Latviski English По-русски
Monday 21.08.2017 | Name days: Linda, Janīna

Economic Diary of Latvia. Entrepreneurs to be provided with comprehensive support

(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe European Commission has officially approved the programme of the EU Development and Employment Fund for 2014-2020. As part of this programme, Latvia will be provided funding worth EUR 4.4 billion.

In the next seven years the EC plans to direct the most significant investments towards supporting residents who at risk of becoming poor. EC plans to combat poverty by providing these people education plans, better healthcare and better integration into the job market.

It is also planned to provide support to the reduction of consumption of energy by improving energy efficiency of public and private housing funds, productions and public transport.

Furthermore, it is planned to grow funding for research, development and improvement of cooperation among research facilities and entrepreneurs.

It is planned to invest in the improvement of transport infrastructure, information and telecommunications that directly influence productivity of different economies.

«This programme provides a stable foundation for investments in directions that will bring our country the largest returns and secure better opportunities for growth the next seven years,» – says Latvian Finance Minister Janis Reirs.

Cargo transports to be relieved of tax

Latvian carriers that are active one the global market may be relieved of paying tax on vehicle operation for trucks whose gross weight exceeds 12 tons.

This preferential approach is aimed to reduce the negative impact of Russian sanctions on the industry, the decline of Russia’s economy and the devaluation of the Russian rouble and currencies of CIS countries.

Members of the Saeima Budget-Finance Committee have already approved a legislative initiative in this regard.

«The draft has been submitted for review. However, it is still necessary to wait for the conclusion of the European Commission on this measure,» – explains the head of the parliamentary committee Karlis Sadurskis.

According to authors of this idea, carriers are to be relieved of paying the aforementioned tax for one year, but only if they pay an annual fee for the use of state roads.

This benefit will be made available for owners of cargo transports that clear technical inspection after amendments come into force. This initiative will also apply to trailers and semi-trailers over 10 tons.

Latvian Transport Ministry has estimated that the introduction of this tax relief will lead to a decline of state budget revenue by EUR 600,000.

Green light for green technologies

Investments and Development Agency of Latvia has announced the launch of an open contest for projects as part of the ‘Innovations in green production’ programme.

Victors of the contest will be provided financial support for the procurement of equipment, research endeavours and information transfer to and from partners.

The total amount of funding available during the contest is more than EUR 6.2 million. The maximum amount of money one project can hope to receive ranges within EUR 170,000-EUR 700,000, but within 45% of total costs. Innovations are to be realized before April 30th, 2016.

The contest is being held in order to provide assistance for the introduction of new technologies and products that have the lowest possible impact on the environment. Among the priorities there are areas like the creation of energy-efficient construction materials, clean transports, management of water resources, waste utilization, eco-design and other improvements that would provide more efficient use of energy resources and help reduce the emission of dangerous substances into the atmosphere.

New package of government support

Latvian exporters will be able to use European Funds to cover most of the costs for production certification and certification of certain products in order to enter new markets.

The matter regarding support for exporters has been identified as a priority for the government after Russia introduced a ban on agricultural goods from Europe.

This October, Latvian government allocated an additional EUR 7 million to help cover costs caused by the Russian embargo. This includes certification expenses.

Therefore, if entrepreneurs require approval from specific authorities in countries they wish to work in, they will be able to cover up to 70% of costs suing money from European Funds, but no more than EUR 25,000 per year.

The list of compensated services includes those provided by certificate centres, independent experts or other institutions that confirm compliance of different goods or services with requirements in specific countries.

Latvian architects end up in the spotlight

Latvian architects agency United Riga Architect has won in an open contest for the development of architectural decoration of an underground metro station in Moscow.

Latvian architects managed to upstage a number of highly professional competitors: the jury selected 10 best offers from nearly 50 different options. The final winner was decided by a vote by residents.

According to Deputy Mayor of Moscow Marat Husnullin, the contest for the architectural design of one of the underground metro stations in Moscow was organized for the first time since the 1950’s. The station is planned to be completed before 2017.


Leave a reply

Terrorists in Barcelona were planning three explosions

Terrorists, who performed two attacks in Catalonia last week, were initially planning to blow up three shuttle buses in crowded areas in Barcelona, as reported by El Espano.

Lawyer: Maxima wants to earn by reducing compensations for the tragedy

Maxima Latvija and Zolitude 21.11 have reached an agreement on payment of EUR 900,000 to support victims of Zolitude tragedy – EUR 5,000 to EUR 75,000 to each person, as reported by Maxima Latvija.

Producer prices in industry in Latvia grew 0.4% in July

Compared to June, the level of producer prices in Latvian industry rose by 0.4 % in July 2017. The prices of products sold on the domestic market increased by 0.5 %, whereas the prices of exported products grew by 0.3 %.

Enefit: Latvia reduces electricity price difference with neighbouring countries

In recent years, Latvia has managed to reduce the electricity price difference with other Baltic neighbouring countries, as reported by Enefit Chairman Janis Bethers.

Farmers Saeima: butter price will not remain high for long

The high price on butter in Latvia will not remain so high for long, said Farmers Saeima Vice-Chairperson Maira Dzelzkaleja-Burmistre in an interview to 900 seconds programme of LNT.

