Presentation by Oleg Krasnopjorov to representatives of "Fibenol" and LIAA

Presentation by Oļegs Krasnopjorovs, economist of the Bank of Latvia, on the wood processing industry in Latvia. The presentation on April 10, 2024 was given to representatives of the Estonian company "Fibenol", which intends to develop a biorefinery in Latvia, and the Investment and Development Agency of Latvia (LIAA).

Products made of wood are the most important component of Latvian exports, ensuring every sixth euro of Latvian exports – we are European leaders in this regard. "Our comparative advantage in wood processing stems from the availability of materials, an efficient business ecosystem and skilled workers. In order to balance the use of forest as a wood resource with other public interests and nature conservation, it is essential to use wood as efficiently as possible, reducing the share of exports of low value-added wood products. We export woodworking products more and more complex. However, we are significantly lagging behind the Scandinavian level in the production of wood processing - pulp, paper, wood chemistry and the like. These are products with high added value, the production of which would allow Latvian forest resources to be used even more efficiently to increase the welfare of the country," explains Krasnopjorovs.

Olegs Krasnopjorovs (2024). 
«Towards the structural transformation of Latvian economy: wood products». 

Source: www.makroenomika.lv