Share Capital of the “State Defence Corporation” to Be Increased by EUR 1.1 Million

In order to support the development of the state-owned company “State Defence Corporation” Ltd., its share capital will be increased by EUR 1.1 million, according to an order approved by the Government of Latvia on 16 July 2024.

“The Corporation, as a state-owned enterprise, has already begun implementing the first international ammunition production project in Latvia. This project represents Latvia’s entry ticket into international ammunition supply chains, providing security guarantees for the people of Latvia and strengthening Latvia’s military capabilities within the community of NATO member states,” said Ingrīda Ķirse, Interim Board Member of the Corporation.

In March this year, the first objective set by the Corporation was achieved by securing European Union co-financing of EUR 41.38 million for an ammunition production project. As part of the project, a modular charge assembly facility for 155 mm artillery ammunition will be built in Latvia. A site owned by the defence sector in Iecava Parish has been selected for the facility.

The Corporation will implement its first project in cooperation with companies of the KNDS Group from France and Italy, as well as companies of the NAMMO Group from Norway and Finland.

As previously reported, the state-owned company “State Defence Corporation” was registered in November 2023 with an initial share capital of EUR 500,000.

About the “State Defence Corporation”

The Corporation was established following a decision by the Government of Latvia in November 2023. Its aims are to support the long-term development of Latvia’s defence industry, manage investments in the sector, and coordinate processes related to the production of military goods. Through these activities, the Corporation contributes to strengthening the supply capabilities of the NAF, supporting the growth of Latvia’s defence industry, and ensuring the security and continuity of international supply chains. The Corporation works in sectors that require significant state involvement and are not served by the private sector.

The Corporation also fosters national and cross-border cooperation and partnerships. The company is a wholly state-owned enterprise, with the Ministry of Defence acting as its shareholder.

MORE INFORMATION
MINISTRY of DEFENCE
Military Public Affairs Department
Media Relations Section
+371 67335093
prese@mog.gov.lv

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