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Sunday 19.11.2017 | Name days: Liza, Līze, Elizabete, Betija
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Economic Diary. New government will not forget about businessmen

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUA new government finally appeared in Latvia this week. For the first time in the history of the Republic of Latvia, the Prime Minister is a woman. The plans of the new Cabinet of Ministers contain many promises to support the business environment in Latvia and develop the country’s national economy.

The government committee approved amendments to the Law on Land Privatisation in Rural Areas this week. These amendments are planned to prevent the sale of agricultural land and limit the activity of speculators in the market.

In order to avoid speculations, the draft includes requirements for buyers of such valuable resources. Such persons are required to be registered with the State Revenue Service as a person that performs economic activities. This person must have a traceable connection with the sector.

Potential buyers will also be required to provide a written confirmation that economic activities will be launched on the bought territories no later than three years after the deal. This will make sure municipalities will be able to decline foreign businessmen in the opportunity to buy pieces of land in Latvia if they do not meet specific requirement.

Euro will help Latvia

This week, German-Baltic Chamber of Commerce told journalists of its plans for 2014. German Ambassador to Latvia Andrea Victorine participated in the press-conference organized by the chamber. In her opening speech, Andrea Victorine commended Latvia’s government for making the euro introduction process in Latvia very smooth and easy. According to the ambassador, the whole of Europe is happy for Latvia. This includes the majority of Latvia’s international partners.

As it was noted by Executive Director of German-Baltic Chamber of Commerce Maren Diale-Schellschmidt, euro transition in Latvia will not cause a rapid increase of German investments in Latvia. Nevertheless, there will definitely be a positive effect in a long-term perspective, she said. Estonia’s entry in Eurozone had also coincided with Tallinn receiving the status of Europe’s cultural capital. Estonia’s example shows that frequent mentioning of a country in the press is always followed by growth of interest from the business sector. Of course, this will not create hype in Latvia’s stock market. Nevertheless, businessmen gradually start to realize that Latvia is a country where business can be done. Two or three years will be necessary there to be actual results.

Grant distribution begins

Starting this week, Investment and Development Agency of Latvia began accepting applications for participation in the grant programme aimed for the allocation of funds for the support of projects aimed at using green technologies in production process.

The total amount of money planned for this programme is EUR 7.7 million. The programmes strategic partner Innovation Norway will provide the bulk of this amount (EUR 6.9 million). This company specializes on providing support to green projects around the world. The remaining amount of EUR 776.9 thousand is provided by the state budget.

All persons interested in participating in this programme are welcome to submit applications until March 20. A single applicant will be able to receive a grant no larger than EUR 700 thousand.

Ref: 017.109.109.9922


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