President of Latvia and leader of LDDK: we must enhance the growth of Latvian economy

President of Latvia Egils Levits met with Andris Bite, President of Employers’ Confederation of Latvia (LDDK) today. Meeting focused on the business environment vision of the incoming president of employers’ organisation. As Andris Bite indicated, exporting sector has the biggest growth potential and the overall size of the national economy can also be fostered through a range of sectors and wide variety of strategies.

Instead of ranking companies by the size of export portfolios, Latvia should focus on fostering all types of exports. ‘It takes time to develop a product with high added value on export markets,’ President of LDDK said.  

President Levits and President Bite discussed how to promote the competitiveness of Latvian businesses. According to President Levits, the government should boost competition in the financial services sector, which will lead to more favourable conditions for doing business. Companies, especially small and medium enterprises (SMEs), are facing problems with access to additional funding provided by the financial sector, President of LDDK explained to President of Latvia. Andris Bite also emphasised the need to adjust tax policies to fit the specific needs of SMEs and large businesses.

Egils Levits and Andris Bite also discussed labour market developments. Both officials agreed that workforce education and mobility is a strategic priority, which needs national-level solutions.

President of Latvia Egils Levits praised Andris Bite for his vision and commitment. He also wished the incoming President of LDDK the same level of energy throughout his tenure.