At the end of August, the Latvian Cabinet of Ministers approved a substantial funding increase of over €11 million to support small and medium-sized enterprises (SMEs) in promoting exports. According to Labs of Latvia, an additional €2 million has been earmarked for the development of dual-use products and technologies, bringing the total allocation to €13 million. The initiative is overseen by the Ministry of Economics.
This funding aims to provide continuous state support in the face of volatile market conditions, enabling businesses to reorient themselves and explore new supply and sales channels globally. With this financial boost, Latvian SMEs will gain access to several key opportunities:
– Grants for participation in international events and platforms.
– Development of publicity and marketing materials.
– Creation and purchase of market research reports for target markets.
– Evaluation of production facility and product compliance.
– Participation in international industry associations.
– Recruitment of foreign experts in relevant sectors.
– Trademark and design registration.
– Participation in international trade missions, both in-person and virtual.
– Organization of international sports events and exhibitions.
The Latvian Investment and Development Agency (LIAA) will play a pivotal role in executing this initiative. It will offer consultations through external economic representatives, organize business and export promotion events, and support participation in national stands. Additionally, LIAA will assist with product adaptation for export markets and provide expert consultations aimed at establishing business contacts abroad.
Further, €2 million of the total funding will be allocated to support the development of dual-use products and technologies, a collaboration between LIAA and the Ministry of Defense. This portion of the funding will facilitate business incubation for companies working on innovative products with dual civilian and military applications.
This increased financial backing is designed to strengthen Latvia’s SME sector, empowering companies to expand their global reach and adapt to the changing economic landscape.
