Klaipėda FEZ recognized with FDI intelligence‘s specialism in plastics award

Klaipėda’s Free Economic Zone (FEZ) secured five awards, including the sole in the world for Specialism in Plastics, at the Global Free Zones of the Year 2017rankings published by Financial Times’ fDi Intelligence service annually since 2010. Klaipėda FEZ has been also recognized for its quick launch opportunities, contribution to the national economy, energy efficiency and expansion of its investors.

This year, Klaipėda FEZ was the only free economic zone to receive the Specialism award in the plastics industry. Eimantas Kiudulas, CEO of Klaipėda FEZ, suggests that the current investor portfolio from the plastics industry puts Klaipėda FEZ on the European plastics map. Lithuania‘s coastal FEZ has leading European PET makers Indorama and NEO Group on board, also a leading PET preform maker Retal operates in the zone, let alone the plastic plumbing makers Ani Plast and a strong R&D partnership with Klaipėda university.

‘However, we also see Klaipėda in the spotlight of a promising bioplastics industry in the near future together with Klaipėda‘s municipality,‘ Mr Kiudulas says.

Klaipėda FEZ also secured the first and only Quick Launch award from fDi Intelligence. This was a recognition of Klaipėda‘s FEZ initiatives such as Fast Factory Launch scheme that offers companies sites complete with necessary construction permits, and the ability to make minor edits to customise the site to an investor’s needs. Additionally, Klaipėda FEZ offers a haul of ready-to-use offices, warehouses and production facilities, and a range of on-site construction, infrastructure and HR services for one‘s quick launch or expansion.

Lithuania‘s largest and oldest free economic zone has also been recognized by fDi Intelligence for Contribution to National Economy. Klaipėda FEZ companies generate about 2,5% of Lithuania’s GDP and account for about 3% of exports. The latter figure beats all other free zones in Lithuania to enjoy the largest share of Lithuania’s FDI inflow. Exports from Klaipėda FEZ totalled 635M EUR in 2016 at 887M EUR of total investors’ turnover. 27 investors currently operate at Klaipėda’s FEZ.

Finally, Klaipėda FEZ won two more awards for its energy efficiency projects and for expansions of its investors. The former award has been founded on a smart lighting system and, most importantly, a biofuel plant installed by one of investors for its own needs, but sharing residue heat with other FEZ companies and the city. The Expansions award has been given with regard to a 50% increase of manufacturing capacities by NEO Group, Klaipėda‘s FEZ largest investor, and similar plans by Advantec, an oil&gas technology company recently acquired by General Electric.

The Global Free Zones of the Year rankings and awards are compiled annually by Financial Times’ fDi Intelligence arm – a service minoring the foreign direct investment market.