The general objective of the project was to contribute towards strengthening Latvian institutions, in particular the Ministry of Economics, with a view to enhancing competitiveness, productivity, sustainable growth, job creation, and investment, in line with Article 4 of the SRSP Regulation. In particular, the specific objective of this project was to provide support on strengthening Latvian authorities' capacity regarding foreign direct investment attraction, which is also in line with the European Union political priorities, in particular on promoting investment, amongst others, through the European Fund for Strategic Investments (EFSI).
The goal was to strengthen the current FDI attraction framework. More concretely, support was received on two levels: firstly, to strengthen the current framework on attracting incoming FDI through an assessment of current business processes, roles and responsibilities as well cooperation mechanisms among key involved institutions (reactive response) and secondly, update and introduce a more proactive approach to attract FDI through the identification of investment opportunities (proactive response).
The results of the project were the following:
•Enhanced FDI attraction framework in Latvia. The review of the FDI attraction framework allowed to identify gaps in the current system and provide recommendations for improvements.
•Raised awareness on the decision-making process of investors. Increased awareness over the decision-making process enabled the authorities to approach more effectively potential investors at an early stage. The authorities gained an enhanced capacity to determine the attractiveness of an investment project as well as evaluate the possible outcome, value and scenarios before approaching the investor.
•Identification of investment opportunities. The identification of investment opportunities assisted the authorities in defining a new proactive approach strategy and an action plan for targeting foreign investors in performing future evaluations of investments.
The project was carried out in several tasks:
Task 1: Mapping of stakeholders and processes for FDI attraction
a. Deliverable: Stakeholder and processes mapping: Report on stakeholders and processes for FDI attraction; their cooperation, role; business processes and corresponding investor's journey
b. Deliverable: Workshop on Stakeholder and processes mapping: Organisation of a workshop to present the results of the analysis for capacity building purposes
Task 2: Overview of the decision-making process of investors
c. Deliverable: Decision-making process: Report on the analysis and assessment of the decision-making process of investors and recommendations on approaching investors
d. Deliverable: Workshop on decision-making process: Organisation of a workshop session to present the results of the analysis for capacity building purposes
Task 3: Identification of investment opportunities
e. Deliverable: Identifying investment opportunities: A report including 8 investor profiles in each of the indicated industry; short list of potential investors; list of events where Latvia should participate
f. Deliverable: Targeting plan & investment presentation template: An investor targeting plan and investment presentation template, including a case study project presentation for one of the companies from the short list
g. Deliverable: Workshop on identifying investment opportunities and targeting plan & template: Organisation of a workshop session to present the results of the analysis for capacity building purposes
in Addition there were to more deliverables:
h. Deliverable: Indicators to monitor the project during its implementation, and indicators to be followed by the Commission and the Latvian authorities that would be used to monitor the results and impact of the project after the conclusion of the contract. These indicators will be presented during the kick off meeting.
i. Deliverable: Draft and Final report, which should provide a summary on the main results of this assignment as well as the final versions of the deliverables a) - g).
|Award category:||new solutions to complex challenges - a public sector citizen-centric, sustainable and fit for the future - european or national level|
|Sector:||Public administration, modernisation, institutional affairs, reform|
|Type of activity:|
|Keywords:||Reform, Foreign direct investment, fdi, framework, proactive approach|
|Short English description:||The general objective of the project was to contribute towards strengthening Latvian institutions, in particular the Ministry of Economics, with a view to enhancing competitiveness, productivity, sustainable growth, job creation, and investment, in line with Article 4 of the SRSP Regulation.|
|Organisation:||Ministry of Economics of Latvia|
|Level of government:||national level|
|Size of organisation:||>100|
|Number of people involved:||6-10|
|EU membership:||EU member|