Translated using ChatGPT service.
A new European Union fund support program with a total public financing of over €32 million will be available for the development of dual-use products and technologies in the defense and security sector.
Although recent years have seen an increase in company investments in research and development (R&D), these remain insufficient to ensure Latvia’s economic growth matches that of the strongest economies in the European Union. Therefore, targeted R&D investments are needed to boost innovation among Latvian companies, especially in the fields of smart specialization.
The program aims to promote the transformation of Latvia’s economy towards smart specialization areas, develop competitive advantages linked to technology and innovation, and enhance Latvia’s defense capabilities through the development of dual-use products and technologies in defense and security.
Support will be provided to micro, small, and medium-sized enterprises (SMEs), small mid-cap and medium-sized enterprises, research and knowledge dissemination organizations working in smart specialization areas, and large enterprises, provided that SMEs are involved in implementing R&D activities.
Funding will be available for innovative product or technology development, increased R&D expenditure in the business sector, and collaboration between business and research sectors.
The total program funding will be available until December 31, 2029.
It is anticipated that the program will support at least 40 beneficiaries, result in the development of 40 new products or technologies, achieve a €40 million increase in revenue by the year of project completion compared to the start of the project, increase exports by €30 million, create 50 new jobs, and attract at least €15 million in private investment.
Further details on the third round of the “Support for New Product Development and Internationalization” program, approved by the Cabinet of Ministers on October 22, 2024, can be found on the Unified Legal Acts Portal.