Translated using ChatGPT service.
The Ministry of Economics (EM) has a budget of €199.8 million for 2025, the majority of which is allocated to various support measures aimed at enhancing business competitiveness, attracting high-value investments, supporting innovation, and promoting export capacity, including support for the tourism sector. A total of €122.8 million is allocated for these purposes.
Continuing to support large-scale investment projects, the ALTUM program for loans with capital rebates of €30 million for businesses planning investments of at least €10 million in business growth will continue next year.
Additionally, €3 million is allocated to support municipalities in fostering economic development. State support for organizing large-scale international events in Latvia and for foreign film production in the country will continue, with €7.5 million allocated for these purposes.
For innovation development, €10 million is planned. Of this, €8 million will be allocated for the continuation of the Innovation Fund's long-term research program, and €2 million will be used to establish a new Innovation Investment Fund through ALTUM to support companies in implementing innovative ideas in various smart specialization fields. Startups, as significant players in innovation, will also continue to receive support for organizing international events and consultations, with €400,000 allocated for this purpose in the 2025 state budget.
To strengthen export capacity, €6 million is allocated in the 2025 state budget for various activities related to promoting the export of goods and services and attracting investments.
Furthermore, €1.12 million is allocated to the Investment and Development Agency of Latvia (LIAA) for organizing high-level business delegation visits abroad with industry representatives. An additional €675,000 is allocated to improve and accelerate services for foreign investors and export-oriented businesses and to promote foreign investment growth. This funding will also serve as a motivational instrument for LIAA employees, providing bonuses for achieved results related to attracting investments. For the development of Latvia's network of external economic representations, €1.23 million is allocated, while €400,000 is allocated for further development of the Business.gov.lv platform and the creation of a green corridor tool. Additionally, €3.26 million is allocated for Latvia’s participation in Expo 2025 Osaka.
For construction and housing policies and support for residents, a total of €40.08 million is planned.
To expand housing loan opportunities in the regions, a new ALTUM loan support program of €3.5 million is planned. The housing guarantee program and the “Balsts” program will also continue next year. No additional funding from the state budget is required for these programs, as ALTUM will use funds from loan repayments for this purpose.
In addition to the new EU fund support program for increasing the energy efficiency of multi-apartment buildings and the so-called Renovation Fund program, €1.5 million is planned in 2025 for 10 pilot projects for insulating multi-apartment buildings with prefabricated wooden frame panels. This initiative will simultaneously develop the local construction materials industry and create best practices for multi-apartment building renovation. To further support the construction of affordable rental housing in the regions, additional funding reallocation from other Recovery Fund support programs has been proposed, and discussions on this are ongoing with the European Commission.
To promote housing affordability and compensate for high energy costs, significant state funding will continue to be allocated for covering electricity costs for protected users, with €25 million planned in the 2025 state budget.
Protected electricity users include low-income or disadvantaged households, families caring for children with disabilities, individuals with severe disabilities or their guardians, and large families.
Work will also continue in 2025 on improving the Construction Information System to eliminate risks of poor-quality construction, ensure efficient administrative processes in construction, and optimize the oversight of construction and operation of public buildings.
For internal market supervision, compliance assessment, and quality assurance, €6.09 million is allocated in the 2025 state budget.
This funding will ensure consumer interest protection, including in the digital environment, market surveillance of goods and services, oversight of dangerous equipment and metrology, licensing and supervision of non-bank credit providers, credit intermediaries, and debt recovery service providers, licensing and supervision of tourism service providers, online intermediary service monitoring, as well as the functioning of out-of-court consumer dispute resolution mechanisms.
For the provision of official statistics on economic, demographic, social, and environmental phenomena and processes, €14.6 million is allocated in the 2025 state budget, while €5.2 million is allocated for competition policy implementation and market supervision.
Ekonomikas ministrijas
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