INFLUENCE OF INTELLECTUAL MIGRATION ON THE ECONOMY OF LATVIA

Keywords: qualified human resources, migration of specialists, innovations, labor resources of Latvia, investors

Abstract

The importance of human capital for innovation and economic growth is widely recognized. Innovative enterprises are one of the main factors of economic growth. Consequently, venture capital firms are key players in ensuring economic growth and innovation. In this study, the authors paid attention to factors that contribute to the success of activities using venture capital and investments. One of the main factors was human capital. Nevertheless, there are not enough specialists in countries with low economic development, while in developed countries there may be an overabundance of specialists of certain specialties. For this reason, specialists, who did not find a place in the labor market according to the obtained specialty, are forced to look for another job, often low-skilled one.

          Experts are willing to accept cooperation offers from venture capital funds, as they, in turn, offer not only earnings, but a flexible schedule, which is not tied to the location. For example, often IT professionals can work anytime during the day and from any part of the world. Nevertheless, even if the specialist has to come to a certain country to implement the project, then, in any case, this is only a temporary phenomenon. Due to this fact, they avoid spending time and money on relocation, paperwork and search for accommodation.

          The work examines the modern processes of international intellectual migration and their features. Special attention is paid to the consideration of the place of Latvia in the international intellectual labor market, problems of adaptation to the rules of its functioning in the context of globalization.

The following question was studied: what is the main reason for intellectual migration and the increasing tendency of conflict of interests of employers' claims and professional competence in the labor market?

          To check whether the problem of migration of qualified personnel abroad is relevant for Latvia, a survey was conducted, during which the main reasons for the migration of specialists were identified.

          The article ends with conclusion that the development of venture investment could have a positive effect on the economy of Latvia.

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Published
2019-05-07
How to Cite
Golubkova, T., Masharsky, A., & Sirjajeva, L. (2019). INFLUENCE OF INTELLECTUAL MIGRATION ON THE ECONOMY OF LATVIA. European Cooperation, 2(42), 62-77. https://doi.org/10.32070/ec.v2i42.39