Latvia’s economy is currently facing significant challenges, as highlighted by Minister of Economics Viktors Valainis during a recent address in the Saeima. While recognising the less-than-ideal economic conditions, he remains optimistic that Latvia will emerge more robust from these difficulties. He pointed out that achieving accessible capital and a healthy influx of funds into the economy must be top priorities.
Valainis shared a strategic plan aimed at increasing the credit balance from 14% to 17% of GDP over the next three years. Additionally, the government aims to boost foreign investment from 22 billion to 32 billion euros. To realise these ambitions, 17 specific tasks will be implemented across various ministries in the near future.
The Minister affirmed that progress has been made in developing business parks, which is crucial for economic growth. Furthermore, he noted substantial improvements in reducing bureaucracy, particularly in construction, with outcomes leading to an impressive 15% to 20% reduction in costs.
This discussion followed Prime Minister Evika Silina’s presentation of the government’s annual report, showcasing achievements and future plans amid criticisms asserting the government is one of the weakest in Latvian history.
Latvia’s economy is currently facing significant challenges, as noted by Minister Valainis. He emphasised the need for capital accessibility and plans to boost the credit balance and foreign investment. A total of 17 tasks across different ministries will support these objectives, alongside progress in reducing bureaucracy and developing business parks.
In summary, Latvia’s economy faces challenging times, yet Minister Valainis is optimistic about recovery through focused strategies. Key priorities centre on capital accessibility and increasing foreign investment, supported by a detailed action plan. Progress in reducing bureaucratic hurdles and developing business parks demonstrates an ongoing commitment to economic resilience and growth.
Original Source: bnn-news.com
