Transport Ministry representative Tālivaldis Vectirāns said that the plan will focus on preventive measures, educating people, improving road safety and reacting towards road crashes.
€12m in funding is required for the measures, including for carrying out research for reaching the goals of the plan.
From a million people, 94 die each year in road crashes, against the EU average of 51.
"Our neighbors Estonians are below this average indicator already. So we must put in difficult and hard work so we could at least come close to this average EU indicator," said Vectirāns.
The plan aims to introduce more speed cameras on the roads and improve infrastructure on the roads, including that for pedestrians and cyclists.
In the first 11 months of 2016, the number of deaths on Latvia's roads has dropped to 144 from 164 a year ago.
The LETA news agency reports that 100 stationary speed-cameras will be up and running in Latvia by the end of 2018, according to Janis Golubevs from the Road Traffic Safety Directorate.