Lithuania is poised to benefit greatly from a wave of German companies looking to move part of their production to Eastern Europe amid deteriorating business conditions and the prolonged economic downturn at home, Lietuvos Rytas reported on April 24.
According to the paper, Kuhn Group, one of the largest industrial groups in Europe, is set to transfer part of its production units to Lithuania soon.
The German automotive component manufacturer has expressed its interest in setting up two plants in the Baltic country and is now looking for possible sites for production facilities.
The Germans would move at least two large press lines, as well as plastic and aluminum component production units into one of the proposed plants.
The plant would create 200 new jobs, according to the article.
German investors are also interested in investment possibilities in the free economic zone in the port of Klaipeda.
Meanwhile, Baltijos Automobiliu Technika, set up by the Siemens Group in 1993, is planning to increase its existing workforce in Klaipeda, where it runs a plant manufacturing wiring for Renault automobiles.
"There is a considerable number of those who want to move production to Lithuania," Raimonda Sadauskiene, director of the investment department at the Lithuanian Development Agency, was quoted by Lietuvos Rytas as saying.
"However, they are unwilling to make their plans public because of various contractual obligations."
According to the paper, German businesses are looking for cheaper production sites, sources of supply and labor.
Please enter your username and password.
2024 © The Baltic Times /Cookies Policy
