More support promised for innovative companies

At its meeting of February, the Cabinet of Ministers approved the support program of the Recovery Fund (AF), so that Latvian companies and research organizations can develop large-scale projects of common interest important to Europe (IPCEI).

"The new Recovery Fund support program provides not only financial support, but also an opportunity to promote the development of new Latvian products and technologies at an international level. At the same time, this support not only strengthens the research capacity of Latvian companies, but also promotes competitiveness, creating opportunities for the development of new products and technologies that meets European-wide needs,"  said Minister of Economics Viktors Valainis.

Within the framework of the program, support will be provided to micro, small, medium and large companies, including public companies and research and knowledge dissemination organizations developing new products, services and technologies to participate in the IPCEI.

Support will be provided for industrial studies, experimental developments, technical and economic feasibility studies, wages, salary tax costs, business trips, utility and communication services, rental fees for premises, tools, equipment and their equipment, planned material costs, costs for contract research and patents , amortization costs of buildings, tools, equipment and their equipment, patents and licenses, insurance, external service costs, communication costs, data purchase and subscription costs.

Projects in IPCEI areas such as health will be supported (divided into two waves - support will be available for pharmaceutical substances in the first wave, and devices in the second wave); cloud data and microelectronics among the priority areas.

Until December 31, 2027, within the framework of the program, total AF funding of 31 million euros is available. Economics Ministry estimates predict that within the framework 8 merchants could be supported, 8 new products, services or technologies created and developed, and the increase in the turnover of merchants at the end of the program compared to the beginning should reach 65 million euros. 

Full details of the approved Latvian Recovery and Resilience Mechanism Plan are available here (in Latvian).

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