Oct 24, 2008. /Lesprom.com/. Estonia produced 5.4 million cubic metres of timber in 2006, new figures show, according to KMS Baltics. In news which might be of interest to those considering timber investment in the country, data released by Eurostat also reveals that the nation has 2.4 million hectares of woodland, reports Baltic Course. The figures also reveal that other Baltic counties are producing large amounts of timber, with Latvia generating 12.8 million cubic metres over the same period, a feat which makes it the tenth largest manufacturer in the EU. More than half of both Estonia and Latvia is covered with woodland (56% and 51% respectively), compared to 42% for the European Union as a whole. Recently, Toomas Hendrik Ilves, president of Estonia, stated that the country is looking to invest in its citizens to help it achieve its economic goals. He told the Western Mail that in a small country "every mind counts".