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At its December 3, 2024 meeting, the Cabinet of Ministers approved a support program for the development and internationalization of new products by companies. The program provides over €11 million in funding to support the internationalization of collaboration network members and foster cooperation between the private, public, and research sectors (hereinafter referred to as the Collaboration Network Program).
Minister of Economics Viktors Valainis:
“To promote the successful internationalization of Latvian companies, we aim to provide diverse support opportunities that enhance their innovation and research capacity. Our goal is to encourage Latvian businesses to engage in international innovation projects and adopt new technologies. This will enhance their capacity for innovation, attract additional resources, promote international knowledge transfer, and create favorable conditions for tighter integration into global value chains, resulting in high-value-added products and services.”
Within the support program, a specific instrument is created for collaboration networks. These include associations or foundations that unite entrepreneurs, research and knowledge dissemination organizations, and other institutions operating in interconnected sectors, economic niches, product or service groups, value chains, or regions.
The objective of the Collaboration Network Program is to foster cooperation between companies, research organizations, and other institutions at local and international levels, increase business investments in development and innovation, and, in doing so, enhance competitiveness, productivity, export capacity, and the formation of an innovation ecosystem.
The total funding of the program amounts to €11,611,149, which will be provided as grants and non-financial support for activities such as participation in international projects, acquiring market data, and other initiatives. Support will be available to small and medium-sized enterprises (SMEs), large companies, state-owned enterprises, and research institutions operating within Smart Specialization areas.
The program foresees a two-level support mechanism: the Central Finance and Contracting Agency will select collaboration networks, which will then distribute grants and non-financial support to their members.
By December 31, 2029, the program aims to support at least 12 collaboration networks and 240 businesses, while providing non-financial support to at least 400 companies. Furthermore, it plans to organize 1,000 visits to collaboration partners, including trade missions, conduct at least 60 market studies, and ensure an increase in export volumes of €100 million among supported companies within two years of receiving support.
Detailed information about the implementation rules of the second round of the European Union Cohesion Policy Program 2021–2027 Specific Support Objective 1.2.1 "Strengthening Research and Innovation Capacity and Introducing Advanced Technologies for Businesses" Measure 1.2.1.1 "Support for the Development and Internationalization of New Products" can be found on the Unified Legal Act Portal.