RIGA - The Cabinet of Ministers on Thursday approved the National Industrial Policy Guidelines for 2021-2027 developed by the Economics Ministry, hoping to increase exports to EUR 27 billion by 2027.
The guidelines cover all national economic sectors and states economic growth goals and directions for the coming seven years.
The goal is to increase the export volume to EUR 22 billion in 2023 and to EUR 27 billion in 2027.
"In order to achieve this ambitious export goal, investments in new product development should be increased," the ministry said.
Economics Minister Janis Vitenbergs (For Humane Latvia; KPV LV) said that Latvia should make targeted support to innovations culture an creation process. "The government together with business representatives and the society should take measures to introduce digital transformation," the minister said.
Government budget resources, EU structural funds and EU Recovery and Resilience Facility and other foreign financial instruments will be attracted for implementation of the guidelines and achieving these goals.