Europe's competitiveness over next decade will depend on development and implementation of strategic technologies - Braze

RIGA - Europe's competitiveness over the next decade will depend on its ability to develop and implement strategic technologies, Foreign Minister Baiba Braze (New Unity) said on Monday.

Braze at a seminar today met with representatives from government agencies, scientific institutions, and non-governmental organizations to discuss Latvia's opportunities for successful participation in upcoming European Competitiveness Fund (ECF) projects, the minister's advisor Toms Sadovskis told LETA.

The seminar was also attended by Agnieszka Skonieczna, a representative of the European Commission's Directorate General for Internal Market, Industry, Entrepreneurship and SMEs, who outlined the European Commission's vision of the new fund's objectives, planned funding areas, and the conditions for competition.

The foreign minister emphasized that promoting competitiveness and strengthening security are closely linked priorities that are reflected in the new fund. She highlighted that entrepreneurs, researchers, and innovators must have equal opportunities to access ECF support.

"Latvia already has a strong research and startup ecosystem, which allows our scientists to contribute to strengthening Europe's technological sovereignty," noted Braze, adding that the state will continue to foster a business-friendly environment.

During a discussion with representatives of Latvian startups, the European Commission representative spoke about the options for applying for funding from the newly established ECF and the prerequisites for successfully securing funding. The ECF is designed as a tool that consolidates several existing programs into a single system, reducing the fragmentation of funding and enabling more effective support for projects at all stages of development - from research to production and market launch.

The European Competitiveness Fund is part of the European Commission's proposal for the new EU Multiannual Financial Framework and aims to create a single financial instrument that consolidates existing programs in the fields of innovation, digital development, defense, health, and other areas. The fund will operate as an investment platform supporting projects and enterprises through various financial instruments, while also attracting private investment and strengthening Europe's competitiveness.

The total amount of the ECF proposed by the European Commission for 2028-2034 is EUR 234.3 billion. Most of the funding, amounting to EUR 125.2 billion, is allocated for defense, space, and resilience. Significant funding is also planned for digital transition (EUR 51.5 billion), decarbonization (EUR 26.2 billion), as well as health, biotechnology, agriculture, and the bioeconomy (a total of EUR 20.4 billion).