National Defence Corporation will be registered as a holding company and will become a part of the national military industry ecosystem of Latvia, Latvian Ministry of Defence said in a statement.
Mission of the state-owned enterprise will be to provide consolidated management of national defence industry investments. It will also coordinate military manufacturing and its different processes. Corporation will also implement and promote the use of European Union’s financial instruments and funding, manage national and cross-border cooperation, which includes capital investments into existing military manufacturing companies of Latvia that require investment support to boost their manufacturing capacity.
It will indirectly oversee the manufacturing and integration of military goods, technologies and components critical for the national defence sector.