The first meeting of the coordination council for large and strategically important investment projects was held – Economy, finance

On Thursday, May 9, the first session of the renewed composition of the Coordination Council for Large and Strategically Important Investment Projects (hereinafter referred to as the Council) was held, which was chaired by the Vice-Chairman of the Council, Minister of Economy Viktors Valainis.

Current issues identified by the Latvian Investment and Development Agency (LIAA) in its daily work with foreign and local investors were discussed at the meeting – both in terms of the implementation of specific large and strategically important investment projects, as well as issues that are generally essential for the improvement of Latvia’s investment environment and investments essential to the national economy. for the successful implementation of projects.

“I am pleased that the coordinated work has been started so that the Council under the leadership of the Prime Minister becomes the central institution that recognizes and monitors the progress of large investment projects in Latvia and makes decisions to eliminate various obstacles or solve other issues important to the inflow of investments, moreover, regardless of whether we are talking on foreign direct investments in Latvia or development projects of Latvian companies with an investment volume of at least 10 million euros or an export volume of 5 million euros. It is especially important that each important investment project will have its own “supervisor” – a specific official who will monitor its progress,” emphasizes Minister of Economy Viktors Valainis.

Also participated in the meeting LIAA Investment Projects Department Director Ivi Anna Bucewho informed about the attracted investments and current investment projects:Compared to 2022, the amount of attracted investments has increased by approximately 30% in the past year, there is great interest in projects in the field of energy and ICT, production is also developing, expanding existing production facilities and building new ones. This year, our goal for attracting foreign investment is 660 million euros, creating as many as 2,500 new jobs. Effective entry of investments into the economy is the basis for the development and competitiveness of Latvia, therefore, it is essential to improve the coordination of various important investment projects. We are currently working on a total of 321 potential investment projects in the amount of almost 13.95 billion euros. It should be noted that not all of these projects will be realized, but in case of implementation, the implementation of these projects could create as many as 9,000 new jobs.”

The main issues to be discussed in the Council are related to the availability of production raw materials in Latvia, the improvement of services provided by the state to investors, as well as the need to continue working on the regulatory framework in order to facilitate project promotion and investment attraction. LIAA, as the secretariat of the Council, plans to forward the proposals and reports prepared for consideration by the Council on the implementation of important investment projects, and will also inform about the progress of the implementation of decisions.

The issues discussed in the council were also discussed before that in the meeting established by the Ministry of Economy lin the operational working group of street and strategically important investment projects (Working Group)in which a representative of the Ministry of Economy, LIAA and the Prime Minister’s Office works.

As previously reported, on April 9, 2024, the Cabinet of Ministers approved amendments to the Council’s bylaws, which introduce a more effective decision-making process in the work of the Council with the aim of monitoring the management and implementation of large and strategically important investment projects in Latvia. The Council will be able to review and decide on the amendments to laws and regulations, support mechanisms, additional infrastructure or other investments and measures necessary for the implementation of specific investment projects.

Created by the Ministry of Economy for more effective evaluation of investment projects and preparation of draft decisions Dor groupwhich the task is to prepare proposals for decision-making in the Council on the successful implementation of investment projects important to Latvia’s economy and to monitor the implementation of decisions made at Council meetings.

In the composition of the Council is the Prime Minister, the Minister of Economy, the Minister of Finance, the Minister of Foreign Affairs, the Minister of Transport and the Minister of Environmental Protection and Regional Development, as well as representatives of other state institutions, capital companies, as well as public organizations and social partners who are affected and to whom may be invited to the meeting refers to the issue under consideration at the Council meeting.

Ministry of Economics