EIMIN: New factory in Vilnius district to create 340 jobs
The Ministry of the Economy and Innovation has signed a major investment project agreement with KG Constructions UAB and KG Energija UAB for the construction of a new factory in Vilnius District Municipality. The project is expected to create around 340 new jobs and attract an investment of €20.5 million.
"This is the sixteenth large investment project. We estimate that all the contracts signed so far will help create more than 4,100 new well-paid jobs and attract more than €1.4 billion in investments to our country," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
The project will be implemented in the village of Jadvygiškės, Vilnius District Municipality, where a new 15,700 sqm production building with 2,900 sqm of administrative space will be built next to the company's existing factory. This will allow the companies to significantly increase the design and production of façade elements and open up opportunities for the development and improvement of products based on innovative solutions.
"The major investment project initiative launched three years ago has resulted in the creation of almost 600 new jobs, so we are already seeing tangible results. In addition, by providing incentives to both investors and the communities that host them, we are helping to secure advanced manufacturing in Lithuania," says 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, 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% corporate tax rate for up to 20 years.
This year, the procedures for spatial planning, zoning and construction have been simplified for large projects that meet urgent national security and defence needs. This will allow such defence industries to start operations in Lithuania in the shortest possible time.
In addition, new requirements for large projects will enter 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 jobs created by the investment project must be at least equal to the average wage of the municipality where the investment is made, which is 1.25.