Reducing administrative burden for innovative entrepreneurship and priority projects

(14.03.2024.)

In order to promote export-oriented investments and to provide an environment for the development of new products, technologies and services, the Saeima supported the urgent draft law on support for innovative business and priority projects on Thursday, 14 March, in the second – final – reading.

Skaidrīte Ābrama, Chair of the Economic, Agricultural, Environmental and Regional Policy Committee responsible for the progress of the draft law in the Saeima, previously stressed the need to reduce the administrative burden, including by providing for a special – facilitated – regulatory environment for promoting entrepreneurship and attracting new investors. The Chair of the Committee also called for the removal of bureaucratic obstacles as far as possible.

The law sets standards for priority investment projects and areas where projects to be implemented should be considered as priorities, such as bioeconomy, biomedicine, photonics and smart materials, access to housing, smart energy, as well as security and defence. The law also lays down support measures, including the ‘Green Corridor’ approach, to support entrepreneurship in priority areas.

As previously emphasised by Members, the concept of the Green Corridor shortens the administrative processes for the implementation of investment projects, for example, by allowing for a building permit or other necessary public administration services in a shorter term, and reducing the time to obtain various permits and approvals in public institutions.

The criteria for qualification of priority projects, the procedures for submission and evaluation, the amount of funding available, as well as other conditions and the institution, which will provide a single contact point for the servicing of priority projects, will be determined by the Cabinet.

The authors of the law at the Ministry of Economics previously indicated that so far similar support to entrepreneurs was provided for in the Law on overcoming the consequences of the spread of COVID-19 infection and the related Cabinet regulations. From March 2021, projects with a total contribution to the economy of more than EUR 308 million, creating more than 1150 jobs, were approved until the end of last year. Taking into account the role of the Green Corridor in improving Latvia’s investment environment and competitiveness, the draft law provides for permanent regulation, say the authors.

The law will enter into force on the day following its promulgation.

 

Saeima Press Service

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