EU Recovery Fund is important instrument for implementing smart re-industrialization in Latvia - Karins

  • 2021-06-23
  • LETA/TBT Staff

RIGA -  Today, during the meeting with Ursula von der Leyen, President of the European Commission (EC), Latvian Prime Minister Krisjanis Karins discussed Latvia's plan for the European Union (EU) Recovery Fund’s investment, LETA learned from the prime minister's representative Sandris Sabajevs. 

The EC will recommend to the EU Council to approve this plan, as well as the European green deal and regional cooperation projects, the Rail Baltica and the synchronization of Baltic states’ electricity grids with the EU.

"In Europe, each country is different, but we share fundamental values – freedom, democracy and the rule of law. When we work together, we are the largest and most prosperous bloc of countries in the world. Looking to the future, Latvia is implementing a series of major reforms, driven by one fundamental objective, namely to enable us to implement what I call smart re-industrialization or the revival of production in order to attract new investment and increase the number of well-paid jobs in exporting companies. One of the key tools to achieving this major goal is the European Union’s Recovery Fund, which earmarks around EUR 1.8 billion for Latvia in six key sectors: climate policy, digitization, eliminating inequality, economic transformation, strengthening health care and the rule of law. Our plan for the Recovery Fund’s investment in the economy was drafted in close cooperation with ministries, social partners, non-governmental organizations, business representatives and the European Commission. The development of the fund that is significant for Europe as a whole would not be possible without the involvement of the European Commission,” said Karins following the meeting.

Minister for Finance Janis Reirs noted that today Latvia received a positive assessment of Latvia’s recovery plan from Ursula von der Leyen, President of the European Commission. 

"Let me thank the experts of the European Commission for their intensive and productive cooperation with the Ministry of Finance in discussing the plan! The Recovery Fund's investment comes at the right time and will provide a visible impetus to our economic development and improved well-being of the population. The plan sets out major projects for citizens and entrepreneurs in the fields of energy efficiency, digital transformation and the green economy. Also, vital support will be given to lifelong learning, social and health sectors. It will eliminate inequalities and strengthen the health care system. In order to take the next step and invest the resources provided by the Fund in the economy, ministries have to start working immediately on the implementation of the plan," said Reirs.