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The Cabinet of Ministers, in a meeting on July 23, 2024, approved the first phase of the EU funds support program for 2021-2027. This program aims to promote the development of new products and technologies related to smart specialization strategies (RIS3) and the space sector, enhancing companies' knowledge acquisition and revenue growth, thereby boosting exports.
To strengthen cooperation between research and industry and to create favorable conditions for businesses in global value chains, the program includes support measures such as participation in the European Space Agency's (ESA) Latvian Business Incubation Centre (ESA BIC Latvia) project calls.
One of the funding recipients will be SIA FNG Invest, acting as ESA BIC Latvia. Following a request from the Ministry of Education and Science, the European Space Agency announced an open competition for the establishment of ESA BIC Latvia in March 2023. As a result of this competition, in September 2023, the European Space Agency designated a consortium led by SIA FNG Invest and its partners as the implementer of ESA BIC Latvia.
Under this program, ESA BIC Latvia will provide support in the form of grants of €40,000 to the final beneficiaries for the development of space-related business ideas and products.
It is planned that ESA BIC Latvia will offer grant support until the end of 2029, assisting at least 18 companies.
For more information on the implementation rules for the first phase of the 2021-2027 EU Cohesion Policy Program, specific objective 1.2.1 "Strengthening Research and Innovation Capacity and Introducing Advanced Technologies to Enterprises," please refer to the Unified Legal Acts Portal.