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.

“Latvijas Finieris is assessing the possibility of constructing a new wood-based panel manufacturing plant in Latgale, which would make a significant contribution to the regional economy, as well as to national security and sustainability. However, 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. 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%,”

comments Jānis Ciems, Chairman of the Management Board of Latvijas Finieris.

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.