JSC "Latvijas valsts meži" (LVM) and the Latvian Forest Industry Federation (LKF), representing non-governmental organisations in the forest sector, have signed a cooperation memorandum with the aim of increasing the share of renewable resources and the bioeconomy in the Latvian economy.

The memorandum sets out three strategic objectives for the sector:

• to double the value added per employee in the forest sector by 2030;
• to double the value of products manufactured by the forest sector by 2030;
• to make forest stands 25% more productive.

The organisations and companies that have signed the memorandum undertake to cooperate in a coordinated manner to achieve these strategic forest sector objectives and those of the National Development Plan (NAP2027).