Budget, EU – Baltic States, Financial Services, Investments, Latvia, Legislation, Markets and Companies

Straujuma emphasized that investments are the preconditions and main driving force for improving the competitiveness of business activities, as well as to ensure stable and sustainable growth for the EU and also Latvia.

''This is a valuable opportunity, which Latvia must certainly utilize as much as possible. Investments in strategic areas are planned, including in long-term projects with high added values, as well as cross-border projects, energy projects and infrastructure projects. We would like to use this opportunity to strengthen Latvia's energy independence,'' the prime minister said.

She reminded that the main aim of the program is to strengthen the EU's economic competitiveness, stimulate business activities, as well as create new jobs. She said that this will also be one of Latvia's main priorities during its upcoming EU presidency.

The AFP news agency reports that European Commission chief Jean-Claude Juncker revealed a huge 315-billion euro investment plan Wednesday to "kickstart" the stalling economy, saying it would show the world Europe is back in business.

The eagerly-awaited plan, the keystone of Juncker's five-year mandate, involves the EU setting up a EUR 21 billion (USD 26 billion) fund with the aim of drawing in 15 times that amount in private investment.

Juncker hopes the proposal will boost efforts to create desperately needed jobs as well as growth amid concerns that Europe's failure to recover from the financial crisis is dragging the world economy down with it.

"Europe needs a kickstart and today the commission is providing the jump cable," Juncker told the European Parliament in Strasbourg, France. "We need to send a message to Europe and to the rest of the world: Europe is back in business."

The announcement comes a day after Pope Francis said in an address to the same parliament that Europe had become an "elderly and haggard" grandmother, and urged it to reclaim global leadership.

German Chancellor Angela Merkel – the austerity-pushing leader of the EU's biggest economy – said she backed the plan "in principle" so long as the funds were invested wisely.

The new European Fund for Strategic Investment must be approved by leaders of the 28-nation EU – which together represents the world's largest economy with a population of more than 500 million people – at a summit in December.