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Government Takes Action to Attract Large Foreign Investments
Riga, 25 August 2010. By the Latvian Institute.
Prime Minister Valdis Dombrovskis’ special foreign investment-generating council met for the first time on August 25. The Coordination Council for Large and Strategically Important Investment Projects was chaired by the Prime Minister and given a briefing by the Latvian Investment and Development Agency (LIAA) on the current investment situation in Latvia. “In its struggle for investment attraction Latvia is not in the field of equal opportunities and fair competition. The regions and countries are competing rather than the commercial enterprises,” emphasized LIAA Deputy Director Māris Ēlerts.
Prime Minister Dombrovskis stressed that, “The main incentive for growth of the Latvian economy, unlike in previous years, should be export, as well as the ability to replace some imported products with domestic products. Therefore, Latvia needs export-oriented investments, which would provide currency earnings, enhance trade and improve the balance of payments. The import substitution is essential as it would reduce the currency expenditures, thus improving trade and the balance of payments. Latvia also requires new technologies, which would enhance the competitiveness of Latvian entrepreneurs, increase the added value and employees’ incomes, as well as the promotion of competition, to ensure the lowest possible prices.”
One they identified the key problems in attracting large foreign investments, the Council members agreed on actions that need to be taken to solve them. They include: availability of a skilled labour force in sufficient numbers, infrastructure availability, support programs, and tax reliefs or restoration of tax allowance for the investments.
For further information and list of latest foreign investment projects see: http://www.mk.gov.lv/en/aktuali/zinas/2010/08/250810-pm/
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