Caspian Energy (CE): Latvia’s economy has faced a range of challenges in the past year. Given the current global economic challenges, what are the main priorities for Latvia’s economic recovery and growth in the next 1-2 years?
Viktors Valainis, Minister for Economics of Latvia: Given the rapid geopolitical, economic, and technological shifts of recent years, the Ministry of Economy developed a new strategy for Latvia’s economic growth in May 2024 to enhance the standard of living and economic well-being of Latvian citizens at a faster pace.
The main goal is to double Latvia’s economy over the next ten years. This will be achieved by significantly boosting the productivity of Latvian companies, increasing it from 60% of the EU average in 2023 to the EU average by 2035. The use of innovation and the latest technologies, including artificial intelligence, along with the country’s excellence in the fields of the green economy, renewable energy, and bioeconomy, are highlighted as key elements for achieving rapid growth.
To achieve the government’s economic goal, it is essential to significantly improve financing access for entrepreneurs and actively attract investments to the national economy.
Targeted state investments in the national economy, coupled with EU funds, including the Recovery Fund, will significantly support the productivity, digitalization, energy efficiency, export capacity, and competitiveness of our entrepreneurs. This, in turn, will drive the growth of the Latvian economy and increase export volumes. At the same time, it requires that investments be made responsibly, so as to avoid increasing inflationary pressures.
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