The establishment of plantation forests in areas not viable for agriculture can make a significant contribution to the economy. The yield from 1 ha of plantation forest depends on the management purpose - obtaining of round wood (pulpwood, sawnlog, veneer log, tare), bioenergy and extraction of tree foliage (broadleaved and coniferous). In Latvia, based on 2019 data, plantation forests achieve 2760 ha of Scots pine, 7855 ha of Norway spruce, 7431 ha of Birch, 2123 ha of Grey alder, 1274 ha of Black alder and Populus spp. and 618 ha of Salix spp. Estimated and projected gains are calculated both as round wood over 20 to 50 years: pine - 410-to 994 thou. m3; spruce, - 335 to 2.906 thou. m3, birch - 1.040 -2.452 thou. m3. Accordingly, it is possible to obtain gross income from the whole plantation forest area in Latvia: pine-12.42-63.8 mln. EUR; spruce - 40.1 -192.3 mln. EUR; for birch - 32.2 -202.7 mln. Eur. Additionally to that, 18.6 -21.6 t ha-1 and 24.0 -37.0 t ha-1 of processed foliage can be obtained from 1 ha of pine and spruce forest plantations (40-50 years old). Alnus incana sp. (5-20 years), yielding 19.65-122.65 thou. Solid m3 and Salix spp. (3-5 years), yielding 58.71-84.97 thou. solid m3, are used for energy production, furthermore Alnus spp. wood can be used than valuable raw material for plywood production. At the same time, it is possible to capture 106-1477 thou. tonnes of CO2 equivalent. Systematic investigations of chemical composition of above mentioned Latvian plantation trees, wood and bark, have shown that incorporation of extraction treatment in existing processing schemes will allow to manufacture high value added monomeric and oligomeric products which are of great demand for substitution of synthetic ones in different economy sectors (agriculture, including means for plant protection, food industry, polymer production, pharmacy etc.). Creation of small and medium-sized enterprises in rural region in close proximity to plantations opens the opportunity for the appearance of new working places, including organization of new nurseries, plantation services, private businesses for processing of various lignocellulosic waste into new special products / semi-products / feedstock for green industrial materials and chemicals, at the same time diminishing the logistics expenses.