The “State Defence Corporation” to Be Established to Develop Latvia’s Military Industry

On Tuesday, 21 November 2023, the Cabinet of Ministers of Latvia approved the establishment of the state-owned company – the “State Defence Corporation” , Ltd. (SIA “Valsts aizsardzības korporācija”). All shares in the company will be held by the Ministry of Defence.

The Corporation will operate as a holding company and will form part of Latvia’s military industry ecosystem.

The state-owned enterprise will be responsible for comprehensive investment management within the national defence industry and for coordinating production-related processes. It will also facilitate and promote the utilisation of funding from European Union financial instruments and funds, strengthening both national and cross-border cooperation. This will include investing capital in existing Latvian military manufacturing companies that require such investment to expand their production capacity.

At the same time, the company will indirectly support the production and integration of military goods, their components, and technologies that are critically important for the defence sector.

The initial share capital of the Corporation will be EUR 500,000.

MORE INFORMATION
MINISTRY of DEFENCE
Military Public Affairs Department
Media Relations Section
+371 67335129
prese@mod.gov.lv

AGNESE KORBE 
State Defence Corporation 
Communication and Stakeholder Relations Manager
+371 29110062 
agnese.korbe@defencecorporation.lv 
defencecorporation.lv
linkedin.com/defence-corporation