OREANDA-NEWS. May 31, 2010. At the opening of the annual meeting of the Government and the Foreign Investors’ Council, Prime Minister Valdis Dombrovskis emphasized the accomplishments of the Government and the importance of the structural reforms aimed at creating a favourable business environment in Latvia.

The Prime Minister mentioned that owing to its experience in reform implementation Latvia has become a model for other countries, because the statement that the internal devaluation, which is politically and socially painful, is the shortest way to overcoming the crisis, especially in the euro zone countries, is more and more often heard in different international forums.

Prime Minister V.Dombrovskis stressed that his Government implemented and will implement the structural reforms aimed at the restoration of national competitiveness. Short-term competitiveness should be achieved by improving the indicators of the international rating agencies, however, in the long run the national economy of Latvia should be reformed into export-oriented and competitive economy at European and global level.

The Prime Minister thanked the investors for the proposals in the area of macroeconomic policy, dimensional planning and construction, higher education, taxation policy and other areas. The Government will examine the proposals and use them for the implementation of structural reforms and next year’s budget drafting.

Artis Kampars Minister for Economics informed the investors on the macroeconomic situation and the competitiveness promotion policy. The minister underlined that the Government’s priorities are to support the development of innovative products and technologies, promote export, and ensure availability of funding, provide support for business start-ups and functioning of micro-enterprises. A.Kampars also mentioned that reduction of administrative burden is essential for a favourable business environment. The Government has initiated the improvement and simplification of bureaucratic procedures for business start-ups, tax collection system, e-government, customs administration, property registration, construction and other sectors.

Andris Ozols Director of the Investment and Development Agency of Latvia informed about Polaris – a methodology for investment attraction that significantly facilitates the decision making on investments which are favourable for Latvia, because it requires a coordinated and targeted action by the LIDA involving the scientific research institutions, universities, the public and private sector in the investment projects.

For the photos of the annual meeting of the Government and the Foreign Investors’ Council, please, see the photo album of the State Chancellery:
http://www.flickr.com/photos/valstskanceleja/sets/72157624028099899/

Information
The high-level meetings of the FICIL and the Government of Latvia have been organized since 1999. The dialogue between foreign investors and the Government is aimed at improving the business environment and encouraging foreign investments in Latvia. The annual meetings of the Latvian Government and the FICIL are represented by ministers, senior officials and senior executives from each FICIL member company’s headquarters that monitor foreign investments in Latvia.