The entrepreneurs and leaseholders of the Freeport of Riga land and berths, which form the basic cluster of the port companies, are more cautious with their investments in the port due to uncertainty about the future development of the world economic situation.
The forecasted amount of investments in 2021-2024 is estimated at €149 million (US$181.4 million), according to the port's announcement.
“Significant increase in the volume of investments is currently hindered by the complicated applicable regulations on building right,” said Viesturs Zeps, the Freeport of Riga Board Chairman.
The Latvian port said that €36.3 million (US$44.2 million) were invested in infrastructure development last year, while the total amount of investments in the last five years has reached €195 million (US$237.4 million).
Freeport of Riga pointed out that the investment flow fostered the growth of cargo handling and storage infrastructure area, while significant investments have also been made into the development of terminal machines and equipment.
“The companies working in the port are adapting to the current situation, reorienting their operations and, most importantly, investing in development, which proves that economic activity of the Port of Riga will not lose its dynamics and will continue to play a significant role in the Latvian economy,” added Viesturs Zeps.