Forest sector signs a memorandum of cooperation.

JSC “Latvia’s State Forests” (LVM) and the Latvian Forest Industry Federation representing non-governmental organizations of the forest sector have signed a memorandum of cooperation with the aim of increasing the share of renewable resources and bioeconomy in the Latvian economy.

The memorandum sets out three strategic objectives for the sector:
– to double value added per job in the forest sector by 2030;
– to double the value of forest products by 2030;
– to increase forest stand productivity by 25%.

The signatory organizations and companies undertake to cooperate in a coordinated manner in achieving these strategic goals of the forest sector and the National Development Plan (NAP2027).

In order to achieve the strategic goals, the forest sector undertakes to promote the introduction of science-based forest management models in Latvia and the development of forest management practices that ensure the reduction of greenhouse gas emissions. The contribution of Latvia’s forests to mitigating global climate change and the use of renewable resources need to be increased. A wider use of renewable wood materials should be encouraged, for example by supporting the construction of wooden houses, including through the establishment of a wooden high-rise building construction program.

The creation and use of forestry and bioeconomy products is one of the cornerstones for maintaining and developing production in the regions of Latvia, which in turn would reduce regional depopulation trends.

“The forest sector is one of those sectors of the Latvian economy, the wise development of which makes it possible to obtain very diverse long-term dividends throughout the country. These are well-paid jobs throughout the country, these are traditional and innovative export products, and it is an opportunity to spend free time in well-tended and well-managed forests of Latvia. The forest sector has the potential to do both – increase the overall well-being of the Latvian population, as well as help to fulfil Latvia’s commitments within the framework of the European Green Course. Well-tended and well-managed forests are both a renewable long-term natural resource and an excellent way of sequestering carbon dioxide,” tells Indulis Kovisārs, President of the Latvian Forest Industry Federation.

Information source: Latvia’s State Forests