German automotive component giant Continental committed itself to investing 95 million euros in a new factory in Lithuania and the government pledged to assist the company and issue all the necessary permits in a timely manner under an agreement signed in Vilnius on Wednesday.
Continental Kaune
© Bendrovės archyvas

"It will be the biggest investment in a manufacturing project in Lithuanian history," Lithuanian Prime Minister Saulius Skvernelis said at a news conference.

"It will affect hundreds of our families and contribute to improving workers' competences," he said.

Continental Automotive Lithuania CEO Shayan Ali says that the company is not concerned about a possible shortage of workers, noting that the new investment could help slow down emigration from the country.

"We will be creating jobs that will attract your people to stay in the country and not look elsewhere. We may open up doors for people who left the country elsewhere," Ali said at the news conference.

Commenting on the agreement signed on Wednesday, the CEO said: "So far they have committed to working with us in making sure that all the paperwork, infrastructure permits and stuff like that -- we get the support we need because we are new. We are going to be working side by side and they will help us understand rules and regulations."

Continental last week unveiled plans to invest 95 million euros in a new facility for manufacturing automotive electronics in the district of Kaunas, in central Lithuania.

Founded in 1871, Continental posted sales of 40.5 billion euros in 2016 and currently employs 227,000 people in 56 countries.

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