Latvia's government has approved a position supporting the creation of the European Competitiveness Fund, aimed at enhancing the conditions for small and medium enterprises (SMEs) and startups.
On February 24th, Latvia's government endorsed a motion supporting the establishment of the European Competitiveness Fund (ECF), which is set to be debated during the EU Competitiveness Council meeting in Brussels on February 26th. The Latvian delegation will be led by JurΔ£is Miezainis, Parliamentary Secretary of the Ministry of Economics. This initiative aims to create a coordinated instrument that places a strong focus on small and medium enterprises (SMEs) and startups while also providing opportunities for medium to large-scale companies.
Latvia views the ECF as a critical tool for enhancing the European Union's geo-economic resilience, bridging the innovation gap between member states and regions, and improving the competitiveness of companies. The Latvian government is particularly keen on reducing strategic dependencies, including improving food security, which it considers a vital aspect of national and EU security. By promoting robust agriculture and food systems, Latvia aims to ensure a more stable economic environment within the EU.
The establishment of the ECF reflects a broader ambition within the EU to streamline support for businesses across different scales and enhance cooperation among member states. Latvia's proactive stance in supporting this fund indicates its commitment to fostering an economic landscape where innovation and entrepreneurship can thrive, ultimately benefiting the entire European market. As such, this initiative could lead to significant investment opportunities and economic growth across the region, particularly for smaller enterprises striving to compete on a larger stage.
