On April 25, 2018, the Ministry of Economics, the Employers' Confederation of Latvia, the Latvian Chamber of Commerce and Industry, and six branch associations signed a Memorandum on the Development of Latvian Industry with a view to transforming industry to higher added value within the next three years and achieving industrial growth of 30%.
“Manufacturing and industry should be the backbone of the country's economy, so the competitiveness and export capacity of these enterprises need to be strengthened and this is my priority as the minister of economics. In cooperation with industry associations and experts, we have agreed on a series of support measures to ensure labour supply and competitive energy prices, as well as to strengthen innovations. By fulfilling the commitments of both parties, we will have invested EUR 1.2 billion in modernization over the next three years, increased industrial exports by EUR 1 billion, invested EUR 67 million in research and development, and raised qualifications of 8,400 employees,” emphasizes Deputy Prime Minister, Minister of Economics Arvils Ašeradens.
The Memorandum, which is one of the key measures in the Industrial Support Program, includes a commitment by the government to implement a series of measures aimed at supporting the industry and boosting the competitiveness of local industrial and manufacturing companies, including promoting labour force accessibility, innovation and competitive energy supplies. Meanwhile, the industrial sector undertakes to make significant investments in increasing productivity of enterprises, in research and development (in innovations) over the next three years, thereby increasing export volumes and providing employees with professional qualifications.
Memorandum on the Development of Latvian Industry was signed by the Ministry of Economics; Employers' Confederation of Latvia; Latvian Chamber of Commerce and Industry; Building Materials Manufacturer Association; Association of the Latvian Chemical and Pharmaceutical Industry; Latvian Electrical Engineering and Electronics Industry Association; Latvian Federation of Food Companies; Latvian Wood Industry Federation; Association of Mechanical Engineering and Metalworking Industries.