The Riga Investment and Tourism Agency will review and systematize its approach to the decision-making process on cooperation with private investors that want to invest in infrastructure objects important to the city.
The Riga Investment and Tourism Agency, in cooperation with audit and consulting company KPMG Baltics and real estate consulting company Colliers International Advisors, will conduct a survey of existing and potential investors with the aim of understanding the opinion of private sector investors and developers. This will be done as part of the evaluation of the existing Riga infrastructure development planning system in order to provide recommendations for improving the process, including a mutually beneficial cooperation model between the municipality and private investors and other business support instruments.
In addition to the implementation of the project, an expert from Great Britain—Dr. Savvas Verdis from the London School of Economics and Political Science, who has vast experience in developing several projects of this type in Europe and the world – has been invited to work in the project.
“Currently, decision-making related to investments in infrastructure objects in cooperation with private investors is not systematic. When a private investor comes to Riga and considers specific place for investment, they encounter a municipality that does not have strict criteria for deciding whether and to what extent to participate in private projects related to the development of infrastructure facilities. Our goal is to systematize these criteria and create a model that allows for making these kinds of reasoned decisions. When developing criteria and creating decision-making mechanisms, we will use the most successful examples and experiences of Northern European capitals”, explains Toms Andersons, Director of the Research & Advisory Department at Colliers.
“A systematized investment environment and clear rules are one of the basic criteria to which investors pay attention. This allows for more successful planning of investments and their return in the long term. All parties involved—investors, the city, and its residents, are to benefit from it,” adds Evija Šturca, Partner at KPMG Baltics.
The project is planned to be carried out by the end of this year, so that the Riga Investment and Tourism Agency can start working on the development of binding regulations and the harmonization process in Riga City Council and VARAM (Ministry of Environmental Protection and Regional Development of the Republic of Latvia).