Latvia Throws Its Weight Behind EU Fund To Power Strategic Industries

One of the central issues on the agenda was the establishment of the European Competitiveness Fund (ECF). Latvia expressed overall support for the initiative as a unified instrument bringing together up to 14 different EU programs, while stressing the importance of maintaining the focus areas of existing programs.

The fund is intended to strengthen the EU's competitiveness in strategically important industries by supporting projects and businesses, particularly startups and small and medium-sized enterprises (SMEs).

“Europe cannot afford to develop at different speeds. The single market is our greatest asset, and the differences between member states are our strength, not our weakness. Funding must be used in a way that turns these differences into a shared advantage and helps Europe become a leading global economic power,” said Parliamentary Secretary Miezainis.

The Council also discussed progress in reducing administrative burdens and advancing the Single Market Strategy, both of which are expected to significantly contribute to digital transformation and improving the business environment across the EU.

Latvia agreed to join a declaration calling for a review of the EU Chips Act. The declaration outlines three strategic goals-prosperity, sovereignty, and resilience-along with recommendations in five key policy areas: ecosystem development, public and private investment, talent growth, sustainability, and international cooperation.

For Latvia, cooperation in developing microelectronics with other EU countries is a priority, as the sector is critical both for technological independence and security. Joining the declaration also serves as a positive signal to foreign investors interested in developing business in Latvia's microchip sector.