Estonia, Good for Business, Investments, Latvia, Markets and Companies, Woodwork

The openinf of Kohila plant, 8.11.2012. Photo: president.lv

President Andris Berzins said during the ceremony that the new enterprise in Kohila meant that fewer people would not want to leave their country, informs LETA/Nozare.lv.

"The plant is a great acquisition for Estonia and especially Kohila, as it will offer quite competitive wages for the local population. In Latvia, Latvijas Finieris has proven to be not only an outstanding social enterprise that offers top-class products, but also an active supporter of science and quality forest management. This practice, combined with Estonia's experience, will produce very good results in the future," said the president.

Estonian Economy and Communications Minister Juhan Parts said at the ceremony that there were extensive business opportunities in Estonia, and Latvian businessmen were welcome to make investments in Estonia.

The investment of EUR 20 million by Latvijas Finieris is a significant contribution to the Estonian economy, and it may serve as a good example to other Latvian businessmen who may want to expand into Estonia, said Parts.

Latvijas Finieris investment also strengthens the emotional ties between Latvia and Estonia, added Parts.

The new plant will provide 70 local residents with jobs. The plant's products will mostly be exported to Scandinavian countries, as well as to Russia and Japan.

The plant that Latvijas Finieris bought in Kohila went bankrupt in 2008. Latvijas Finieris goal was to renew its operations with new quality, using local wood resources.