June 18, 2024, marked a significant development in Latvia's commitment to advancing our bioeconomy. Our senior researcher Elina Dace had the privilege of joining representatives from 22 companies, state institutions and research organizations in signing the Memorandum of Understanding to establish a new Biorefinery Ecosystem in Latvia. This initiative represents a strategic effort to expand our economy through sustainable practices and innovative technologies.
Elina Dace signs the memonrandum.
Biorefinery is a fast-growing industry that converts biomass into energy or consumer products for use in building materials, the food industry, and other areas. While biomass was previously exported abroad in large quantities, the conditions are now in place for processing it within Latvia. There is a growing consumer demand for "green products" in export markets - this is a great opportunity for Latvia to leverage its natural advantages.
The bioeconomy is vital for Latvia, currently employing over 125 000 individuals and significantly contributing to our exports. Through this memorandum, we aim to jointly enhance Latvia’s ability to produce high-value products from biomass, which will also help reduce the ecological footprint of production processes.
The Memorandum promotes good governance and initiatives to support and stimulate the development of new value chains from bio-based materials sourced locally, calling for a focus on the final product in Latvia. This approach ensures that the economic benefits, job creation, and sustainable practices associated with biorefinery projects capitalize on bioeconomies specific to Latvia while contributing to regional development.
We extend our gratitude to the Investment and Development Agency of Latvia and all partners involved for their dedication and foresight. This initiative is not just an investment in biorefineries but an investment in the sustainable bioeconomy development in Latvia.
For more information about the initiative read: https://www.liaa.gov.lv/en/article/memorandum-understanding-signed-develop-biorefinery-sector