“The development target of doubling the GDP is ambitious, yet attainable. Only by setting bold objectives can we motivate ourselves to be among the most developed countries,” the Speaker of the Saeima said on Thursday, 16 May, in her address to the Saeima at the economic policy debate about Latvia’s Stability Programme for 2024-2028.
In order to achieve the target of doubling the size of the economy over the next 10 years, focused national investments into the economy are planned, which, combined with contributions from various European Union funds, will significantly boost the productivity and competitiveness of our businesses, Speaker Mieriņa noted.
“We possess the potential to integrate artificial intelligence and video technologies into manufacturing, export and education and use them more broadly, and we have a vision of how to use human capital and invest in it. Reinforcing STEM knowledge at all levels of education is the top priority in shaping a competitive and educated labour force and preparing high-level artificial intelligence specialists,” the Speaker of the Saeima emphasised, highlighting the need to adapt legislation according to the needs of the labour market in future to make working conditions more flexible, modern and suited to the global labour market.
Speaker Mieriņa also noted that in the current geopolitical situation the focused development of the defence industry provides us with an opportunity to become a regional leader in military production, manufacturing dual-use products for electronics, as well as chemical and environmental technologies. Thus, we will not only create jobs, but also exports and uphold our unwavering support for Ukraine.
The Speaker of the Saeima proposed that the economic development programme be reviewed regularly according to the latest developments, that creativity and art components also be included among the priorities of our economic policy and that progress reports be submitted to the Saeima. “We often tend to overlook the contribution of the creative and culture industry in exporting our national cultural values throughout the world, whilst also attracting foreign investments and funds for producing culture products and providing creative education,” the Speaker of the Saeima said, suggesting that perhaps STEM ought to be replaced by STEAM, thus supplementing science, technology, engineering and mathematics with art to promote creativity, innovation and higher added value.
“We must be specific in moving towards the targets we have set, and we must clearly define how we will achieve them. In order to promote higher added value of our products and services, we have to make investments by educating workers on digitalisation, automation and robotization, we have to implement digital public governance, provide state-owned companies with opportunities to enter export markets and attract resources through capital market instruments, we have to invest in research and innovation,” the Speaker of the Saeima said.
Saeima Press Service