As for ordering of the business environment, the President of Latvia stressed the need to return to the course of reforms initiated that would promote investment inflow deaccelerated in the years of financial crisis, but the education system would be able to provide the human resources suited to requirements of the businesses. “I strongly believe that development of Latvian national economy and increase of international competitiveness require more rapid economic growth,” said Raimonds Vējonis.
The representatives of the Foreign Investors Council in Latvia informed the President of Latvia about current issues pertaining to foreign investors in Latvia, they mentioned several areas, in which they prepared opinion reports and detailed recommendations after inquiring the investors. The three major blocks of issues included labour availability, education system, and creation of innovations, as well as the legal environment affecting direct support of the government in improving this environment. On these issues, the Council planned to decide at their annual meeting on Thursday.
The President of Latvia said that the emphases of his planned activities during his presidency term were closely related to several priorities mentioned by FICIL, especially those related to facilitation of economic security and predictability of business environment. “A part of your suggestions are rather easy to be introduced, but they have lacked the political will,” said Raimonds Vējonis, and he noted that he had addressed the government and the Ministry of Finance several times, by emphasizing significance of enhanced social dialogue. He also expressed his hope that government experts would devote much more attention to the assessment of basic spending of public institutions, when forming the state budget for 2017 next year.
The President of Latvia also stressed that he just created an interdisciplinary commission for improvement of legal environment in order to focus on functional improvement of the judicial system and effectiveness of the legislation more closely, “Certainty and orderliness of legal environment affects every resident of Latvia. It sets the discretion and choice, determines trust in public authorities and the judiciary, as well as impacts on our willingness to put all our efforts on national development directly.”
The President of Latvia pointed out that the global economic crisis created a lasting impact on speed of our country’s growth and that competing in the world in such circumstances is not easy for a small and open economy like Latvia. “It is a great challenge for the state and businesses, and successful recovery is possible only in close cooperation among themselves,” said Raimonds Vējonis.