Vilnius will establish an innovation industrial park, creating 1 000 highly qualified jobs

The Vilnius Council approved the proposal to establish the Innovation Industrial Park of Vilnius. The new industrial park will be set up near Nemenčinė Highway, in Vismaliukai, in the territory of the former military polygon. Manufacturing companies creating well-paid jobs and developing high-value-added technologies   will be invited to set up in the park.

The establishment of another industrial park in Pagiriai is expected in the nearest future. Opportunities of implementing a similar project near Vilnius Airport (in Kuprioniškės) are also considered. These steps will help implement a balanced development of industrial activities in Vilnius.

Vilnius has the opportunity to attract investments that cannot be attracted by other cities of Lithuania. Therefore, the capital’s industrial parks are adapted for activities of the nature, which requires highly qualified specialists and international teams. This potential is currently not fully exploited in Lithuania. Having employed resources of Vilnius in the field of attracting high-value-added manufacturing, the entire country will feel the benefit. Having properly exploited the potential of knowledge, Vilnius city economy, salaries, demand for services and quality would increase, also collecting more revenue in the city budget.

According to the data of the Public Institution “Invest in Lithuania”, in the absence of the possibility to offer industrial parks of such type in Vilnius or the region, foreign investors choose to implement investment projects in other countries (for example, in the Czech Republic or Hungary). For this reason, a decision was made to form industrial areas with infrastructure installed in Vilnius.

According to calculations, the new industrial park will create up to 1 000 highly qualified jobs, collecting about EUR 5 million in taxes and receiving the created added value of about EUR 30 million. Having created such a number of high-value-added jobs in Vilnius, the unemployment level of the city would decrease, leading to increased salaries and improved economic state of the city. With increasing amount of the collected taxes, revenue of Vilnius city municipality budget would increase, leading to a respective opportunity to increase expenses on social services, education, improvement of infrastructure and support for culture.

The plan is to develop the industrial park considering the aim to promote balanced development of commercial and industrial territories established in the strategic plan of Vilnius. The development of the competitive urban economy is one of the essential directions of development of the capital.