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Over the past two decades, biotechnology has provided a motor for environmentally sustainable production and for the development of a diverse range of innovative products. The potential economic and environmental benefits of biotechnology have created a growing strategic interest in bioeconomy. Bioeconomy combines highly research and knowledge intensive economic activities in agriculture, forestry and the food sector with the innovative use of renewable raw materials for material and energy use. This paper aims to study the potential for the further development of bio-based sectors in Latvia and main challenges the development of innovations in bioeconomy faces in Latvia and Baltic Sea Region countries. In this study, the authors have analyzed current situation in Latvia regarding bioeconomy development and have identified innovations fostering sustainable use of natural resources. The research finds out that bioeconomy innovations in the traditional biobased sectors such as agriculture, horticulture, forestry, fisheries, renewable energies, food and feed, pulp and paper, goes in line with the principles of sustainable development and thus it effects development of sustainable use of natural resources. This paper reviews the support systems for innovations in bioeconomy in EU and Latvia and studies the potential for the further development of bio-based sectors in Latvia. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the European bioeconomy policy and bio-based business development in Latvia both from the perspective of existing business practices as well from the perspective of students’ attitudes towards setting up new businesses in view of the bioeconomic challenges. The research was based on the theoretical concepts of bioeconomics and a bioeconomy, collected examples of bioeconomic business practices in Latvia, as well as the data gained from an interview of Latvia University of Life Sciences and Technologies students’ (n=181). The results of the research indicated that the bioeconomy business activities in Latvia led to positive results, as there were the necessary preconditions for their development. Our findings contribute to research on the understanding of bioeconomics and bioeconomy. Unlike other research studies, this is a specific research study that provides insights into the situation in Latvia on the possibilities of development of bio-based business which is closely linked to the circular economy in order to ensure the sustainable production. [ABSTRACT FROM AUTHOR]

To comply with the requirements of EU Directive 2009/28/EC for using renewable energy sources (RES) in Latvia, the agricultural industry has to become a significant supplier of resources to energy producers and consumers. Agricultural crops have always been used for the production of food, feed, fibre, and fuel. Already in 2003, the program "Biofuel Production and Use in Latvia (2003-2010)" was approved. The approval of the program laid the foundations for a biofuels market. Biofuel production satisfies the domestic market demand, as well as the excess is being exported. At the end of the program, the government stopped supporting the biofuels industry. First-generation biofuel production is not competitive without government support. First-generation biofuel production technology could not overcome the development of the valley of death. Only the creation of bio-economy-based technologies for biofuel production can ensure its competitiveness [ABSTRACT FROM AUTHOR]