The information was translated using the ChatGPT service.
In the government, we have collectively agreed that next year, state budget resources will primarily be allocated to strengthening our national security, improving the healthcare sector, developing the education sector, and supporting citizens in mitigating the rising costs of electricity. To stimulate Latvian companies to invest in new product development and thereby promote economic growth and increased exports in Latvia, targeted state investments in the economy are also planned for next year, along with EU investments, which will make a significant contribution to our economy," emphasizes Minister of Economics Viktors Valainis.
The 2024 State Budget of the Ministry of Economics provides for expenses in seven areas of activity. "Our planned expenditure priorities are to support the competitiveness of entrepreneurship, increase economic resilience and energy independence, provide significant funding for improving construction quality, safety, and responsibility, as well as promote the availability of housing. At the same time, we are pleased that within the framework of the priority measures of the 2024 state budget, the government has supported additional funding of EUR 6.4 million for investment and export promotion measures and support for startups," continues the minister.
Support measures for increasing business competitiveness amount to EUR 77.3 million. To promote business development by creating industrial zones, new jobs, and adding high value, the state budget is allocated for attracting high value-added investments, promoting Latvian export capabilities, economic transformation, and support for the export capabilities of the tourism industry. "It is essential to note that over the next five years, significant additional support will be provided to increase the productivity, digitization, export capacity, and competitiveness of our entrepreneurs through the Recovery Fund and the EU Structural Funds budget investments," notes the Minister of Economics.
To promote economic resilience and attract investments for energy independence, EUR 35.9 million is planned. In order to increase economic competitiveness by promoting energy independence, the 2024 state budget provides for support to protected electricity consumers and the implementation of the offshore wind energy project ELWIND.
The state budget for implementing construction and housing policies is EUR 16.9 million. To create a favorable environment for investments in Latvia by promoting the construction and renovation of homes, including rental housing, the resources of the state budget are allocated for improving the quality, safety, and responsibility of the construction process, increasing digitization in construction, reducing administrative burdens, and supporting housing availability.
EUR 5.7 million is allocated for internal market supervision. In order to ensure that the Latvian market supervision system complies with the requirements of the European single market and that only safe products and services, including in the digital environment, are available in the Latvian market, the 2024 state budget project provides for financial resources for market supervision measures, conformity assessment, and quality assurance.
For the provision of official statistics, state budget funds of EUR 14.04 million are planned for next year. To modernize the provision of official statistics and improve compliance with quality requirements, additional e-solutions are planned to be introduced in the collection of statistics in 2024, along with a reduction in administrative burden, increased data availability, and the establishment of lifelong learning and graduate monitoring.
To ensure the management and policy planning processes of the Ministry of Economics, EUR 10.49 million is provided, which includes funding not only for the development of policies that promote the development of the Latvian economy but also for the implementation of measures for innovation development and digitization, export promotion, the creation of a competitive and favorable business environment, support for startups, as well as the introduction of a unified model of human capital and employment governance in Latvia.
Although the Competition Council is an independent direct administrative institution under the supervision of the Cabinet of Ministers, its institutional supervision is carried out through the Minister of Economics; therefore, the state budget funds for the operation of the Competition Council are included in the budget project of the Ministry of Economics. Financial resources of EUR 4.7 million are planned in the 2024 state budget for the implementation of competition policy, which will be used to prevent the most significant violations of competition law and promote fair competition.