The information was translated using the ChatGPT service.
During the session on February 20, 2024, the Cabinet of Ministers approved the Recovery Fund (RF) support program, aimed at enabling Latvian companies and research organizations to develop projects of common European interest (IPCEI) on a significant scale.
"This new Recovery Fund support program provides not only financial assistance but also the opportunity to promote the development of new Latvian products and technologies on an international level. This support strengthens the research capacity of Latvian companies and fosters competitiveness by creating opportunities for the development of new products and technologies that meet European-scale needs," emphasized Minister of Economy Viktors Valainis.
The program will offer support to micro, small, medium-sized, and large enterprises, including state-owned companies and research and knowledge dissemination organizations, that are developing new products, services, and technologies for participation in IPCEI.
Support will be provided for research activities - industrial research, experimental development, technical economic feasibility studies, labor costs, salary taxes, business trips, utilities and communication services, rent for premises, instruments, equipment and their setup, planned material costs, contract research, patents, depreciation costs for owned buildings, instruments, equipment and their setup, patents, licenses, insurance, external service costs, communication costs, data purchase, and subscription costs.
Projects in IPCEI areas such as health (divided into two waves - the first wave will support pharmaceutical substances, and the second wave will support devices), cloud data, microelectronics, and other priority areas will be supported.
Under the program, a total RF funding of 31 million euros is available until December 31, 2027. Estimates suggest that this could support 8 companies, leading to the creation and development of 8 new products, services, or technologies. The turnover increase of these companies in the year of project completion compared to the year of project initiation is expected to reach 65 million euros. Additionally, a projected increase in exports of 45 million euros, the creation of 35 new jobs, and at least 20 million euros in private investment are anticipated.
The approved support program conditions are part of a package of four legal acts with a total RF funding of 108,912,082 euros. This package includes the Competence Centers support program, the Research Support Program, the Cooperation Network Program, and the approved program for the involvement of Latvian companies and research organizations in projects of common European interest.
More information about the implementation rules for the "Support instrument for research and internationalization" as part of the "Innovation Management and Motivation of Private R&D Investments" reform under the Latvian Recovery and Resilience Plan can be found on the Unified Legal Acts Portal.
Ministry of Economics Public Relations Department prese@em.gov.lv
