Today, on January 24th, Māris Vainovskis, the FICIL Board Member and leader of the Investment Protection Work Group, participated in the TV show ‘Latvijas Labums’ to discuss the topic: ‘Why is it necessary to reduce the public sector spending, and how can it be done in practice?’. The TV show focused on the joint declaration that FICIL signed yesterday, urging the government to take action on reducing the state budget expenditures.
Māris Vainovskis stated that one of the reasons FICIL supports this declaration is the results of the FICIL Sentiment Index, which highlights an excessive administrative burden. This is an issue that requires continuous attention and effort, as it is not an easy challenge. Māris pointed out that investors, when considering investment opportunities, evaluate not only individual countries, but the region as a whole: “If Latvia reduces bureaucratic processes, it should consequently reduce its administrative apparatus. This would create a win-win situation, as the state would both streamline administrative processes and simultaneously reduce government expenditures.”