"This is the eighteenth major investment contract and will contribute to even faster economic growth in Lithuania. All contracts are expected to create more than 4,900 jobs and attract more than €1.51 billion in investments," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
The project will be implemented in Ukmergė district municipality, where a modern and efficient office furniture factory will be built. The factory is expected to increase Narbutas International's production capacity by 3-4 times. This is the company's second factory - the first is also located in Ukmergė and 97% of its production is exported.
"We are pleased that the project and the investment in the new plant have received support at the national level. The new plant will not only allow the company to further increase its sales and exports, but will also contribute to the development of our regions," says Vitalijus Trakšelis, Development Director of UAB Narbutas International.
The Green Corridor initiative, developed by the Ministry of the Economy and Innovation and launched in 2021, makes it much easier and faster to set up a business, while also granting the status of a project of national importance and a 0% income tax rate for up to 20 years.
This year also saw the simplification of spatial planning, zoning and construction procedures for major projects designed to meet urgent national security and defence needs. This will enable the defence industry to start operations in Lithuania in the shortest possible time.
In addition, new requirements for large projects will come into force on 1 July, requiring a large company to create between 20 and 149 new jobs, and between 20 and 199 new jobs for investments in Vilnius, and ensuring that the wage of the 20 new jobs created by the investment project must be at least 1.25 of the average wage of the municipality where the investment is made.
