Klaipeda development center founded

KLAIPEDA (BNS) - The shareholders of the Lithuanian Klaipeda Free Trade Zone [FTZ] Management Company have voted to establish a development center for the Klaipeda and Siauliai FTZs.

The development center is being established at the proposal of the largest investor, Baltic Fund Investments.

The center will be a limited liability subsidiary of the FTZ Management Company. It will engage in marketing, presenting investment opportunities in Lithuania and searching for new investors in the zones.

One of the center's functions will be to save money allocated for management, the deputy director general of Klaipeda FTZ Managing Company, Judita Simonaviciute said.

The center will have its offices in Vilnius, Amsterdam and New York.

The structure of the development center is expected to be approved at a board meeting of the managing company on Sept. 22, during which a new board chairman will be elected.

New management bodies were formed after Klaipedos Vystymo Grupe [Klaipeda Development Group] was reorganized into Klaipeda FTZ Management Company.

Four members have been reelected to the board: Shariar Ahy, Mindaugas Cerniauskas, Valentinas Greiciunas and Kestutis Linkus. Also elected to the board was Pierre Everaert. Kleipeda's regional chairman, Laisvunas Kavaliauskas, and the mayor of Klaipeda, Eugenijus Gentvilas had been elected to the board earlier.