With an estimated investment of €80 million, altogether 1,500 jobs are expected to be created in the industrial parks of the Ida-Virumaa Industrial Areas Development Foundation (SAIVTA) over the next three years.
Seven companies are preparing to begin construction work this year and are expected to begin hiring at the end of this year or in early 2019, SAIVTA chief executive Teet Kuusmik told BNS.
"In 2018-2020, the total of private investments is estimated to exceed €80 million, and the jobs to be directly created [as a result] to total approximately 1,500," Kuusmik said.
Thus far, the foundation has developed 250 hectares of industrial and commercial land consisting of a total of 134 plots, and investments made by the foundation have totaled more than €8 million. Two phases have been completed at Narva Industrial Park, and infrastructure work has been completed at Jõhvi Business Park and Kohtla-Järve Industrual Park; work on Kiviõli Business Park is expected to be completed this year as well.
From 2010-2017, agreements involving an investment obligation were concluded with 25 businesses. The agreements concern 37 plots with a total area of about 60 hectares. Three industrial and two logistics businesses have begun operating at these properties.
At the end of last year, construction began on a plant for the Estonian subsidiary of Russian coatings manufacturer Primatek which is expected to enter into operation this summer. The company is planning to invest €8 million in three stages and create up to 300 new jobs.
In 2017, the foundation concluded agreements with 11 businesses. Kuusmik described interest in the industrial parks last year as the highest of all time, and 2017 as the most successful year yet for industrial parks. Companies that have made the most investments in the industrial parks thus far include metalworking businesses, but also chemical, logistics and cleantech businesses.
Narva Industrial Park, the largest of the Northeastern Estonian industrial parks, is 135 hectares in size. Of the 74 plots to make up the park, private businesses have purchased 37.
Editor: Aili Vahtla