On Friday, October 31, the management of the Ministry of Economics (MoE), the Investment and Development Agency of Latvia, and the Dutch company Ingka Investments met to discuss not only the planned real estate acquisition but also prospects for further cooperation.
The company provided information on the agreement concluded on October 28, 2025, between Ingka Investments and the Swedish company Sodra, under which Ingka Investments will acquire 135,000 hectares, approximately 120,000 hectares of which are forest. The transaction is estimated at EUR 720 million. Meanwhile, Economics Minister Viktors Valainis briefed on potential cooperation opportunities in the energy sector and data center development, as well as available support for business promotion.
“The company’s planned activities regarding forest management are highly aligned with Latvia’s interests. Specifically, the timber is intended to be processed in Latvia, generating additional added value and strengthening the competitiveness of the sector. Furthermore, both the company’s stated plans and its past activities, such as allocating forest land for research, indicate that the company conducts business while balancing it with forest preservation and sustainable management,” emphasized Minister Valainis.
During the meeting, Ingka Investments management also confirmed their commitment to responsible forest management, maintaining strict sustainability standards, including FSC certification (products sourced from well-managed forests), climate-friendly forestry, biodiversity protection, and support for local communities. The company plans to establish long-term cooperation with Baltic wood processing companies and panel manufacturers, promoting local timber processing and creating skilled jobs.
The transaction requires approval from the competition authorities in Latvia and Estonia, as well as the Cabinet of Ministers of Latvia.
Representatives of Ingka Group’s investment unit, Ingka Investments, also stated that they are currently exploring opportunities to implement renewable energy projects in Latvia.
Ingka Group is the world’s largest IKEA retailer, operating in 31 countries and accounting for approximately 90% of IKEA’s total retail turnover. To date, Ingka Investments has managed 110,000 hectares of forest land in Latvia.