Scholarly record
INVESTMENT PROMOTION AND ATTRACTION TO BIOECONOMY INDUSTRIES IN LATVIA
Abstract
Investments made in response to climate change could help to foster environment-friendly business practices. Therefore, bioeconomy industries are considered crucial for achieving climate neutrality in Europe by 2050. Accordingly, bioeconomy strategies have been designed in many countries, including in Latvia. Therefore, the aim of the present research is to examine the investment environment and the amounts of gross investment made in bioeconomy industries, as well as foreign direct investment attracted to Latvia to contribute to the implementation of the Latvian Bioeconomy Strategy 2030. The research covered the period 2015-2022 and was based on publicly available information on investment. The research found that significant investments were made in bioeconomy industries during the period analysed; however, the amount of gross investment made and the growth rate were insufficient to achieve the target set by the strategy by 2030, i.e. to reach the total investment of EUR 20 billion in the bioeconomy industries. The most investments were made in companies engaged in the primary sector, energy generation and manufacture of wood products. In addition, compared with the rest of the Baltic countries, foreign direct investment as a % of gross domestic product (GDP) was the lowest in Latvia. Therefore, it is important that measures are taken in the country to enhance the investment environment, as well as encourage and stimulate investments - both private and public - by means of various support measures to foster growth not only in bioeconomy industries but also in the entire national economy.
Publication Impact Profile
- Captures
- Mendeley - Readers: 3
Publication details
References15
M'barek, R., Wesseler, J. The Rapid Development of Bioeconomy Policies in the EU and other Regions of the World. EuroChoices, Vol.22, 2023, pp.5-12. DOI: 10.1111/1746-692X.12415.
Liobikiene, G.; Miceikiene, A. Contribution of the European Bioeconomy Strategy to the Green Deal Policy: Challenges and Opportunities in Implementing These Policies. Sustainability Vol. 15, 2023, 7139. DOI: 10.3390/su15097139.
Lee, S.H., Hamelin, L. Unravelling global future scenarios in the perspective of bioeconomy planning. Biomass and Bioenergy, Vol. 168, 2023, 106670. DOI: 10.1016/j.biombioe.2022.106670.
Hodgson, A., Maxon, M.E., Alper, J. The U.S. Bioeconomy: Charting a Course for a Resilient and Competitive Future. Industrial Biotechnology, Vol. 18:3, 2022, pp.115-136. Doi: 0.1089/ind.2022.29283.aho. DOI: 10.1089/ind.2022.29283.aho
Fiordelisi, F., Galloppo, G., Paimanova, V. Climate change shocks and socially responsible investments. Business Ethics, the Environment & Responsibility, Vol.32(1), 2023, pp.40�56. DOI: 10.1111/beer.12477.
Betti, G., Consolandi, C., Eccles, R.G. The Relationship between Investor Materiality and the Sustainable Development Goals: A Methodological Framework. Sustainability, Vol.10, 2018, 2248. DOI: 10.3390/su10072248.
Kolbel, J. F., Heeb, F., Paetzold, F., Busch, T. Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact. Organization & Environment, Vol. 33(4), 2020, pp.554-574. DOI: 10.1177/1086026620919202.
Latvian Bioeconomy Strategy 2030. Informative report. Riga, 2017. Available online: http://tap.mk.gov.lv/mk/tap/?pid=40433525 (accessed on 08 January 2023).
Ministry of Economics of the Republic of Latvia. Report on Economic Development in Latvia. Riga, 2023, 160 p. Available online: https://www.em.gov.lv/lv/media/18390/download?attachment (accessed on 07 January 2024).
Central Statistical Bureau of the Republic of Latvia. Official data portal. Available online: Table UFI010. https://data.stat.gov.lv/pxweb/en/OSP_PUB/START__ENT__UF__UFI/UFI010/ (accessed on 05 January 2024).
Bank of Latvia. Statistical database. Available online: Tables: 01 TI; 02 TI. Available online: https://statdb.bank.lv/lb/Data/131/3d95e18e29b7d23e976de9b453907f06-html (accessed on 06 January 2024).
Eurostat. Table TIPSBP90. Available online: https://ec.europa.eu/eurostat/databrowser/view/ tipsbp90/default/table?lang=en (accessed on 07 January 2024).
Cabinet of the Republic of Latvia. Guidelines for the National Industrial Policy for 2021-2027. Decision No. 93, Riga, 16 February 2021 (prot. No. 15 31. �).
Cabinet of the Republic of Latvia. Informative report on �Implementation of the Guidelines for the National Industrial Policy for 2021-2027�. 13.07.2023.
Pelece D. (2020). Foreign Direct Investments in Latvia. 10.11.2020. Available online: https://www.makroekonomika.lv/arvalstu-tiesas-investicijas-latvija (accessed on 06 January 2024).
View or Download full articleAccess options
SWS access login
Login as SWS Scientific CommitteeLogin as SWS Scientific PartnerLogin as SWS AuthorAuthors and approved SWS contributors will read and export their own linked papers after identity matching by SWS profile, email and SGEM GlobalID.
For librarian assistance: [email protected]
Purchase Instant Access
- Article can be downloaded after successful payment.
- Article may be used according to SWS library access terms.
- Article cannot be redistributed.
