A meeting of the Coordination Council for Large and Strategically Important Investment Projects was held in early September.
A meeting of the Coordination Council for Large and Strategically Important Investment Projects was held in early September. During the event, chaired by Prime Minister Evika Siliņa, the progress in and attraction of investments made so far were analysed and a set of planned measures was outlined to ensure the successful implementation of strategically important projects.
The Coordination Council for Large Investment Projects is a central institution that monitors the progress of significant projects in Latvia, promotes interdepartmental cooperation, reduces bureaucracy and accelerates the implementation of strategic investments in the interests of the state. The functions of the secretariat are provided by the Investment and Development Agency of Latvia (LIAA).
Goal – to increase national prosperity
In her speech, E. Siliņa pointed out that economic growth can only be ensured by attracting strategic investments and strengthening export capacity. During the event, the progress of current projects, the vitality and opportunities of the defence industry, and the need for a green corridor were assessed. “The goal is clear – for state institutions, by cooperating in the interests of strategic goals, to accelerate decision-making, strengthen competitiveness, attract strategic investors and allow entrepreneurs to create a high-value economic breakthrough that brings direct returns to the Latvian economy. This is how we will increase the country’s prosperity,” said E. Siliņa.
Investments exceed €15 billion
LIAA Director Ieva Jāgere pointed out that Latvia is currently working with a portfolio of investment projects with a total value exceeding €15 billion. These investments concern such sectors as the defence industry, energy, biotechnology, information technology and green innovations that are important for Latvia. I. Jāgere particularly emphasised that the council discussed support for local entrepreneurs for the first time, which will allow them to purposefully strengthen their ability to become strategic partners on an international scale.
Priorities
The event particularly emphasised the development of the defence sector, examining projects worth €1.2 billion, which will simultaneously strengthen security and provide opportunities for local companies to participate in international supply chains. Decisions were also made on other significant projects worth almost €900 million – in energy, production of high-value products, logistics and high-tech industries. These will create thousands of new jobs and promote export growth.
The meeting of the Coordination Council for Large and Strategically Important Investment Projects is a national-level meeting that takes place regularly and at which the most significant investment projects in Latvia are reviewed and coordinated. The main goal is to ensure the progress of large projects without unnecessary bureaucracy with effective interdepartmental cooperation and support. The amount of €15 billion in Latvian investments indicates productive and systematic work, which takes its main direction precisely during the meetings of the Coordination Council for Large and Strategically Important Investment Projects.
