OREANDA-NEWS. August 09, 2010. In order to successfully compete on the investment market, it is necessary to more actively involve in the investment processes and to ensure mutual coordination of all stakeholders. To this end, on August 4, Valdis Dombriovskis, Prime Minister, is meeting Avis Ronis, Minister for Foreign Affairs, and Artis Kampars, Minister for Economics. The purpose of this trilateral meeting is to urgently progress to the Government the establishment of the Coordination Council for Large and Strategically Important Investment Projects.

The new approach is based in the investment attraction methodology “Polaris” which envisages common and coordinated activities of the Latvian line ministries, local governments, infrastructure companies and public authorities in the implementation of significant local and foreign investment projects; work on this Council has already been started by the Latvian Investment and Development Agency (LIAA).

„In order to increase the flow of direct foreign investment into Latvia, it is necessary for the State to identify and offer to the potential investors significant projects supported by the Government. Therefore, cooperation of various public authorities plays a decisive role in the development of the Latvian investment project portfolio,” said Valdis Dombrovskis.

Minister for Economics Artis Kampars noted that Asia – one of the most economically active regions in the world – is interested in investment opportunities in Latvia: “In view of the economic growth of India and Chine, local businesses are seeking new opportunities for expansion and investment. Latvia is also included in their range of interest. Thus, it is highly important for Latvia to have a clear and bilaterally beneficial offer for its potential investors.”

Artis Kampars admitted that unfortunately by now the investment attraction process on which a special report has been prepared by the Ministry of Economics has showed lack of understanding and cooperation among the line ministries, local governments, infrastructure companies and other public authorities with regard to the implementation of the common objectives.

It is planned that the Coordination Council for Large and Strategically Important Investment Projects will be a collegial coordination institution aimed at ensuring coordinated activities of all stakeholders in order to successfully implement investment projects according to the interests of Latvia. Tasks of the Council will include decision making on the investment strategy by developing a uniform investment project portfolio, analysing project usefulness and their impact on the development of the Latvian economy, as well as decision making on the specific measures required for the promotion of concrete investment projects. The Council will be assigned to identify problem areas and issues impeding investment projects and to decide on the respective solutions. The Council will also be authorised to decide on support instruments and their application for specific investment projects in order to ensure their successful implementation.