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EUR 50 million will be earmarked to create an Industrial Innovation Park in Klaipeda

EUR 50 million will be earmarked to create an Industrial Innovation Park in Klaipeda

The Ministry of the Economy and Innovation signed a major investment project agreement with VMG Technics, an international investment company which belongs to the VMG Group.  This company is creating an Industrial Innovation Park in Klaipėda, will invest up to EUR 50 million and create about 150 new jobs.

This is the third investment project in Lithuania which has been granted a large project status and will be implemented by means of the ‘Green Corridor’ initiative for large investors.

‘This investment is significant both for the region of Klaipėda and Lithuania; it claims to become the most modern industrial innovation park in the Baltic States; it will undoubtedly contribute to the national competitiveness, encourage business and science cooperation and enable the creation of new high value-added jobs,’  says Minister of the Economy and Innovation Aušrinė Armonaitė.

The aim of the project is to establish an innovative VMG Technics R&D Park to develop and deploy industry automation and robotics solutions and related services. There are plans to set up some training area with an industrial innovation laboratory to train new professionals. The Industrial Innovation Park is constructed in the district of Klaipeda (the village of Dirvupiai), near the Vilnius-Klaipėda highway.

The ‘Green Corridor’ regulation was initiated by the Ministry of the Economy and Innovation and came into force as of 1 January 2021; it provides for faster and simplified procedures for attracting investment.

The Ministry of the Economy and Innovation has already granted applications for 6 major projects with a total planned investment amounting to EUR 386 million. These projects should create more than 1800 new jobs.

The Green Corridor initiative foresees that businesses that invest at least EUR 20 million (EUR 30 million in Vilnius) in long-term capital and undertake to create at least 150 new jobs (at least 200 new jobs in Vilnius) are given the status of a major investment project, allowing for a much easier and faster start-up. Equally, the status of an important project for the State is granted and a 0 % corporate tax rate applies for a period of up to 20 years. 

The Baltic Investors Forum has recognised the ‘Green Corridor’ the best solution of last year to improve the business environment.