The Cabinet of Ministers of the Republic of Latvia has approved amendments to the regulations of the Financial Sector Development Council (FSAP), under which Latvia’s largest business association, the Latvian Chamber of Commerce and Industry (LCCI), will henceforth also be represented on the Council.
LCCI brings together more than 8,000 members – 2,700 individual members and 5,500 members represented through business associations – including micro, small, medium-sized and large enterprises from all regions and sectors, as well as associations, city business clubs and other business organisations. Issues related to the competitiveness of small and medium-sized enterprises are receiving increasing attention in discussions at both European Union and national level, and these undoubtedly include various aspects related to the financial sector and its development. To ensure that the interests of small and medium-sized enterprises are more fully represented in these discussions, Latvia’s largest business organisation will, for the first time, have permanent representation in the country’s highest-level financial sector coordination body.
LCCI’s participation in the Council means that, alongside financial service providers and public institutions, the interests of financial service users will also be represented in the decision-making process.
“LCCI has long expressed its readiness to participate in the work of the Financial Sector Development Council, as we represent the interests of small and medium-sized enterprises in the policymaking process. We believe that discussions on the future development of the financial sector and its priorities must also involve recipients of financing, thereby broadening the discussion beyond the public sector and ensuring that the perspective of financial service users is properly represented,” emphasises Katrīna Zariņa, Chairwoman of the Board of LCCI.
The FSAP, chaired by the Prime Minister, is a coordinating body whose purpose is to coordinate and improve cooperation between public institutions and the private sector in promoting the sustainable development of the financial sector, as well as in preventing money laundering and the financing of terrorism and proliferation.
Source: ltrk.lv
