Economic recovery plan for Latvia in place

In order to revive Latvia's economy following the COVID-19 crisis, public and private investments of EUR 2.2 billion are planned to be provided for the implementation of infrastructure projects by 2023, reported the Ministry of Economics (EM) on May 26.

This is due to the recovery strategy developed by EM and supported by the government. The aim is to create a package of measures to overcome the economic crisis caused by COVID-19 and its mitigation measures, focusing not only on economy stabilization but also on the growth in opportunities created by the crisis.

The strategy includes five strands of action: Human capital; Innovation; Business environment for export; Access to finance; Infrastructure.

Human capital, among other things, provides support for those without work, as well as a new approach for entrepreneurs to boost competitiveness and productivity in training for workers. It is also intended to establish a single training platform for higher education institutions.

Innovation provides for public support instruments for applied/practical research and incentives for economic operators' investment in research and development. Measures are planned to expand the use of digital technologies.

Business environment for export is intended to support not only exporting companies but also create opportunities for new exporters in the international competitive industry.

Access to finance are short-term support measures for large economic operators in the form of financial instruments - guarantees and loans.

Infrastructure means government/local government procurement tools to boost domestic economic activity, implemented in accordance with basic principles.

In approving the strategy, the government instructed the Minister for Economy to set up a working group where ministries should delegate their representatives within a week at the latest. By July 1, the group should have developed specific support measures in each strand of action.

 

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