Latvijas Finieris is exploring potential development of new wood-based panels plant in the Latgale region in Latvia.
The company, a leading European producer of plywood, released a statement this month saying it continues to proactively evaluate development and investment opportunities that strengthen the company’s sustainable growth and competitiveness.
Building a plant in Latgale is “one of the projects currently under assessment”.
The project is presently undergoing an in-depth feasibility assessment, while discussions are taking place with potential stakeholders. The evaluation includes a thorough analysis of the project’s economic viability, potential risks, financing opportunities, and its long-term impact on the company’s development, the regional economy, and Latvia’s economy as a whole.
Jānis Ciems, Chairman of the Management Board of Latvijas Finieris, said before a decision can be made, a number of factors still need to be thoroughly evaluated.
“The most important of these is the potential support from the Latvian government and the European Union to accelerate the implementation of such a capital-intensive project,” he said.
“What makes this project unique is that, in addition to generating economic benefits of up to 0.5% of Latvia’s GDP, it also has the potential to reduce national greenhouse gas emissions by approximately 6%.”
The company said projects of this scale have the potential to stimulate the development of a wide range of supporting industries and increase the prosperity of people living in border regions, which, in turn, encourages more responsible national decision-making on security and other everyday matters, thereby strengthening the country’s border as a whole.
Latvijas Finieris will provide further information on the project’s development once the feasibility assessment has been completed and the relevant decisions have been made.
