The Investment and Development Agency of Latvia (LIAA), Ventspils City Council and Ventspils Free Port Authority will sign an agreement to implemt a new method to attract foreign investors

Tomorrow the Investment and Development Agency of Latvia (LIAA), Ventspils City Council and Ventspils Free Port Authority will sign an agreement to implement a new method to attract foreign investors. To be able to attract foreign investments more actively, to plan and use available resources efficiently, LIAA has developed a method to attract foreign investments more targeted. The method is called the “POLARIS Process”. The aim of the agreement is to promote development of businesses within the administrative territory of the local government, by increasing (foreign) investments, by increasing the local government's national and international competitiveness and to expand the local government's cooperation with potential investment project developers. The agreement is mainly based on operative and structured exchange of information.

LIAA already introduced the POLARIS process to the Ventspils City Council and the Ventspils Free Port Authority in April this year, and it was clear that there is no direct need to talk about the new method with Ventspils, because Ventspils is one of the few Latvian cities, where attracting investors is already being done in a quite similar way to the POLARIS process. Respecting the efforts of Ventspils authorities in their work with investors, Ventspils is the only local government to sign a triangular agreement between LIAA, the local government and the Free Port Authority.

The agreement will be signed by LIAA director Mr Andris Ozols, Mayor of Ventspils Mr Aivars Lembergs and the manager of Ventspils Free Port Authority, Mr Imants Sarmulis.