Financial Services, Latvia, Legislation, Port, Taxation, Transport

Furthermore, Riga and Liepaja ports may face an increase in cargo volume, while Ventspils Port is more cautious, forecasting no significant increase in cargo volume.

The cargo flow depends on various unpredictable external political and economic factors, which may pose risk on the port performance. The growing competition among the ports of the Baltic Sea's eastern coast is said to be another risk. Without reconstructing the port's hydraulic structures, there is a chance that the level of navigation security may decrease, as the safety of ships and the necessary depth of sea lanes will be neglected, resulting in a reduction of cargo turnover. Another forecast concerns the environmental pollution.

With reduced funding from EU Structural Funds, the development of infrastructure will suffer a slowdown. Another threat concerns the implementation of new taxes, fees, and other mandatory payments, which may increase the financial burden on business activities.

The Transport Ministry's Latvian Port Development Program 2014-2020 was approved by the Latvian Ports, Transit and Logistics Council today, despite several objections from the "Baltic Organization – Transport and Logistics".

As reported, Riga Port handled 41.08 million tons of cargo in 2014, 15.8% more than in 2013. Ventspils handled 26.2 million tons, an 8.9% reduction, the Port of Liepaja – 5.3 million tons, a 9.5% increase.