Translated using ChatGPT service.
On November 26, the Cabinet of Ministers approved a new European Union fund support program worth over €27 million. This program will provide businesses with support for digitalizing their operational processes.
Minister of Economics Viktors Valainis:
“Digitalization, investments in technological solutions, and innovations in production processes are essential for Latvia’s economic growth and competitiveness. With this new support program, we will continue the efforts initiated under the Recovery and Resilience Facility, enhancing our businesses' competitiveness and productivity through targeted investments to create higher value-added processes in business operations.”
The total funding for the support program is €27,613,228. Under this funding, the Investment and Development Agency of Latvia (LIAA) will be able to provide grants to at least 1,750 businesses for internal business process digitalization. This includes funding for ready-made solutions, hardware, sensors, equipment, software, IT infrastructure, licenses, installation, and customization, as well as related consultations. Each grant will be capped at €10,000.
Additionally, non-financial support will be provided to at least 300 businesses for initial and follow-up digital maturity tests, the development of digital roadmaps, and expert opinions.
It is planned that businesses will be able to access this support starting from the third quarter of 2025.
As of now, support for business digitalization is already available under the Recovery and Resilience Facility, with €10 million allocated for assessing digital maturity and €40.14 million for commercializing digital processes. By September 30 of this year, LIAA had issued support to 100 businesses totaling €8.6 million.
For more details on the government-approved support program "Implementation Regulations for Measure 1.2.2.1 'Support for Process Digitalization in Business' under the European Union Cohesion Policy Program 2021–2027 Specific Support Objective 1.2.2 'Utilize the Advantages of Digitalization for Business Development,'" please visit the Unified Legal Acts Portal.