Among the main priorities of the Ministry of Economics (MoE) in 2026 will be preparations to secure support from European Union (EU) funds in the next planning period, promoting investments and exports, and reducing administrative burdens. Consumer rights and civil protection have also emerged as key areas of focus.
In addition to ongoing tasks aimed at promoting the economy and ensuring a favorable business environment, the 2026 priorities also cover protecting public interests and developing long-term strategic documents.
“The path for Latvia’s economic development is clear – we must work to reach the EU average level of prosperity while strengthening productivity, investment, and exports. The 2026 priorities focus on sustainable growth, protecting public interests, and reducing administrative burdens. This is our contribution to Latvia’s competitiveness and a secure future,” emphasizes Minister of Economics Viktors Valainis.
In the area of investment and exports, the Latvian Investment and Development Agency (LIAA) has been tasked in 2026 with achieving investments of €1.2 billion in the national economy and increasing exports by €300 million. Major export initiatives organized in cooperation with LIAA will include foreign visits and trade missions with businesses to Ukraine, Germany, Sweden, and the United States.
Close cooperation will continue among the Baltic states, and visits to Poland are planned as part of the President’s official trips.
Meanwhile, ALTUM, in collaboration with pension fund managers, plans to establish an equity fund of €100 million. A new support instrument for energy efficiency and company-scale expansion is also planned. In 2026, ALTUM plans to provide support amounting to €454 million through financial instruments (loans, guarantees, etc.), aiming to achieve an overall impact of €1.4 billion on the economy.
Special attention will be given to major development projects and transactions, such as defense industry projects like the artillery factory (with €200 million in investments and an estimated €3 billion export impact over 10 years). Among the most significant planned 2026 deals is the transaction with Telia Company AB for the acquisition of SIA “Latvijas Mobilais Telefons” and SIA “TET,” attracting a new strategic investor.
Regarding EU fund support for 2028–2034, 2026 will be the year for defining Latvia’s development directions. The MoE’s key goal is to ensure that by 2034, Latvia’s economy reaches 95% of the EU average GDP. To achieve this, a large portion of investments must focus on boosting productivity. Proposals for the new EU funding period will be prepared in areas such as national industrial policy, human capital development, and sustainable energy technology development.
To reduce administrative burdens, the MoE will continue work on simplifying EU fund administration, optimizing institutions and functions, and consolidating small capital companies.
Administrative burdens will also be reduced in the retail sector. The Central Statistical Bureau reform will continue, with the main goals of promoting digitalization and reducing administrative burdens on businesses.
To make the daily operations of the ministry and subordinate institutions more efficient, IT functions, including cybersecurity measures, will be centralized, and artificial intelligence solutions will be implemented. Optimizing office space is also a priority, with plans to relocate the Ministry of Economics and its institutions to the state office building at Talejas Street 1.
Special attention will be given to consumer protection, ensuring daily availability of food products and strengthening buyer protection in the digital environment.
In civil protection, plans include continuing the acquisition of state-owned oil product reserves while reducing maintenance fees for businesses and establishing a regional warehouse system for essential goods reserves.