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The proposals have been prepared in the area of macroeconomic situation, tax system and tax administration, capital market development, sustainable mobility and regulation of public procurement. The Council agreed that the Ministries of Finance, Education and Science, Welfare, Health, Economics, Justice, Transport, as well as the State Chancellery will inform about implementation of recommendations in the Council meeting in October, informed BC press service of the State Chancellary.

As regards the macroeconomic situation, tax system and administration, the ministries will work to improve the economic incentives, to make the tax administration process more transparent and to introduce more detailed process for communication and consulting by explaining changes to tax legislation and their impact on different sectors.

In the area of sustainable mobility, the investors’ proposals on the development of a strategic national transport plan, which aims to promote effective management of the area, will be assessed. While, as regards the capital market development, the measures will be implemented to improve the infrastructure, investors’ participation process, securities’ process, because by restoring the public confidence in the financial system also the faster economic recovery will be promoted.

As regards the area of public procurement, it is planned to improve the public procurement system according to the principles of public procurement – transparency, non-discrimination, equal treatment, mutual recognition and proportionality, set out in the European Union.

The officials discussed the urgent need to take next steps to improve business and investment climate and implementation of long-term strategic objectives. Prime Minister Valdis Dombrovskis mentioned that the implementation of the investors’ proposals will improve the investment environment, at the same time, retaining low level of inflation and increasing revenues for both – the state and companies and will create positive motivation for local and foreign investors to follow the effective normative regulation.

The Council also discussed the supplementing of the Informative Report on the Strategy for Attraction of Foreign Direct Investments for 2011-2015.

The Coordination Council for Large and Strategically Important Investment Projects was developed in 2010 on the initiative of Prime Minister Valdis Dombrovskis and with the aim of coordinating the cooperation between public institutions, local governments, educational institutions, infrastructure companies, authorities of special economic areas and free ports, infrastructure companies of local governments, thus ensuring problem solving with a view to promote successful implementation of the investment projects, which are significant for Latvia’s economy. The Prime Minister, his Deputy – Minister for Economics participate in the Council. The Council also involves the Ministers for Finance, Environment and Regional Development, Transport, Education, Agriculture, as well as Foreign Affairs.