aA
German car parts giant Continental on Friday launched the construction of a new plant, worth 95 million euros, in Lithuania's second-largest city of Kaunas's free economic zone, in a largest investment in the country in 20 years.
Continental factory construction begins
Continental factory construction begins
© DELFI / Mantas Jokubauskas

Electronic devices will be produced at the new plant, and its manager promises to create 1,000 jobs over the next five years. The facility is set to come online in August, 2019.

"Today is a very important day for Lithuania – for the whole of Lithuania, not only the Kaunas region – as we are not only receiving a German investment but also starting very innovative production," Lithuanian President Dalia Grybauskaite said during the launch ceremony. "It will create jobs, and not simple jobs but jobs with a high added value."

Continental will produce passenger safety and smart driver-assistance systems in Kaunas.

"We are planning to employ up to one 1,000 employees in the next five years. It will be majority locals, for sure," the new facility's managing director Shayan Ali told journalists.

Mantas Katinas, head of investment-promoting agency Investuok Lietuvoje (Invest Lithuania), says Continental might double the scope of its activity in Lithuania in the future, if the investment is successful and the company has plenty of engineers.

Good business environment and the preparation of engineers at Kaunas University of Technology helped to attract the german company, Katinas believes.

During the ceremony, the Lithuanian president, economy minister and representatives of Continental signed an e-document wishing success for the new plant. The document was transferred to an USB memory stick which was buried in a capsule.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Number of workplace deaths down by one-third

The number of workplace deaths in Lithuania shrank by 33 percent, or 7 cases, in the first half of...

Unique integrated health monitoring system for stroke survivors patented in Lithuania

Group of biomedical engineers from biotech company Gruppo Fos Lithuania together with researchers at...

President hopes for fair distribution of EU recovery fund

Increased financing for the European Union’s (EU) cohesion policy is one of the biggest expectations...

Lithuanian Airports regain their tempo

The three international airports of Lithuania summarised the results of the second quarter and...

Vilnius approved works of arrangement of the environment of the Palace of Concerts and Sports

The Vilnius City Council approved a joint activity agreement between the Vilnius City Administration...

Top news

Rzeczpospolita editor: Polish president sees Nauseda as his personal ally

Polish President Andrzej Duda regards Lithuania as a strategic partner and considers President...

Zalgiris Kaunas names Austria's Schiller as head coach

Zalgiris Kaunas has named Martin Schiller , a 38-year-old Austrian specialist, as its head coach,...

Minister: facemasks to become mandatory again if coronavirus cases spike

The Lithuanian government would consider making facemasks mandatory in public again if coronavirus...

Only 1 new coronavirus case

On Monday, only 1 new COVID-19 case has been confirmed in Lithuania. In total, Lithuania has already...

Polish voters in Vilnius support Trzaskowski by large margin

A large majority of Polish citizens who cast their votes in Vilnius in Poland 's presidential...

|Maža didelių žinių kaina