100 jobs created at Latgale Special Economic Zone companies in first year

Take note – story published 5 years ago

More than a hundred jobs will have been created at Latgale Special Economic Zone (SEZ) companies in the first year if all the projects they have submitted are implemented, Latgale SEZ supervisory board chairman, Daugavpils City Council member Janis Lacplesis (Latgale Party) told LETA April 25. 

Looking at the current trends and seeing Latgale SEZ companies gain momentum, Lacplesis expects the number of new jobs to be much larger next year.

At the moment, only local companies are operating at Latgale SEZ. Unfortunately, economic problems in Latgale are very far-reaching and can only be solved by investing large amounts of money into the development of manufacturing, which is why Latgale SEZ is also waiting for foreign investors.

Investments that Latgale SEZ has attracted since its establishment in 2017 are not yet large enough to change the economic situation in Latgale. Still, the launch of the economic zone was definitely a positive development, and some of the development projects in Latgale would not have been possible without the opportunities offered by the economic zone, Lacplesis claims.

One specific feature of Latgale SEZ is that the territory of the economic zone may be located where needed. One more feature specific to Latgale SEZ is that there is no minimum investment requirement on projects vying for the economic zone's support. Companies that are part of Latgale SEZ may receive property tax and excise tax breaks, said Lacplesis.

At the moment, the following companies are part of Latgale SEZ: Kraslava wood processing company Varpa and sewing workshop IV Plus, Livani metalworking company LivMet, Daugavpils sewing workshop East Wear, motor chain manufacturer Ditton Pievadkezu Rupnica, real estate company Estine, and Riga construction supplies company Eko Nams.

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