Ministry of Economics (Latvia)

The Ministry of Economics of the Republic of Latvia (Latvijas Republikas Ekonomikas ministrija) is the leading state administrative institution responsible for economic policy in Latvia. The ministry also represents the economic interests of Latvia in the European Union.

Minister for Economics
The current minister since September 15, 2023, is Viktors Valainis from the Union of Greens and Farmers political allicance.

Functions
The ministry develops and implements economic structural policy, manufacturing policy, energy policy, external economic policy, domestic market policy (for goods and services), commercial development policy, competitiveness and technological development policy, consumer rights protection policy, and construction and housing policy. To achieve these ends, the ministry works closely with non-governmental organizations representing entrepreneurs and other social partners.

EU Structural Funds
The Ministry of Economics is also responsible for introducing and supervising programs and projects for EU Structural Funds. These funds are administered by the Investment and Development Agency of Latvia, a government agency responsible for promoting business development in Latvia by facilitating the growth of foreign investment and increasing the competitiveness of Latvian entrepreneurs in domestic and foreign markets. The Investment and Development Agency of Latvia is directly subordinated to the Ministry of Economics.

Subordinated institutions
The Ministry of Economics oversees several government agencies in Latvia: the Investment and Development Agency of Latvia, Latvian Tourism Development Agency, the Central Statistical Bureau of Latvia, Competition Council, Consumer Rights Protection Center, and Public Utilities Commission.