The Freeport of Riga Authority has unveiled plans to invest US$22.5 million (€19.8 million) in the development of the port’s infrastructure in 2022.
The investment plan of the Freeport of Riga Authority for this year includes cleaning and dredging of the navigational waters at the port, improvements to hydrotechnical constructions, as well as modernisation of several berths.
Moreover, construction and reconstruction of access roads and overpasses, development of railway infrastructure, as well as investments in information technologies, digitalisation and implementation of automation projects are planned.
Out of the total investments, approximately 60% are funding from the budget of the Freeport of Riga Authority, and 40% are co-funding from the European Union Funds.
Chairman of the board of the Freeport of Riga Authority, Viesturs Zeps, stated that the planned investments not only will improve safety and security at the port but will also enable servicing larger vessels and less adverse impact on the environment.
"Our goal is to strengthen the positions of the Port of Riga in the logistics chains, to create the required pre-conditions for the growth of the port and companies operating at the port, and improve the processes of smart technologies at the port," emphasised Zeps.
One of the key infrastructure projects in which almost half of the investments will be provided is the construction of the overpass from Tvaika Street to Kundziņsala.
Its implementation, scheduled to be completed by the end of 2023, will contribute to less polluting road freight to and from the port terminals, while the trucks will be redirected away from the city centre, reducing the time spent on the road.
Moreover, the design and reconstruction of the railway bridge to Kundziņsala will start in the year and its construction is expected to be completed by the middle of 2023.
The port will also focus on the elaboration of technical documentation for the reconstruction of the Western and Eastern piers, with the project proposal already submitted to the European Union's Connecting Europe Facility (CEF) programme.
In addition, the Latvian port is working on the development of the port territory in Spilve. Together with business consultants, the Investment and Development Agency of Latvia (LIAA), and associations of municipalities, the port authority has scrutinised the 4.5 million m2 territory of Spilve.
An economic feasibility study was conducted, where the territory was divided into four development zones. It is projected to work on the perspective development of Territory A of 780,000m2, including elaborating the local plan of the territory and clarifying optional business models.
Negotiations with the potential investors and operators are also planned, as well as assessing the opportunities of raising EU and private funds.
Considering the importance of smart technologies and green energy, the Freeport of Riga Authority will also invest almost US$1.13 million in the projects of green energy, smart technologies and IT projects.
