Establishes a new "National Defense Corporation" in Latvia
New State Defense Corporation to Boost Latvian Military Industry
A new holding company, yet to be named, is set to join the Latvian military industry ecosystem, aiming to create national and cross-border cooperation in the defense sector. The State Defense Corporation, with an initial share capital of EUR 500,000, will be headquartered at the Ministry of Defense.
The corporation's primary task is to manage investments in the national defense industry, focusing on stimulating the production of military goods within the Latvian military industry ecosystem. Ingrīda Ķirse, a long-time member of the board and manager of Latvian branches of ERGO insurance group, has been appointed as a temporary member of the board of this new entity.
Ingrīda Ķirse brings a wealth of experience to the table, having served as chair of the Riga International School and chair of the board of SIA "LDZ CARGO". She will perform the duties of a member of the temporary board until a permanent manager is appointed.
The National Defense Corporation's role includes the acquisition of EU funds to support the defense sector, and it will coordinate production-related processes within the defense sector. The corporation's immediate goal is to ensure the production and integration of critically needed military goods or their components and technologies.
The corporation will function as a holding company, investing capital in existing Latvian military production companies to increase their production capacity and capabilities. This move is intended to create a more integrated and efficient national defense industry, working towards creating a more integrated and efficient national defense industry.
The National Defense Corporation will also implement and stimulate the acquisition of European Union funding instruments and funds. This will further bolster the defense sector, fostering national and cross-border cooperation in the defense sector.
The creation of the State Defense Corporation is a significant step forward for the Latvian military industry. As the corporation continues to grow and develop, it is expected to play a crucial role in the production of military goods, contributing to the security and defense of Latvia and the European Union.
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