EU – Baltic States, Funds, Good for Business, Investments, Latvia, Markets and Companies

During a meeting with members of Saeima's Sustainable Development Committee, CEO of the Latvian Chamber of Commerce and Industry expressed concerns that not a single cent will be allocated for companies' modernization in the new funding period. However, the Economy Ministry says that grants for the modernization of companies could be provided under several EU funding programs.

The Economy Ministry's representative Evita Urpena said that the ministry plans to implement a support program for the implementation of new products, which would cover companies' procurement of new production equipment. The indicative amount of funding is EUR 60 million.

Meanwhile, the total indicative funding for a support program for the development of new products and technologies amounts to EUR 72.3 million, EUR 20 of which will cover companies' purchases of research equipment. Thus, companies will have access to EUR 80 million in total.

Urpena said that the ministry could begin accepting projects for the support program for the implementation of new products in the fall of 2015. The Economy Ministry revealed no potential dates for the launch of the support program for the development of new products and technologies.