On 31st of May, 2016, Prime Minister Maris Kucinskis, Deputy Prime Minister and Minister of Economics Arvils Aseradens and Minister of Finance Dana Reizniece-Ozola signed Memorandum of Cooperation together with representatives of Construction industry. Its aim is to reduce shadow economy in construction industry by half and to stimulate quality, secure and sustainable development of construction industry in Latvia.

PRIORITY TASKS IN 2016–2018 FOR FULFILMENT OF THE MEMORANDUM

1. IMPROVEMENT OF THE INVESTMENT ENVIRONMENT
   Goal – by the beginning of 2019, to increase growth of the construction industry market by 20% compared to the year 2015.

2. SHADOW ECONOMY RESTRICTION MEASURES
   Goal – by 2019, to reduce the ratio of the shadow economy in the construction industry by at least half compared to the year 2015, and to achieve compliance of the average salaries of the sector’s employees with the average salaries in the state.

3. IMPROVEMENT OF THE COMPETITIVENESS OF THE INDUSTRY
   Goal – by the beginning of 2019, to ensure growth of construction service exports by 20% compared to the year 2015.