Latvia’s economy is currently experiencing very challenging times, said Minister of Economics Viktors Valainis (ZZS) during the Saeima debate on Prime Minister Evika Silina’s (JV) annual report on the government’s achievements and planned actions.
The Minister of Economics pointed out that the economic situation is not as desirable as one would wish, and there are objective reasons for that. However, he is convinced that Latvia’s economy will emerge stronger from this situation.
He emphasized that currently, the priorities should be capital accessibility and the influx of money into the Latvian economy. To achieve this, a plan has been developed for the next three years, aiming to increase the credit balance in the financial sector from 14% of GDP to 17%.
Additionally, he mentioned that the goal is to increase the volume of foreign investment from 22 billion to 32 billion euros.
These goals must be adhered to, and to achieve them, 17 tasks for various ministries will need to be implemented in the near future, revealed the Minister of Economics.
Valainis noted that there has been success in kickstarting the development of business parks, which is something that must continue.
The Minister also acknowledged significant progress in reducing bureaucracy this year. For instance, in construction, the results of work done so far have led to cost reductions of 15% to 20%.
As previously reported, the Prime Minister presented the annual report on the government’s achievements and plans on Thursday in the Saeima.