The European Competitiveness Fund is part of the European Commission’s proposal for the new European Union multiannual budget and aims to establish a single financial instrument that brings together existing programmes in innovation, digital development, defence, health, and other areas. The Fund will operate as an investment platform that supports projects and businesses through various financial instruments, while also attracting private investment and strengthening Europe’s competitiveness.
The total volume of the European Competitiveness Fund proposed by the European Commission for 2028–2034 amounts to €234.3 billion. The largest share of funding, €125.2 billion, is allocated to defence, space, and resilience. €51.5 billion is planned for digital development, €26.2 billion for decarbonisation, and €20.4 billion for health, biotechnology, agriculture, and the bioeconomy.
At a seminar on Latvia’s opportunities for successful participation in upcoming European Competitiveness Fund projects, Agnieszka Skonieczna, a representative of the European Commission’s Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), presented the Commission’s vision for the Fund’s objectives, planned funding priorities, and competitive conditions.
During a discussion with representatives of Latvian start-ups, the European Commission representative outlined opportunities to apply for funding from the newly established European Competitiveness Fund and the key prerequisites for securing financing. The Fund is intended as an instrument that consolidates several existing programmes into a unified system, reducing fragmentation and more effectively supporting projects at all stages of development, from research to production and market deployment.
At the seminar, Minister of Foreign Affairs Baiba Braže emphasised that promoting competitiveness and strengthening security are closely interconnected priorities reflected in the new Fund. The Minister noted that entrepreneurs, researchers, and innovators must have equal access to support from the European Competitiveness Fund.
Addressing the participants, the Minister highlighted that Europe’s competitiveness in the coming decade will depend on its ability to develop and deploy strategic technologies, including artificial intelligence, semiconductors, and quantum technologies, as well as to ensure a smooth pathway for innovation from idea to market.
"Latvia already has a strong research and start-up ecosystem, enabling our scientists to contribute to strengthening Europe’s technological sovereignty," B. Braže noted.
She also added that the government will continue to foster a business-friendly environment.
