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COMPANY STRATEGIC PROSPECTS: A CASE STUDY OF KONEKESKO LATVIA LTD
Abstract
Agricultural production as a share of gross domestic product in Latvia in the year 2016 was 3.2%, which was 1.5% more than in 2015. In 2016, the sown area of cereals amounted to 716.0 thousand hectares, which was about 43.6 thousand hectares or 6.3% more than in 2015 [1]. This indicates the development of the agricultural sector, which will require production resources, as well as appropriate technology machinery to be available. The agricultural sector has to be seen in the context of rural development, where the EU envisages a specific rural development policy (Rural Development Plan 2014-2020) [2]. During this period, a policy supporting EU rural development will be provided with EUR 100 billion, which are intended to be used within 118 different support programmes among the EU-28 countries. EU policy priorities aim to promote the knowledge transfer and innovation in agriculture, forestry and rural areas, to improve the profitability and competitiveness of all types of agriculture, the sustainable use of resources and the efficient use of resources that supports the transition to a low carbon economy prepared for climate change in the food, agriculture and forestry sectors and to promote social inclusion, poverty alleviation and economic development in rural areas. As regards the given priorities set by the EU, it is foreseeable that the agricultural sector will continue to develop, which will also play an important role for companies in the agricultural machinery trade industry. This means that Konekesko Latvia Ltd, due to the company's strategy implementation, has to take into account the priorities set by the EU for the agricultural sector and develop new competitive advantages in order to ensure the company's success for the next five years.
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