Scholarly record
INDUSTRIAL PARK AND PUBLIC PRIVATE PARTNERSHIPS IN LATVIA
Abstract
Currently, investment volumes in Latvia are declining and investors are less willing to invest. However, it is essential for regional development to create business agglomerations with a large number of different types of entrepreneurs. Business industrial and logistics parks are a modern solution. Over time, industrial parks have become industrialised cities because of the proximity of the park-s employees, municipalities and various social amnesties. This location reduces real estate cost, health care and education costs, thus attracting new residents who will help the regional economy grow by paying taxes. Industrial parks are classified according to models based on the Public-Private Partnership (hereinafter PPP) model, which brings together public, municipal and private recourses to pursue a common goal of building a long-term infrastructure for entrepreneurs. The article analyses and summarises information on Latvian Industrial Parks that have been built on the PPP model, summarise the main challenges and draws a number of conclusions on how to use the PPP model more successfully in the development of industrial parks and sustainable growth of the regional economy. An analysis of industrial parks in Latvia indicates that all of the industrial parks analysed have problems - insufficiently developed infrastructure, inadequate logistic solutions, a lack of innovation and research, and weak business activity, which prevents the formation of clusters, none of the analysed industrial parks have used the PPP model to solve financial problems. An integrated approach is needed that combines industrial infrastructure, logistics solutions, business cooperation platforms and PPP financing as the recommended solution for the development of industrial parks in Latvia. Research methods. The research employed gene research methods, monographic methods, logical construction as well as analysed and synthesis. The research period. Analysed data for the period from 2016 to 2024 year. The sources of information used: specialized economic literature, research documents and scientific conferences papers. The study used reports from OECD (2016), UNIDO (2020), European Cluster Observatory (2020), Asian Development Bank (2008), the Ministry of Finance of the Republic of Latvia (FM), the Ministry of Economics (EM), the Latvian Investment and Development Agency (LIAA), the Central Finance and Contract Agency (CFLA), containing information on public-private partnerships and the development of industrial parks. The study period is 2020-2024.
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