Latvia founds new 'State Defense Corporation'

In order to develop military and defense-related industry in Latvia in the long term, a new state-owned company named SIA "Valsts aizsardzības korporācija" ("State Defense Corporation") has been officially registered, the Ministry of Defense confirmed in a release November 29.

Plans to found the new holding company were previously reported by LSM earlier this month.

Ingrīda Ķirse has been appointed as a temporary member of the board of the new entity. Ķirse has been a long-time member of the board and manager of Latvian branches of ERGO insurance group and also served as chair of the Riga International School and chair of the board of SIA "LDZ CARGO". It is planned that she will perform the duties of a member of the temporary board of the "State Defense Corporation" until a permanent manager is appointed.

The State Defense Corporation will work as a holding company and will be part of the Latvian military industry ecosystem. Its share capital will initially be EUR 500,000 and its registered address is at the Ministry of Defense.

"The company's task will be to manage investments in the national defense industry and coordinate production-related processes. The National Defense Corporation will also implement and stimulate the acquisition of European Union funding instruments and funds, creating national and cross-border cooperation, including investing capital in existing Latvian military production companies that might need such investments to increase their production capacity," the Ministry release said.

More immediately it will be tasked with ensuring the production and integration of military goods or their components and technologies that are critically needed by the defense sector.

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