Ruka, Finland, September 13, 2018 (Press Release) – The first World Bioeconomy Forum held in the resort town of Ruka in northern Finland, started on a perfect note this week. Waldemar Kütt, head of the EU’s Bioeconomy strategy, revealed to the gathered delegates that the budget for research into food and natural resources – the European bioeconomy cluster – will double for the period 2021-27 to Euro 10 billion.

“This large increase is recognition that we are in an economy that is becoming more and more dependent on biological resources to produce food, energy and material in a way that protects the environment and also reduces greenhouse gases”, said Kütt.

The news from the EU Commission made for a healthy start to the forum which dealt with the complete bioeconomy supply chain, from planting forests and crops to final products. The forum program included speakers from several governments throughout Europe, the EU, technology suppliers, major pulp, paper and textile producers and end users, including Swedish giant Ikea. Delegates came from countries all over the world including all across Europe, India, China, Australia, Indonesia, and the US.

The bioeconomy sector has been gaining momentum since September 2005 with 50 countries and regions around the world now having a bioeconomy strategy or related document in place. One of the latest countries to reveal its bioeconomy strategy is Latvia, with the sector being worth Euro 3.8 billion and providing employment to over 150,000 people.  Overall the bioeconomy is worth Euro 2,300 billion in the EU alone, employing 22 million people. The Latvia case might also serve as an excellent model for other EU members in the north and central eastern European areas.

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