Translated using ChatGPT service.
"According to information available to the Latvian Investment and Development Agency (LIAA), from September 2023 to the end of June 2024, the number of registered investment projects has reached 153, with a potential investment volume of nearly €8.7 billion, which could result in up to 4,575 new jobs. We must make every effort to ensure that these investment projects, so crucial to Latvia's economic growth, are implemented by removing all obstacles to their execution—whether regulatory, bureaucratic, or financial," emphasized Minister of Economics Viktors Valainis during the meeting of the Coordination Council for Large and Strategically Significant Investment Projects on July 17.
In the first six months of 2024, 88 new investment projects have been registered, with a total potential investment volume of €7.4 billion. In comparison, in 2022, there were 230 projects amounting to €5.8 billion, and in 2023, a total of 180 projects worth €5.7 billion. This clearly shows an increase in interest by €2 billion compared to the full 12 months of 2022 and 2023.
As a result of active and effective work, there has been a sharp increase in investments from Germany in May and June of this year—8 projects totaling €400 million, representing 26% of the financial volume of the 29 new investment projects registered during this period. By comparison, since the beginning of this year, 11 investment projects have been submitted by Dutch entrepreneurs, 10 by Danish entrepreneurs, with German entrepreneurs ranking third with 8 projects.
Minister of Economics V. Valainis emphasizes that "the sharp increase in German entrepreneurs' interest in investing in Latvia is closely related to the government's and the Ministry of Economics' targeted efforts to foster cooperation with the significant German economy within the European Union. The interest of investors is proof that visits to Germany in various formats, intensive outreach to German entrepreneurs, and multiple meetings with German representatives here in Latvia have borne fruit, confirming that proactive action is a crucial prerequisite for attracting investments that pay off. This approach will continue, and several important events are expected in the second half of the year to further strengthen Latvia-Germany economic relations."
LIAA's data on the current balance of incoming investments also shows that from the beginning of May this year to July 9, 37 new investment projects have been registered with an anticipated investment volume of €1.5 billion. Of the registered new projects, 11 are in the materials and photonics sector, 8 in the smart energy sector, 6 in the ICT field, 3 in bioeconomics, and 3 in biomedicine. Another 6 investment projects were registered in sectors outside the smart specialization areas.
Overall, LIAA data shows that from September 2023 to June 2024 (inclusive), 44 foreign investment projects have been implemented, with a total investment volume of €374.2 million and 1,685 new jobs, of which 29 projects are in the so-called smart specialization (RIS3) sectors, with a total investment volume of €268.7 million and 1,428 new jobs.
Since May 9 of this year, the Coordination Council for Large and Strategically Significant Investment Projects, under the leadership of the Prime Minister, has been operating with a renewed composition and new mandates, regularly meeting to evaluate current large investment projects and coordinate the actions of state institutions.
At today's July 17 meeting, the council reviewed LIAA's report on current investment projects, the Ministry of Agriculture's report on the introduction of a new, more efficient wood auction mechanism, which is a prerequisite for the development of the biorefinery sector in Latvia, as well as several reports from the Ministry of Climate and Energy (KEM) on current issues, including changes in the regulatory framework for offshore wind farm development in marine areas, the suitability of Latvia's geological structures for carbon dioxide (CO2) storage, and more.