Translated using ChatGPT service.
Today, the Minister of Economics, Viktors Valainis, met with the German Ambassador to Latvia, Christian Heldt, and a delegation of nearly 20 German entrepreneurs representing various sectors, including industry, construction, energy, utilities, and ICT services. The delegation included representatives from well-known companies such as Siemens, Remondis, Notus Energy, Prios, and BIH-Baltische Industrieholding, among others.
The German entrepreneurs showed great interest in the Latvian government's support programs for new business ventures, planned regulatory changes to facilitate real estate development and construction processes, the progress of renewable energy projects, and opportunities in this sector. They were also keen on the Ministry of Economics' (EM) plans for human capital development and the provision of a skilled workforce.
Minister Valainis emphasized to the potential investors that Latvia is a safe and advantageous place for investments, offering a wide range of state support programs that can be customized and combined to achieve maximum support intensity. He informed them about the recently reinstated Large Investment Projects Council under the Prime Minister, which ensures government support for the smooth progression of large investment projects.
The Minister also discussed the 62-measure plan prepared by the EM and approved by the government to debureaucratize the construction and real estate development process. The planned legislative amendments are expected to be adopted in the coming months, reducing the project timeline from concept to realization by 70%.
Additionally, Minister Valainis highlighted that administrative processes have also been streamlined for renewable energy projects, which had previously been stalled in Latvia. The state aims to set an example with the "Latvenergo" onshore wind park project and the Elwind offshore wind park project, inviting German companies to participate in their implementation and maintenance.
“Latvia is a safe and open country for investments, having recently emerged from economic difficulties related to the reorientation of the economy and energy sectors, and is now on the path to growth. Our economic growth strategy, which will be presented to the parliament on May 16, envisages an annual GDP growth of 5% in the medium term and a doubling of the economy's size over the next ten years. You are warmly invited to invest in Latvia, which will become an economic leader in the region in the coming years, and to feel at home here,” emphasized V. Valainis.
