10.03.2021 - Economy

“Green Channel” shortens the number of administrative procedures by half

“Green Channel’” is an initiative created by the Ministry of Economics and the Investment and Development Agency of Latvia to relieve administrative burdens for high value-added investment projects. 

The administrative burden relief encompasses several key areas, such as migration procedures, territory planning, document and allowance approvals. It allows for implementing strategic investment projects twice faster. Besides that, the Investment and Development Agency in Latvia offers assistance in real estate property evaluation and identification, support in the immigration process and tailored assistance for companies. The “Green Channel” is open for both local and foreign companies to facilitate the recovery of the economy from the Covid-19 crisis. 

Investment projects need to be in one of the following high value-added sectors: 

  • ICT
  • Bioeconomy
  • Smart materials and Photonics, Technology
  • Biomedicine and Pharmacy
  • GBS
  • Smart Energy and Mobility
  • Construction 
  • Transport and logistics

Companies must ensure that three out of four criteria are met to use the benefits of “Green Channel”.

  • The investment amount in 3 years should be at least 5 million euros (in Riga – at least 10 million euros).
  • The investment project should create 75 new workplaces (in Riga–100) or 50 new workplaces (in Riga-75) with Latvia’s monthly average salary of the previous calendar year (published on the website of the Central Statistical Bureau of Latvia) multiplied with a coefficient of 1.5 (in Riga - the coefficient is 2).
  • The planned product and service export amount in three years after the launch of the investment project should be larger than 3 million euros (in Riga – the amount is 5 million euros).
  • The planned investment in R&D and employee competence development should be over 250 thousand euros.

The investment and Development Agency of Latvia offers all of the services required to investors in the decision-making process. 
 

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