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Special information system for investors to be formed in Latvia

To help promote Latvia’s competitiveness in foreign markets and attract more direct foreign and local investments and increase the level of awareness of local and foreign investors, Latvia’s Cabinet of Ministers approved the formation of a new Export and Investment Information System.

BNN was informed by Economy Ministry that formation of EIIS will help improve awareness of potential and existing exporters and investors about developments in Latvia’s market, increase productivity of employees of Investment and Development Agency of Latvia and further improve customer service processes, as well as make information acquisition and communication process easier for exporters and investors.
 

At the moment, information of interest to investors is available in pieces in information systems of different state institutions. Compilation of this information requires considerable resources, which makes decision-making processes and market exploration slower.
 

To help resolve this situation, EIIS will include information from different business support systems. An automated notification tool will be used to keep businessmen informed of developments and activities in the export and investments field, the ministry explains.
 

Businessmen also lack a cooperation platform to share experience, stories, advice and consult with representatives of state institutions.
 

To assist with mutual cooperation between businessmen and industry experts, EIIS will include communication functionality.
 

To reduce administrative burden on LIAA employees, it is planned to transition to use of electronic documents. To improve customer service, LIAA employees will be able to spend more time on in-depth information analysis to provide quality information to businessmen and provide services to more businessmen.
 

Economy Ministry says that businessmen often complain about important information being unavailable in their language. To improve information availability in foreign languages, it is planned to use Hugo.lv machine translation service.
 

It is planned that EIIS will become accessible in 2019.

BNN

06-12-2017
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