Peer-reviewed articles 17,970 +


Title: INVESTMENT PROMOTION AND ATTRACTION TO BIOECONOMY INDUSTRIES IN LATVIA
INVESTMENT PROMOTION AND ATTRACTION TO BIOECONOMY INDUSTRIES IN LATVIA

PlumX Article Metrics by Elsevier
Irina Pilvere; Ilze Upite; Aleksejs Nipers; Aija Pilvere
10.5593/sgem2024/5.1/s21.69
10.5593/sgem2024/5.1
1314-2704
978-619-7603-72-9
English
24
5.1
•    Prof. DSc. Oleksandr Trofymchuk, UKRAINE 
•    Prof. Dr. hab. oec. Baiba Rivza, LATVIA
Environmental Economics
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.
[1] 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.
[2] 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.
[3] 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.
[4] 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.
[5] 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.
[6] 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.
[7] 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.
[8] Latvian Bioeconomy Strategy 2030. Informative report. Riga, 2017. Available online: http://tap.mk.gov.lv/mk/tap/?pid=40433525 (accessed on 08 January 2023).
[9] 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).
[10] 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).
[11] 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).
[12] Eurostat. Table TIPSBP90. Available online: https://ec.europa.eu/eurostat/databrowser/view/ tipsbp90/default/table?lang=en (accessed on 07 January 2024).
[13] 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. §).
[14] Cabinet of the Republic of Latvia. Informative report on “Implementation of the Guidelines for the National Industrial Policy for 2021-2027”. 13.07.2023.
[15] 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).
[16] Cabinet regulation No. 83. Regulations regarding Servicing Priority Investment Projects. 2021. Available online: https://likumi.lv/ta/id/320864-noteikumi-par-prioritaro-investiciju-projektu-apkalposanu accessed on 10 January 2024).
conference
https://doi.org/10.5593/sgem2024/5.1/s21.69
Download PDF
Proceedings of 24th International Multidisciplinary Scientific GeoConference SGEM 2024
24th International Multidisciplinary Scientific GeoConference SGEM 2024, 1 - 7 July, 2024
Proceedings Paper
STEF92 Technology
International Multidisciplinary Scientific GeoConference Surveying Geology and Mining Ecology Management, SGEM
SWS Scholarly Society; Acad Sci Czech Republ; Latvian Acad Sci; Polish Acad Sci; Russian Acad Sci; Serbian Acad Sci and Arts; Natl Acad Sci Ukraine; Natl Acad Sci Armenia; Sci Council Japan; European Acad Sci, Arts and Letters; Acad Fine Arts Zagreb Croatia; Croatian Acad Sci and Arts; Acad Sci Moldova; Montenegrin Acad Sci and Arts; Georgian Acad Sci; Acad Fine Arts and Design Bratislava; Russian Acad Arts; Turkish Acad Sci.
553-562
1 - 7 July, 2024
website
10017
investments, bioeconomy strategy, development

25th SGEM International Conference on Earth & Planetary Sciences


International GeoConference SGEM2025
27 June - 6 July, 2025 / Albena, Bulgaria

Read More		   

SGEM Vienna GREEN "Green Science for Green Life"


Extended Scientific Sessions SGEM Vienna GREEN
3 -6 December, 2025 / Vienna, Austria

Read More
   

A scientific platform for Art-Inspired Scientists!


The Magical World Where Science meets Art
Vienna, Austria

Read More