The Institute for Environmental Solutions (IES) in cooperation with Vidzeme Planning Region (VPR) and bio-economy experts organized a meeting to continue a development of bio-economy innovation ecosystem in the Vidzeme region in Latvia.
Bio-economy includes economic activities that utilize the biological natural resources and turn them into food, energy, and other products and services. Vidzeme have a great potential for bio-economy as it has abundant natural resources. However, they struggle to reach full bio-economy potential due to limited human capital and lack of agglomeration economies. To increase the knowledge and develop smart, sustainable and inclusive growth of bio-economy it is necessary to strenghten a cooperation between a private and a public sector, as well as entrepreneurs.
IES and VSR together with partners from Poland, Estonia, Finland, and Norway have started to work on creating a collective concept of bio-economy ecosystem. Participants of the meeting pointed out six areas of activity, including mapping of bio-economy resources and building the capacity for creating high added-value products and services.
Representatives from universities, entrepreneurs, and experts from other institutions shared their experience in bio-economy. Among them were representatives from the Ministry of Agriculture of the Republic of Latvia, the Ministry of Economics of the Republic of Latvia and other. During the meeting, the topicalities of bioeconomics and the potential forms of cooperation in the Baltic region were discussed.
The participants of the meeting concluded that one of the solutions to increase the interest of entrepreneurs to create sustainable products and services could be the support instruments, giving the privilege to those businessmen who focus on sustainability rather than on just a quick profit. Experts emphasized the importance of motivational team meetings.
Professionals from IES and VPR continue to work within the project to define areas of activities in bio-economics innovation development. It is expected to evaluate defined areas of activities in September and prepare a plan by the beginning of 2019.
As a part of the Interreg Baltic Sea Region 2014 – 2020 programme, the project “Rural RDI milieus in transition towards smart bio-economy clusters and innovation ecosystems” (RDI2CluB) is supported by the European Regional Development Fund and co-funded by the Norway Grants.
Find out more about the RDI2CluB project here.
RDI2CluB project website