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Friday 22.06.2018 | Name days: Ludmila, Laimdots, Laimiņš

Swedbank: Single European Digital Market will be a challenge for businesses

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe agreement in regards to the Single Digital Market Strategy was signed in Brussels last year. In the next two years, this agreement will significantly affect the IT and communications sector in Europe.

Data compiled by Swedbank states that it will bring considerable challenges and provide certain advantages. As a result, it will also improve the transformation of Latvia’s economy and development of Latvia’s business environment.

It is expected that it will be especially challenging for telecommunications companies, including ones in Latvia. Competition as part of the Single EU market will force companies to be more creative in the development and realization of effective solutions in order to stabilize their place in the EU market and ensure their ability to make money.

One of the requirements of the agreement states that the roaming fee starting from 15 June 2017 across the EU. During the transition period, it will be necessary to reduce roaming fees in EU countries. Because of this, telecommunications companies will have to plan additional investments in infrastructure, technical solutions and innovations in order to keep up and remain competitive. Nevertheless, changes will also significantly improve the flow and quality of services, which will likely transform and expand the potential of Internet-based businesses and offer an expanded array of services.

Every company will also have to deal with growing IT costs, as tendencies demonstrate that there may be a deficit of IT workers. This means Latvian companies will have to review their cost policies to motivate IT specialists. On top of that, it may be necessary to attract workers from foreign countries.

Swedbank Corporate Customer Relations manager Olga Stimbane emphasizes: «By cleverly using the Single Digital Market strategy, Latvia has the potential to attract foreign investments, create new jobs and enhance Latvia’s economy. We can be certain that turnover of IT and communication sector will continue to increase in Latvia and Baltic States.»

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