“This initiative confirms the growing potential of economic cooperation between the Republic of Korea and Latvia. By combining Korea's technological expertise with Latvia's strategically important infrastructure, such a partnership can open new opportunities for innovation, investment and sustainable industrial development. I welcome this cooperation as another positive step in strengthening relations between our two countries,” JongHan Kim, Ambassador of the Republic of Korea to Latvia, said to those present today.
“This cooperation is a significant step towards the next stage of development of shipping, in which the availability of alternative fuels will play an increasingly important role. Our goal is to connect green methanol production, exports and ship fuel supply in one place. This will create new business opportunities for companies operating in the port, while strengthening the competitiveness of the Port of Riga in the region,” said Ansis Zeltiņš, Freeport of Riga Manager, at the signing of the memorandum.
John (KUKHYUN) Kyung, representative of ecomethanol Co., Ltd.: “Europe is a major market for low carbon shipping fuels. Within the framework of this cooperation, we want to explore the possibilities of establishing a biometanol plant in Latvia, combining ECOMETHANOL technological knowledge with the infrastructure and logistics advantages of the Port of Riga. We see this as a prospective opportunity to expand our international operations and contribute to the decarbonisation of maritime transport. Our vision is to provide green ship fuel at both ends of the Northern Sea route, in Europe from Latvia and in Asia from Korea.”
Gatis Galviņš, representative of SIA “AE Risinājumi” : “The importance of this project goes beyond the creation of a new factory. This marks the next step in Latvia's renewable energy development – from generating green electricity at an affordable price to turning it into high-value products for international markets. By combining Latvia's growing potential to produce renewable energy at a competitive price with South Korean technologies and investments, we have the opportunity to create a new industrial production value chain. Green methanol can become a bridge between renewable electricity and shipping, strengthening Latvia's position in the emerging European green fuel market and making the Port of Riga an important sustainable maritime transport hub.”
“European regulation already requires large commercial ships entering EU ports to gradually reduce their emissions per unit of energy used. This is driving demand for cleaner marine fuels, including green methanol. For Latvia, this is an opportunity to develop the production of new export products. The Investment and Development Agency of Latvia (LIAA) together with the Embassy of Latvia in Korea helped to start cooperation between the two companies. Such projects allow for a greater economic return on our resources - exporting a product with higher added value, creating skilled jobs and increasing tax revenues,” Ieva Jāgere, Director of the Latvian Investment and Development Agency (LIAA), lists the project's benefits.