina

RIGA - Economic growth can only be achieved by attracting strategic investment and boosting export capacity, Prime Minister Evika Silina (New Unity) said on social media following a meeting of the Coordination Council for Large and Strategically Important Investment Projects on Thursday.

She said that together with government ministers and the Latvian Investment and Development Agency (LIAA), the council assessed the progress of major projects, the defense industry's potential and the implementation of the "green corridor".

"The goal is clear - to speed up decision-making, strengthen competitiveness, attract strategic investors and enable entrepreneurs to create high added value economic breakthroughs that bring direct returns to the Latvian economy, by public authorities working together in the interests of strategic objectives," the prime minister said, stressing that this can increase the country's prosperity.

LETA was told at the LIAA that the meeting's agenda focused on the development of the defense sector, with projects with a total planned investment of EUR 1.2 billion discussed at the meeting. The LIAA stresses that these investments will not only strengthen Latvia's security, but also create opportunities for local companies to enter international supply chains.

Decisions were also taken on a number of other major investment projects, with a total value of almost EUR 900 million. These projects cover energy, high value-added manufacturing, logistics and high-tech industries.

LIAA Director Ieva Jagere said that Latvia is currently working with a portfolio of investment projects worth more than EUR 15 billion. These cover sectors such as defense, energy, biotechnology, information technology and green innovation. "It is particularly significant that for the first time we also discussed support for local companies. This will allow us to consistently strengthen our entrepreneurs' capacity to integrate into international value chains and to become strategic partners in wider value chains," said Jagere.

Today's meeting also included the first broader discussion on supporting local producers. While the Council's main focus has so far been on attracting foreign investment, it is now also looking at ways to strengthen the competitiveness of the Latvian companies and facilitate their integration into international value chains.

The aim of the Coordination Council for Large and Strategically Important Investment Projects is to ensure coordinated inter-ministerial cooperation for a successful implementation of investment projects in the interests of Latvia, including the consideration and resolution of issues related to bureaucratic burden and administrative obstacles to the implementation of investment projects.

The council is composed of the prime minister, the ministers of economics, finance, foreign affairs, transport, and smart administration and regional development.