The Freeport of Riga Authority is set to invest a total of €19.8 million ($22.4 million) in the development of port infrastructure in 2022.
Out of the funds, the port authority will contribute €11.6 million ($13.1 million), while the European Union provides the remaining €7.8 million ($8.8 million).
The investment plan for 2022 includes the clearing and dredging of the navigational waters at the port, various improvements to the port’s hydro-technical constructions, as well as the modernisation of several berths.
Furthermore, the construction and reconstruction of access roads and overpasses, development of railway infrastructure, and investments in IT, digitalisation and implementation of automation projects are also planned.
“The planned investments are crucial to improve the port’s competitiveness and capacity performance indicators. This will also improve safety and security at the port and enable servicing larger vessels, less adverse impact on the environment and the global ecosystem,” said Viesturs Zeps, Chairman of the Board of the Freeport of Riga Authority.
“Our goal is to strengthen the position of the Port of Riga in the logistics chains, to create the required preconditions for the growth of the port and companies operating at the port, to develop the passenger transport sector and improve the processes of smart technologies at the port.”
One of the main projects planned for the next year at the Freeport of Riga is the construction of the overpass from Tvaika Street to Kundzinsala. By implementing this initiative, the port authority will contribute to reducing air pollution from road freight to and from the port terminals in Kundzinsala as trucks will be redirected away from the city centre and therefore limit the time spent on the road.
Construction of the overpass is expected to be completed by the end of 2023.
The port also plans to design and reconstruct the railway bridge to Kundzinsala. Work on this will start in 2022 and is scheduled to be finished by mid-2023.
Furthermore, the freeport has mapped out possible investments for projects in green energy, smart technologies, and IT projects. Over €1 million ($1.1 million) has been set aside to fund the implementation of the port’s digital technologies and IT solutions.
This comes as the port believes energy efficiency, automation of processes and speed of cargo movement are amongst the most important issues of today, while also having a direct impact on its competitiveness.