THE DEVELOPMENT AND COMPETITIVENESS OF TNE BIOECONOMY AND ORGANIC FARMING IN LATVIA.

The aim of this study is to identify opportunities for the development of the bioeconomy in Latvia, assessing its role in the development of the agricultural sector. Nowadays, the development and sustainability of natural resources are of great importance. The bioeconomy can be considered as one of the oldest sectors of the economy, which life sciences and biotechnology can transform into one of the most modern sectors of the economy. From a number of perspectives, one of Latvia's development opportunities is the more sustainable and efficient use of natural resources. The bioeconomy provides a combined approach to integrating knowledge-based economic growth, social welfare and environmental protection in agriculture, forestry and fisheries, respecting the principles of the circular economy. The aim of this paper is to provide information on a study carried out to investigate and analyse the development perspectives of the bioeconomy and organic farming in Latvia. The research methodology includes theoretical concepts and a framework of factors influencing the bioeconomy. The study uses the Delphi method, collects data from expert interviews and surveys, uses the Porter's hypothesis method, and analyses the competitiveness of organic farming enterprises in Latvia based on Porter's five forces method. The development of the bioeconomy is mainly related to the production and efficient processing of bioresources. Rural areas and regions are therefore the ones with the greatest potential for development. Research data show that the growth of the bioeconomy will contribute to the development of Latvia's rural areas and regions and that Latvian organic farming enterprises have great potential. [ABSTRACT FROM AUTHOR]