The European Union invests significantly in science and education in Latvia, aiding universities in infrastructure development and providing young scientists access to research databases and grants.
The article discusses the European Union's investment in science and education in Latvia, emphasizing its importance for modern economies that are knowledge-based. It highlights the EU's funding of €897 million for the development of science, innovation, and digital transformation in Latvia through the Cohesion Program from 2021 to 2027. These funds are intended to improve university infrastructure and provide resources for young scientists, enabling them to access extensive research databases and research grants.
Additionally, the piece addresses the issue of 'brain drain,' a recurring challenge for many countries, including Latvia. Despite this, the last few years have seen a rise in companies within Latvia that produce high value-added products in sectors such as defense, industrial, wood processing, food technology, pharmaceuticals, and energy. Notably, the financial technology (FinTech) sector has expanded rapidly, with 127 companies established, employing over 3,600 people and generating an annual turnover of approximately €400 million. Some of these firms are becoming significant players in the global market, indicating a shift in Latvia’s economic landscape.
The article ultimately reinforces the EU's essential role in bolstering Latvia's education and scientific research landscape, while also illustrating the dynamic growth of local industries. It provides a hopeful perspective that despite the challenges of talent retention, the financial and strategic support from the EU could pave the way for future successes in science and industry within the country.
