The recent major investments made by leading domestic companies have paved the way for the targeted growth. Still additional competence and resources are needed especially in the further refinement, product formulation and production of high value added products, such as biochemicals and advanced biomaterials. Flexible screens, sound systems, car parts, biodegradable packaging materials, adhesives, paints, cosmetics, medicines, textiles – wood can serve many new markets in the future!
Projects in operation, under planning over EUR 4 billion
Japanese company ITOCHU has invested in the unique opportunities by establishing a joint venture with Metsä Group. In early 2016, Austrian company Binderholz decided to invest in the wood processing business in Finland. In February 2016, Chinese company Sunshine Kaidi announced its intention to invest EUR 1 billion in a 2nd generation biofuels refinery in Finland.
Finland is Europe’s most heavily forested country with 86% of its land area covered by forest of which 90% is PEFC-certified. Finland’s forests grow by 100 million cubic metres annually and the growth potential for sustainable harvesting is currently 60%.
The Finnish government is committed to almost doubling the current EUR 60 billion turnover of the bioeconomy sector by 2025. The government has earmarked funding for bioindustry development, including research, pilot projects and investment support.