Translated using ChatGPT service.
Today, a meeting of the Coordination Council for Large and Strategically Important Investment Projects took place, chaired by Prime Minister Evika Siliņa. The meeting reviewed issues from the Investment and Development Agency of Latvia (LIAA), the Ministry of Economics, the Ministry of Defense, and other institutions regarding the progress of significant investment projects. Currently, LIAA’s portfolio includes 148 projects with a total value of 10 billion euros.
“We have doubled investor interest in Latvia over the past year and achieved an overall increase in investment volumes in the country,” stated E. Siliņa. “This is the result of government-implemented improvements in reducing administrative burdens, simplifying tax policy, state-provided support for investments and innovations, as well as human resource development. The projects reviewed at the Coordination Council for Large and Strategically Important Investment Projects have a significant impact on the creation of new jobs, provide opportunities for other Latvian entrepreneurs to develop their services, and overall promote Latvia’s economic growth. Therefore, these projects are being reviewed under my leadership as head of government to enhance interinstitutional cooperation and accelerate project implementation.”
The meeting sought solutions regarding the availability of raw materials for biorefinery project development, the construction of energy infrastructure, as well as strategic investments in security and defense.
“The results of Latvia’s foreign investment attraction in 2024 are impressive – from nearly 619 million euros in 2023, the volume of attracted investments increased to more than 655 million euros last year. For comparison, in Lithuania, the volume of attracted investments in 2024 was 351 million euros. The target for large investment attraction in Latvia this year is 790 million euros, and considering the strong groundwork and growing investor interest, I am confident that we could even exceed this target. Latvia is an excellent place for investment, and this is also confirmed by the volume of active investment projects – in 2023, it slightly exceeded 4 billion euros, while in 2024, it reached approximately 11 billion euros,” noted Minister of Economics Viktors Valainis.
During the meeting, five of the most current investment projects were presented, with a total investment volume exceeding 2.3 billion euros and plans to create 1,200 new jobs. These projects represent industries such as photonics, aviation, information and communication technologies (ICT), financial technology, and knowledge-intensive bioeconomy.
The Council identified obstacles to the development of private green energy projects, particularly concerning the construction of new electricity infrastructure. It is planned that connections for wind and solar parks will be built within Latvia’s state road zoning, thus facilitating the coordination process with private landowners, significantly reducing bureaucratic barriers to implementing such projects. Additionally, a decision was made to enhance coordination between LIAA and the Ministry of Defense to promote the attraction of strategic investments for ensuring national defense functions.
LIAA’s priorities in investment attraction include high-value-added sectors such as ICT, photonics, smart materials, bioeconomy, biomedicine, and green energy. LIAA plans to proactively work on projects that can provide significant economic returns while also supporting other local and foreign investor projects. A crucial role in this process is the reduction of bureaucracy, for example, in the construction sector, where the Ministry of Economics has prepared several dozen amendments to accelerate the process from construction planning to project initiation.
The Coordination Council for Large and Strategically Important Investment Projects serves as the central institution. Its main function is to identify and oversee the progress of large investment projects in Latvia. The secretariat functions of the Council are ensured by LIAA.
