With the support of the European Union’s Recovery Fund, Latvia will invest 112 million euros in the development of innovation over the next few years. The government’s goal is to make the economy more efficient and competitive.
In-depth discussions with entrepreneurs should ensure that Latvia actually achieves the creation of new products and jobs and increased exports. 80% of the support will go to both the entrepreneurs themselves and their partners, who will help carry out the necessary research and develop international cooperation, thus creating the conditions for transforming production and establishing international contacts.
“With this project it is expected to create 1,500 new jobs related to innovation. 500 new products will be developed, of which 150 will enter daily production. Exports will increase by several hundred million euros. These are the main objectives of Sia both small and large companies will have a very wide range of investment opportunities related to innovation,” said Latvian Economy Minister Viktors Valainis.
The previous period of European innovation projects helped Latvian companies a lot: from 2014 to 2020, more than 300 companies used the support, creating more than 600 new products, services or technological solutions. Almost anyone can apply for support.
“The money can be used to introduce products, participate in projects and develop new goods from scratch to production. This is a long-awaited program and has now been approved after discussions between the Ministry of Finance and entrepreneurs,” he said. Valainis stated.
According to forecasts, the Latvian economy is expected to grow by 2-3% this year.
2024-01-19 16:50:00
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