State Defence Corporation to be established to promote Latvia’s military industry

On Tuesday, 21 November, Cabinet of Ministers approved the establishment of state-owned enterprise SIA “Valsts aizsardzības korporācija” (State Defence Corporation). Enterprise will be solely owned by the Ministry of Defence as its only shareholder. 

State Defence Corporation will be registered as a holding company and will become a part of the state military industry ecosystem of Latvia.

Mission of the state-owned enterprise will be to provide consolidated management of state defence industry investments. It will also coordinate military manufacturing and its different processes. Corporation will also implement and promote the use of European Union’s financial instruments and funding, manage state and cross-border cooperation, which includes capital investments into existing military manufacturing companies of Latvia that require investment support to boost their manufacturing capacity. 

It will indirectly oversee the manufacturing and integration of military goods, technologies and components critical for the state defence sector. 

The equity capital of SIA “Valsts aizsardzības korporācija” will initially reach EUR 500 000.
 

Media contacts: 

MoD Military Public Affairs Department
Media Relations Section
Phone: 67335393
E-mail: prese@mod.gov.lv