With the support of European Union (EU) funds, there will be opportunities to invest more than 56.7 million euros for the development of research, development of new products and technologies in the areas of Latvia's smart specialization strategy (RIS3) until 2029. This is stipulated by the regulations prepared by the Ministry of Education and Science, which were approved by the government on June 25.
Investments from EU funds will provide opportunities to stabilize Latvia's place and role in world research, to engage in innovation processes. Also, the investments will help Latvian research to increase its excellence, the number of researchers, the amount of patents and cooperation projects, and joint research and innovation work with the private sector and the investment of private sector funding in research. Investments of the new EU funds planning period will allow the continuation of practical research projects already started in previous periods.
Funding recipients are research institutions and economic operators who implement projects individually or in cooperation with other research institutions or economic operators. Projects can be implemented until September 30, 2029.
Investments from EU funds are planned to be implemented in several rounds of selection of project submissions, assuming that the total amount of investment planned in the first round of selection of project submissions is no more than 35 million euros, and in the second - 15.1 million euros. The maximum amount of public funding for one project is 600 thousand euros, while the minimum amount of funding is 30 thousand euros.
Investments of EU funds will be implemented in the form of a selection of open project submissions. The project submitters may be research institutions or businessmen who can implement the research project in cooperation with cooperation partners, in Latvia or foreign research institutions or businessmen. Such cooperation conditions will promote EU interregional, international cooperation for the implementation of projects by attracting foreign research institutions and companies as cooperation partners.
Funding of EU fund programs is an important tool for developing research and technology-intensive innovations, which are an essential element for the growth and competitiveness of the national economy. The available funding provides an opportunity for the research and innovation sector to attract human capital – researchers, engineers and other high-level specialists. The development of the fields of research and innovation also contributes to the motivation of young people to choose STEM branch studies at Latvian universities.
Regulations of the Cabinet of Ministers "European Union Cohesion Policy Programs for 2021-2027 in 1.1.1. of the specific support objective "Strengthening research and innovation capacity and introduction of advanced technologies in the common R&D system" 1.1.1.3. the implementation rules of the "Practically Oriented Research" implementing rules are available on the website of the Cabinet of Ministers.