RIGA, March 24 (LETA) - The Riga Investments and Tourism Agency (RITA) in five years aims to attract EUR 1 billion in investments annually, said Riga City Council city development department representative Rolands Bogdanovs in a press conference today.

Also, the agency plans to increase the number of tourists to 80 percent of the 2019 level.

The agency's budget will be slightly more than EUR 2 million, and it will consist of funds allocated to the restructured Riga Tourism Development Bureau, the foreign department and the city development department; s investment and development division.

RITA plans to employ 32 people who will work in three directions - attraction of investments, tourism development and Riga branding.

Riga Mayor Martins Stakis (For/Progressives) said at the press conference that development of RITA is one of the pre-election promises made not only by the coalition parties, but also by the opposition, thus, he hopes the opposition will also support development of the agency.

The mayor said that RITA will not compete with the Latvian Investment and Development Agency, but will cooperate with it.

The mayor said that RITA is not being developed from scratch, but the Riga Tourism Development Bureau employees and people of restructured departments will find jobs in the new agency. The agency will not require extra costs as funds from the restructured units will be used for it.

As reported, the Riga City Council today will make the decision on foundation of RITA.

RITA should start work on April 1.