20/03/2020

[LAT]

The Foreign Investors’ Council in Latvia (hereinafter – FICIL) would like to express gratitude to the state institutions, medical personnel as well as the Government for their continuous work in the current situation. FICIL fully supports the Government’s efforts to limit the spread of Covid-19 and the decision on promoting support within the business and social context.

FICIL is closely following the information and updates regarding the spread and impact of Covid-19 to businesses, as well as the possible long-term effects on various industries. FICIL highly appreciates the Government’s actions in seeking solutions and implementing measures of support for businesses, as well as appreciates the socially responsible behaviour of entrepreneurs trying to mitigate the potential negative impacts.

It should be considered that different companies are in different situations, and it is understandable that the hardship due to measures of preventing the spread of Covid-19 will be greater for some companies than others. Therefore, it is very important for the State to find fair solutions on how to aid the companies that need immediate help not only considering affected business sectors, but also the companies that are losing potential income or unable to continue operating due to Covid-19 related consequences.

In these challenging circumstances, FICIL encourages the Government to find reasonable and fair solutions to help the companies directly affected by this situation. There is a need for a balanced approach to developing solutions, potentially evaluating previous tax payments as well as the decline in overall turnover for companies due to the implementation of Covid-19 containment measures. In times of economic downturn, it is important to provide support to those in need, while avoiding misuse of the business support system. In a letter to the Ministry of Finance, FICIL expressed readiness to continue its cooperation with the public sector in order to share the experience of foreign companies both in Latvia and internationally, as well engage in shaping appropriate solutions.

Meanwhile, FICIL invites the society and the businesses to be socially responsible, to take all precautionary measures stated by the Cabinet of Ministers and stay safe. All information on the measures imposed is available in the Declaration of Emergency Situation in Latvia. Practical advice regarding Covid-19 is available on the homepage of Latvian Centre for Diseases Prevention and Control (SPKC).