"Three more companies will invest more than €189.6 million in new projects that will contribute to strengthening our country's regions. In total, we have now signed contracts for fourteen major investment projects, which will create 3,951 jobs and attract more than €1.25 billion in investments," said Minister of the Economy and Innovation Aušrinė Armonaitė.
"JPackaging plans to build a plant in the Radviliskis district municipality, using sawn timber for pallets and pallet collars. The production will be carried out in a way that ensures a lean production process and prolongs the useful life of the wood. This will involve an investment of €20 million and the creation of 150 new jobs.
"JPresswood will implement the project in Marijampolė, where it plans to build a factory and purchase equipment that will enable efficient use of available raw materials and achieve the goals of zero waste production. The plan is to produce pressed blocks and fibreboard insulation cotton. The investment will amount to €110 million and will create 150 new jobs.
"The €59.6 million project of Vengast Investment Limited will be implemented in the Kėdainiai FEZ. The company plans to build a new factory for the production of pet food. The company also plans to purchase equipment that will enable it to efficiently use available raw materials and achieve its advanced production goals. It is planned to create 201 new jobs.
"Through the Major Investment Projects Initiative, we are making it much quicker and easier for investors to set up shop, while at the same time providing incentives for the municipalities that host them. We are already seeing the results of the project - high value-added jobs are being created and a significant number of investments have been attracted," said Karolis Žemaitis, Deputy Minister of the Economy and Innovation.
The Green Corridor initiative, developed by the Ministry of the Economy and Innovation and launched in 2021, will make it much easier and quicker to locate, while also granting the status of a project of national importance and a 0% corporate tax rate for up to 20 years.
New criteria for large projects will also come into force on 1 July, requiring that a large company creates between 20 and 149 new jobs, and between 20 and 199 new jobs for investments in Vilnius, and that wages are at least 1.25 times the average wage in the municipality where the investment is made.
