On 9 October, as part of the regional visit of Minister of Economics Viktors Valainis to Valmiera, a meeting of the Ministry’s senior management was held at the “Defence Partnership Latvia” military equipment manufacturing facility with Uģis Romanovs, Chief Executive Officer of Defence Partnership Latvia and Patria Latvia, to discuss support for the development of Latvia’s military industry.
During the meeting, representatives of the Ministry of Economics and the management of Patria Latvia discussed key support mechanisms essential for the development and strengthening of Latvia’s military sector that can be provided by the Ministry of Economics, including support for infrastructure development projects, using both European Union and national-level resources.
“The targeted and successful development of Latvia’s military industry requires additional resources and support mechanisms, as well as a shared development vision among all stakeholders. We therefore welcome the involvement and support of the Ministry of Economics in these matters, as well as its readiness to support the expansion of military production capacities in Valmiera. Cooperation between public administration and the private sector creates essential preconditions for the successful growth of the defence sector and for the development of Latvia’s national economy,”
said Uģis Romanovs, Chief Executive Officer of Patria Latvia and Defence Partnership Latvia.
“The defence sector has become one of the fastest-growing industries in Latvia, and we see significant potential in it both for exports and for the creation of high value-added jobs. Latvian companies already export military and dual-use technologies to more than 40 countries, and the sector’s total annual turnover exceeds EUR 250 million. The goal of the Ministry of Economics is to create the conditions to double these figures within the next five years. Therefore, we are working to establish an investment environment and appropriate support instruments that also provide for the expansion of military production capacities and the attraction of investment, so that Latvia becomes an innovation hub in the Baltics in the field of defence technologies,”
emphasized Minister of Economics Viktors Valainis.
Already at present, the Ministry of Economics, in cooperation with ALTUM, is implementing the support programme “Loan with Capital Rebate for the Introduction of Innovative Products into Manufacturing,” which is also open to companies operating in the defence sector.
Information prepared by:
Patria Latvia