During presentation of the OECD study entitled “Access to Justice for Business and Inclusive Growth in Latvia”, OECD experts emphasized that Latvia is the fastest growing economy in Europe and has created an attractive business environment.
The OECD welcomed the ongoing reforms in Latvia aimed at improving the business environment, with particular emphasis on the implementation of the Business Environment Improvement Plan and the implementation of the principle of customer service, “Advice First”, introduced by the state supervisory authorities. At the same time, the OECD recommends further strengthening of the rule of law, thereby promoting inclusive growth and ensuring an even more attractive business climate.
The OECD assessment confirms that the reforms carried out by the Ministry of Economics are appropriate for the needs of entrepreneurs and that the chosen tools ensure an active involvement of entrepreneurs in the policy development and the improvement of the business environment, which makes it more attractive not only for domestic entrepreneurs but also for foreign investors.
The study emphasizes that Latvia, in comparison with other Member States, has followed closest the priorities of the structural reforms identified in the OECD's Gowing for Growth. The study also provides recommendations for further improvements. In this study, the OECD points out that currently the issues to be addressed in Latvia as a matter of priority are the following:
- Introduction of a modern approach to commercial law;
- Revision of the formal requirements for business activity, applying them in accordance with the trends of today's age of technology;
- Improvement of the pace of reforms and the access to laws;
- Implementing additional administrative burden reduction strategies;
- Strengthening the importance of governance in business-friendly institutions.
The OECD study on “Access to Justice for Business and Inclusive Growth in Latvia” was presented to the Saeima on May 23 this year. In her opening speech, Saeima Speaker Ināra Mūrniece emphasized that “we are pleased with the achievements welcomed by OECD in the areas of accessibility of electronic services, the principle of “Advice First” introduced by the public institutions, and the fact that the entrepreneurs involved in the study are generally satisfied with the regulation of the business environment in Latvia. However, there is no room for complacency and we still have a lot to do.”
The OECD conducted a study on “Access to Justice for Business and Inclusive Growth in Latvia” in co-operation with the governmental institutions in Latvia and organizations representing entrepreneurs. The study also used data from the OECD online survey, which included entrepreneurs operating in Latvia (approximately 300 respondents), as well as consultations involving a wider range of persons (governmental and non-governmental).