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Project Description

The Project "Joint action of Baltic metropolises towards the development of coordinated investment approach in the Baltic Sea Region" (BaltMet Invest) is partly financed by the EU Initiative program and co-financed by 4 project partners - Riga City Council, Vilnius City Municipality, Tallinn City Government and Baltic International Centre of Economic Policy Studies (BICEPS).

The specific project activities will be implemented in the three Baltic States- Latvia, Lithuania and Estonia. In particular it will take place in the metropolian areas of the Baltic States.
Links to web-sites on investment possibilities in the Baltic States.

As the European Union embarks the ten new member states a number of challenges arise. The risk persists that limited capacities of the new member states and rigid practices of the old ones may lead to strategic decisions that would lack innovative approaches. Along with under-utilisation of the available funds and instruments this might put the new member states in a situation where they are not capable in gaining sufficient speed for cohesion consequently causing unpredictable distortion of the enlarged single market. The upcoming enlargement will have an inevitable impact to various spheres of life around the Baltic Sea.

Metropolises, the ones on the eastern side of the sea, in particular, are playing an increasing role in the forming regional market. Unless a co-ordinated intervention is in place the process might lead to increased development disparities among the Baltic Sea Region countries. The Baltic metropolises are well on the way to join the bunch of the larger urban regions like Berlin that are the drivers behind Baltic Sea Region’s economic development. Too often the locally focused approaches to various development issues are not coordinated on the regional level and thus fail to bring the desirable effect. The project aims at promotion of sustainable development of the Baltic metropolises through creating a coordinated approach to investment planning and management in the metropolitan areas.

The overall objective of the project is to promote balanced economic development of the Baltic Sea Region thereby increasing its competitiveness on the European and global area. The specific project objective encompasses the promotion of sustainable development of the Baltic metropolises through creating a coordinated approach to investment planning and management in the metropolitan areas. Creating an implementing investment strategies that respect the individual strengths and competitive advantages of each the metropolis within the framework of the development perspectives of the Baltic Sea Region will create a greater impact on the reduction of the East-West divide than chaotic and uncoordinated attraction of incidental investments, which fail to generate the desirable long-term effect.

The project deals both with designing the strategies, improving the investment management processess, working with the different stakeholders whose cooperative attitude is crucial to the goals of the project, as well as increasing availbality and accessibility of information to support the implementation of the developed approach.

The project was started in September 2004 and will be finished on 2nd February, 2007.

If you need more information here is a link that could be useful:

Baltic Sea Region INTERREG IIIB- http://www.bsrinterreg.net/, 18.10.2005.