The Ministry of Economics (MoE) has a budget of EUR 199.8 million for 2025, most of which is earmarked for various measures to support business competitiveness – attracting high value-added investment, supporting innovation and boosting companies' export capacity, including support for the tourism sector. A total of EUR 122.8 million has been allocated to the MoE in the 2025 state budget for these purposes.
To continue supporting the implementation of large investment projects, next year will see the continuation of the Altum support programme offering loans with a capital rebate worth EUR 30 million to businesses planning to invest at least EUR 10 million in company growth.
A further EUR 3 million is earmarked for supporting local governments in promoting economic development, and state support will continue for organising major international events in Latvia and for foreign film production in Latvia, with EUR 7.5 million allocated for these purposes.
EUR 10 million is allocated to support the development of innovation – EUR 8 million is planned in 2025 for the continued implementation of the existing Innovation Fund long-term research programme, while EUR 2 million is earmarked for Altum to set up a new Innovation Investment Fund to support companies in implementing innovative ideas across various smart specialisation areas. Start-ups are also significant players in the development of innovation, so next year we will continue to support non-governmental organisations in the start-up ecosystem in organising international-level events and providing consultations; EUR 400 thousand has been allocated for this purpose in the 2025 state budget.
To strengthen export capacity, we have found scope in the 2025 state budget to direct EUR 6 million towards various activities promoting the export of goods and services and attracting investment.
In addition, EUR 1.12 million is earmarked for the Investment and Development Agency of Latvia to organise high-level business delegation visits abroad with representation from companies in the sector, and EUR 675 thousand is earmarked for better and faster services for foreign investors and exporting businesses, as well as for promoting growth in foreign investment. This will be an additional motivational instrument for LIAA staff, providing bonuses for results achieved to employees who work in the fields of export promotion and investment attraction and whose results can be identified with the investment attracted in a given year. EUR 1.23 million has been allocated for the development of Latvia's network of foreign economic representative offices, EUR 400 thousand for the further development of the Business.gov.lv platform and the creation of a green corridor tool, and EUR 3.26 million to ensure Latvia's participation in EXPO 2025 Osaka.
A total of EUR 40.08 million is earmarked for implementing construction and housing policy and for supporting residents.
To expand housing lending opportunities in the regions, we intend to create a new Altum loan support programme worth EUR 3.5 million. Next year we will also continue implementing the housing guarantee programmes and the "Balsts" programme. No additional state budget funding is required to implement these programmes, as Altum funding from loan repayments will be used for this purpose.
In addition to the new EU funds support programme for improving the energy efficiency of apartment buildings and the so-called Renovation Fund programme, EUR 1.5 million is planned in 2025 for 10 pilot projects to insulate apartment buildings using industrially manufactured timber frame panels, which will at the same time develop the local building materials manufacturing industry and create examples of good practice for the renovation of apartment buildings. Meanwhile, for further support for the construction of low-rent housing in the regions, we have proposed reallocating additional funding from other Recovery Fund support programmes, and we are currently discussing this with the European Commission.
To promote housing availability and to compensate for high energy prices, significant state funding will continue to be set aside to cover electricity costs for protected users – EUR 25 million has been allocated for this purpose in the 2025 state budget.
Protected electricity users are low-income or needy households, families caring for a child with a disability, people with a Group I disability or their guardian, and large families.
Likewise, work will continue in 2025 on improving the Construction Information System, mitigating the risks of poor-quality construction, ensuring an efficient administrative process for construction, and providing optimal supervision of construction works and the operation of public buildings.
EUR 6.09 million has been allocated in the 2025 state budget for internal market supervision, conformity assessment and quality assurance.
This funding will ensure the protection of consumer interests, including in the digital environment, supervision of the market for goods and services, supervision of hazardous equipment and metrological supervision, the licensing and supervision of non-bank lending service providers, credit intermediaries and debt recovery service providers, the licensing and supervision of tourism service providers, the supervision of online intermediation services, and the operation of the out-of-court consumer dispute resolution mechanism.
Meanwhile, EUR 14.6 million has been allocated in the 2025 state budget for providing official statistics on the economic, demographic, social and environmental phenomena and processes taking place in society, and EUR 5.2 million for implementing competition policy and market supervision.