«The unending fight for development, better welfare level, financing and investments continues among world economies. Latvia needs to strengthen its competitiveness in order for our country to become equal to other regional and world economies,» – President Raimonds Vejonis said during his meeting with Foreign Investors Council in Latvia.
«The country’s competitiveness as a prerequisite for economic development is an important aspect of national security,» – the president said.
Speaking of elements that require reforming and improving to further enhance the country’s competitiveness, the president emphasized the raising of capacity of state administration by introducing corporate management principles. The president especially emphasized that resources invested into the maintenance of the state apparatus should be equal to work results, as BNN was informed by the State President’s Chancellery.
In regards to improvements of the business and legislative environments, Vejonis admitted that problems that have been discussed for years in the administration of insolvency processes remain unresolved to this day. «State institutions have to secure effective supervision over insolvency processes and make the work of insolvency administrators transparent,» – Vejonis said.
Representatives of the Foreign Investors Council in Latvia mentioned multiple areas in which detailed recommendations were developed based on feedback from investors. The main matters on display are demography and labour force availability, the necessity for long-term development plans for the country, trust in judicial power and predictability of the tax system. «It is important the most to ensure the trust of investors in state administration in order for them to realize improvements. Political will and commitment to do what needs to be done are necessary to ensure the realization of reforms for state development,» – said the head of the Foreign Investors Council in Latvia Zlata-Elksnina-Zascirinska.
Vejonis said that both the decline in investments, concerns voiced by businessmen and investors and ratings assessing the country’s competitiveness – all of these factor demonstrate flaws in legislative power and lack of decisiveness in Latvia.
The president also said he has asked the Saeima to further improve the legislative process and improve the quality of laws. «My ideas proposed for the improvement of the legislative process in relation to the viewing of matters in third readings, more detailed analysis of proposals and amendments to the law can provide immediate benefits for the legislative environment,» – Vejonis said.
During the meeting, the president mentioned that up until now Latvia’s economic development has been largely based on financial tools provided by European funds.
«The European Union’s multi-year budget will be a big challenge for Latvia’s economy in the future. This is because there is no clarity about it, its size and resources available to Latvia. This is why there is no room for hesitation. Decisions to ensure the best possible legislative environment and improve the business environment to attract more local and foreign investments to ensure long-term development of Latvia’s national economy must not be delayed,» – Vejonis said.