The Latvian Investment and Development Agency (LIAA) is set to launch an EU Structural Fund-sponsored scheme worth over €73 million to support small and medium-sized businesses in Latvia. The scheme, approved on July 13, is intended to foster the growth of innovative business sectors and is estimated to help around 1,500 firms. The objective of the fund is to boost enterprises that concentrate on adding high value in medium-high and high-tech industries, as part of Latvia’s National Industrial Policy Smart Specialisation Strategy. The scheme will offer support in three main areas: fostering innovation, providing business incubation, and aiding export efforts. The scheme aims to help 1,500 firms develop their business ventures, with a minimum of 300 being creators of novel ideas. Anticipated outcomes include a 12% rise in the turnover of supported firms and a 20% surge in exports, equivalent to a yearly increase of €0.6 billion from 2024 to 2029. Furthermore, the plan intends to assist 700 exporting firms, resulting in 1,000 new job opportunities.
Source: eng.lsm.lv