Aseradens elected as chairman of Unity; Krisjanis Karins to lead party’s city council faction

Unity elected Economy Minister Arvils Aseradens as the new chairman of the party. MEP Krisjanis Karins has been elected as the party’s leader in Riga City Council with Santa Zarane as his deputy.

LPS manager: forming the budget, it is important for municipal funding to stay the same

In the formation process of the next year’s state budget, it is necessary to guarantee finances do not reduce for municipalities, said the chairman of Latvian Association of Local and Regional Governments Gints Kaminskis in an interview to Latvijas Radio.

Police to organize inspections in stores; parents asked to watch their children as well

For the new school year, Riga Municipal Police will be performing regular inspections at stores, bars and cafes from 21 August to 31 August, as well as the first days of September, to make sure minors are not sold alcohol and tobacco products, BNN was told by police.

Colder masses of air to enter Latvia this week; more rain expected

This week’s weather in Latvia will be dictated by a cyclone hovering above Northern Europe. Colder masses of air will flow into the country. A lot of rain is expected in Latvia this week, as reported by State Environment, Geology and Meteorology Centre.

Kirsis asks police to assess possible forging of votes at Riga City Council

Riga City Council’s Unity faction chairman Vilnis Kirsis has asked State Police to check if the city council’s electronic voting system was used without another deputy’s knowledge or consent, said the politician.

Expert: attack in Spain shows how terrorists switched to more easily reachable targets

Terrorist attacks that transpired in Spain this week shows how terrorists have switched to more easily reachable targets, where security requirements are not as strict, says Latvian National Defence Academy’s Security and Strategic Research Centre researcher Martins Hirss.

New mandatory tests in schools to be introduced four years from now

In four years’ time – 2021/2022 school year – it is planned to introduce completely new mandatory tests in schools, as reported by State Education Content Centre Director Guntars Catlaks.

Nearly 9,000 children and their parents got homes thanks to state support programme

In the first half-year of 2017, state support helped 1,527 families in Latvia to buy homes. Compared with last year, families’ demand for state support has grown 6%, as reported by Altum finance institute.

Prediction: Aseradens will likely take control over Unity

Economy Minister Arvils Aseradens will become the head of Unity, Betsafe bookmakers predict. The possibility of Aseradens becoming the head of the party is given 45% probability by Betsafe.

Provisional estimate for next year’s fiscal space in Latvia is EUR 60 million

Next year’s fiscal space has been estimated at EUR 60 million, as noted by Finance Minister Dana Reizniece-Ozola, adding that a more precise estimate will be available at the end of August.

Reconstruction of Vilnius airport runway concludes; aircraft return to Vilnius

On Thursday, 17 August, Vilnius airport’s runway was festively opened. This was the most massive reconstruction for the airport in the past 20 years. It was a unique project for Lithuania and all of Europe, airport representatives say.

Islamic State terrorist group takes responsibility for Barcelona attack

The recent terrorist attack in Barcelona, in which a shuttle bus rammed a crowd of people on La Rambla, killing 13 and injuring at least 100, has become this week’s topic.

Weather in Latvia to be warm but rainy on weekends

The sun will appear every now and then between clouds on Friday, 18 August. Still, some rain is expected, especially in the afternoon in Latvia’s eastern regions, where thunderstorms may appear. Rain is expected to reach the capital in the afternoon. Wind will draw in from the south. Air temperature will reach +21° C… +26° C, according to State Environment, Geology and Meteorology Centre.

Latvia’s export growth was moderately rapid in the first six months of 2017

Compared with the same period of 2016, Latvia experienced a moderately rapid export growth in the first six months of 2017, according to data published by Eurostat on Thursday, 17 August.

Latvia’s annual inflation in July was one of the highest in Europe

Inflation indexes in Latvia and the UK both reached 2.6% in July, which is one of the highest indexes in the European Union, according to data published by Eurostat on Thursday, 17 August.

Kirsis withdraws his candidacy in favour of Aseradens

Riga City Council member Vilnis Kirsis has decided to withdraw his candidacy from the race to become chairman of Unity in favour of a different candidate – Economy Minister Arvils Aseradens.

Rinkevics expresses Latvia’s interest in maintaining political consultations with Palestine

On Thursday, 17 August, Latvia’s Foreign Affairs Minister Edgars Rinkevics met with the leader of Palestine’s diplomatic mission in Latvia, ambassador Taissir Al Adjouri, to discuss mutual relations between Latvia and Palestine and the peace process in the Middle East.

Putin grins to the world’s seven billionth baby, Lithuania wary of border incidents

Russian President Vladimir Putin paid a visit this Wednesday to Kaliningrad, the westernmost point of Russia, but the reports about his trip in the Russian enclave and over the border in Lithuania were strikingly different.

Survey: red considered the safest colour for a car

Most Latvian drivers consider red to be the safest colour for a car. The most popular, however, is black, according to results of a survey by Virši-A fuel trader.

airBaltic’s number of carried passengers reaches a record in second consecutive month

Latvian airBaltic airline carried 393,312 passengers in July 2017, which is 21% more than the same period last year. The number of passengers carried by airBaltic remains the highest it has ever been in the airline’s history, BNN was informed by the company.

Newest comments