Collaboration among Ministries is essential for drawing in foreign investments and advancing the defense sector, asserts the President.

In a significant meeting held in Riga, Latvian President Edgars Rinkevics and Economics Minister Viktors Valainis gathered to address strategies for economic development. The focus of the meeting was not limited to a single sector, but extended to include measures for improving administrative efficiency across various industries.

One of the key topics discussed was the need for administrative simplification. The leaders aimed to streamline bureaucratic processes to make them more efficient and less burdensome. Measures to reduce red tape were proposed, with concepts such as automated approval procedures with deadlines, harmonization of regulations, and exceptions in procurement law to facilitate rapid contract awards for defense-related projects.

The defense industry was a significant part of the meeting's agenda. Ministers responsible for defense, economy, and industry sectors discussed cooperation to attract foreign investors and develop the defense industry. The "Planning and Procurement Acceleration Act" was highlighted, as it aims to accelerate approval processes and allow faster direct awarding of contracts related to Bundeswehr needs.

The meeting also touched upon current investment projects and the strategies to attract more foreign investment. Proposals for balancing heating tariffs in Riga were part of the discussion, reflecting the meeting's comprehensive approach to economic development.

Steps to reduce food prices were also discussed, as the leaders sought to address a wide range of economic concerns. The meeting's purpose was to discuss strategies for economic development, with administrative simplification being a key component.

This meeting marks a significant step towards a more efficient and competitive Latvian economy, as the leaders work together to create a business environment that attracts investment and fosters growth.

Collaboration among Ministries is essential for drawing in foreign investments and advancing the defense sector, asserts the President.