Economics Ministry expects Latvia to increase exports to EUR 22 billion in three years

  • 2020-06-10
  • LETA/TBT Staff

RIGA - The Economics Ministry expects Latvian exports of goods and services to grow to EUR 22 billion in the next three years, Janis Salmins, head of the ministry's analytics service, told members of the Saeima Sustainable Development Committee on Wednesday. 

The ministry official indicated that export growth is an essential factor for the Latvian economy which is why the current recovery plan envisages an annual export growth of 7 percent. 

Salmins noted that the Covid-19 crisis has shown that digitalization plays an essential role in building the economy. The Economics Ministry believes that Latvia should develop as a technology-based state, promoting testing of innovative products and open to large tech companies and investors. 

Salmins indicated that the short-term goal is to ensure that the crisis impact on the economy and business activity is as small as possible. In the medium-term, structural reforms should be carried out to increase productivity and achieve robust export growth. 

The Economics Ministry's representatives said that the economic recovery plans includes strategic action lines as training and retraining, innovation, new markets for export growth, availability of financing for the public and private sector, infrastructure development and stimulation of economic activity.

According to the Central Statistical Bureau's data, Latvia exported EUR 12.9 billion worth of goods and EUR 5.6 billion worth of services in 2019.