Translated using ChatGPT service.
This week, the Parliamentary Secretary of the Ministry of Economics (EM), Jurģis Miezainis, along with representatives from EM and the Latvian Investment and Development Agency (LIAA), met with representatives of the Latvian film industry. The discussion focused on planned changes to regulatory frameworks proposed by EM to improve the procedures for granting state budget co-financing for foreign film projects in Latvia under the LIAA’s support program "Foreign Film Production in Latvia" (hereafter referred to as the Program).
Jurģis Miezainis, Parliamentary Secretary of the Ministry of Economics:
"The Ministry of Economics, LIAA, and the film industry agree on the urgent need to resume support for new film projects as quickly as possible. To achieve this, we have reached an agreement during the discussion on improving the regulatory framework. By implementing the support program, foreign producers attracted by the film industry and their investments could bring at least €15 million annually into Latvia's economy. State support not only promotes the growth of service exports but also significantly contributes to Latvia's film industry and related sectors such as hospitality, catering, and transport, which provide services for foreign film productions in Latvia."
During the meeting, the parties discussed the next steps to enable LIAA to start granting support under the Program shortly. For this purpose, the film industry endorsed EM's proposal to adopt a new support framework, aligned with the regulatory provisions included in the draft law "On the State Budget for 2025 and the Budget Framework for 2025, 2026, and 2027" (hereafter referred to as the budget). The Program is expected to operate in a new format with improved conditions aimed at further developing the film industry, particularly by enhancing Latvia’s international recognition and competitiveness to attract new foreign film projects.
The planned changes to the Program's regulatory framework include several significant improvements, notably an increase in co-financing to 30% of eligible costs.