New Latvian industrial park to boost Estonia's economy, create jobs
A new industrial park in Valmiera, Latvia, is set to create hundreds of jobs both there and in Estonia, and attract export-focused investors, "Aktuaalne kaamera" reported.
This, it is argued, will benefit the economies of both countries, and key players such as Estonian biotech firm Fibenol are driving its development, with the major work underway at the site.
Peteris Lejnieks, CEO of Latvian construction group AS A.C.B., handling the development, said: "Workers from all over Latvia and from all our group companies are involved in building the industrial park." "The project is very extensive," he added.
Valmiera, once a major economic hub, has spent ten years preparing its infrastructure and overcoming bureaucratic hurdles to become an industrial center, with growing service companies supporting local manufacturers, according to Valmiera council chairman Janis Baiks.
Estonian firm Fibenol plays a key role in the industrial park's development. It plans to build a biorefinery at the park in five to six years, despite challenges in establishing infrastructure and high electricity capacity due to EU recovery fund limitations.
The industrial park's infrastructure must be completed by next year, with entrepreneurs invited to apply for building rights on 35 hectares, while excavation work begins for a 45,000-square-meter logistics center with a 60-ton load capacity.
Valmiera's strong cooperation with the Latvian Investment and Development Agency has helped attract many foreign entrepreneurs, according to acting director Sandis Svarniskis.
"Aktuaalne kaamera" reported that building rights for the Valmiera industrial park will range from 45 to 70 years, depending on investment size.
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Editor: Andrew Whyte, Valner Väino
Source: 'Aktuaalne kaamera,' reporter Ragnar Kond.