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A. Armonaitė: "A new factory in Akmenė would become one of the largest foreign investments in Lithuania"

Date

2023 01 19

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On Wednesday,  Minister of the Economy and Innovation, Aušrinė Armonaitė, met with the leaders of the Irish company Clon Bio Group and introduced them to the advantages of our country that can be used by large foreign investors. The Irish company presented to the Minister the possibility of investing up to EUR 250 million in a plant protein factory in Lithuania.  

"Lithuania places particular emphasis on the further growth of the biotechnology sector, so an Irish investment in our country is welcome. We are competing with several other countries, but we believe that we can offer really good conditions for these investors," said Minister of the Economy and Innovation A. Armonaitė. 

It is planned that the new factory could be located in the Akmenė Free Economic Zone and employ up to 200 people. The plant would process barley into concentrated protein, which is used to produce meat substitutes. The residues from the production would be used to produce bioethanol, biomethane and organic fertilisers.

The Minister presented to the Irish the Green Corridor measure, which has been in place in Lithuania for two years to attract large investments. It gives investors a special status that makes it much easier and quicker to set up, with a zero corporate tax rate for up to 20 years.  

Lithuania continued to be attractive to foreign investors last year, with as many as 57 foreign investment attraction projects completed in 2022. They will create around 5,000 new jobs and invest EUR 134.5 million in fixed assets over the next three years.