Smart specialisation strategy: realisation opportunities and problems in Latvia
2016
Jekabsone, S., University of Latvia, Riga (Latvia). Faculty of Business, Management and Economics | Skribane, I., University of Latvia, Riga (Latvia). Faculty of Business, Management and Economics
Due to consequences of the global financial crisis it was clear, that in Latvia there can no longer exists an economic model in which thanks to inflow of the foreign capital, and domestic demand increased and ensured economic growth till 2007. There has to be a sustainable economic model, in which a high role would be on enterprises to restructure manufactures and produce products with higher added value, which would allow receiving higher incomes. To be able to ensure it, enterprises have to evaluate existing competitive advantage, look for new scope based on principles of “smart specialisation”. Unlike traditional approaches of regional development and industrial policies, the approach of “smart specialisation” is based on a discovery and development of new comparative advantages. The aim of this article is to clarify the principles of “smart specialisation” and its disposal options in Latvia. In the analysis were used a variety of qualitative and quantitative methods, such as: scientific literature and empirical research, sheets, diagrams and charts, calculation of the average and the relative values, grouping, comparison, etc. The results of the research highlighted the possible directions of economic policies for transforming the national economy in order to promote competitiveness and sustainable development, as well as identified possible obstacles in executing “smart specialisation”.
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