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Investment flow in Latvia hampered by judicial system and obsolete constructions on construction industry

Valdis Dombrovskis. Photo: LETA.
 RIGA, March 28 (NOZARE.LV) - Investment inflow in Latvia is impeded by the insufficient quality of the judicial system and obsolete regulations on the construction sector, Prime Minister Valdis Dombrovskis (Unity) said during a conference on Latvia's economic breakthrough that was organized by the Employers' Confederation of Latvia yesterday.

Dombrovskis said that improving the efficiency of the judicial system and passing the new Construction Law were the key short-term priorities.

"We receive increasingly more information from businessmen about the work of the judicial system regarding the speed at which disputes are resolved, the predictability of court rulings and how justified they are, also about insolvency administrators' work," said the premier.

As to the Construction Law, the government submitted it to the parliament back in 2009, and only now Saeima will review the law in the second reading, said Dombrovskis. He hopes that he will not have to wait another one-and-a-half years until Saeima reviews the law in the third reading and that the new Construction Law will be endorsed by the parliament in the near future.

Finance Minister Andris Vilks (Unity) said at the conference that the judicial system of Latvia was sluggish and inefficient, and court rulings often were inexplicable. "We may introduce the euro and improve our credit ratings, but if investors have concerns about the way legal disputes are resolved, it will impede our growth greatly," stressed the minister.

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