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In association with Rezekne Special Economic Zone
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13 April, 2022updated 27 Apr 2022 09:51

Industrial investment: how one Eastern European city is building the future

In Rezekne, ambitious industrial developments are under way, creating huge opportunity for investment.

Industrial parks can catalyse huge economic development and structural transformation. The World Bank reports that successful industrial zones continue to help generate employment, encourage foreign direct investment and foreign exchange and boost exports and government revenue in regions around the world.

Built with industrial development and manufacturing excellence in mind, industrial parks provide all the infrastructure required to foster industrial production, from more liberal regulatory frameworks and efficient public services, to connectivity, power and water supply and wastewater treatment.

Rezekne, Latvia is a city with big ambitions – and industrial development plays a huge part in reaching its goals. For investors, Rezekne’s new industrial park offers a brand new opportunity to be part of the future of Latvia’s Latgale region.

Transformative development

Known as the “heart of Latgale”, Rezekne offers a wealth of strategic advantages for businesses and connections to international transport corridors. Rezekne Special Economic Zone (SEZ) is the largest industrial area in eastern Latvia, offering business-friendly conditions and a spirit of entrepreneurship.

In line with the city’s strategic aims, Rezekne continues to promote investment opportunities within the city and the SEZ, offering investors the chance to acquire and develop property and industrial space.

A new industrial park planned for Noliktavu Street will include all the infrastructure required for industrial development: land plots, production buildings, utilities, new streets, and a renovated railway line. Nearby, on Maskavas Street, rental apartments and a new residential complex will be available.

Within the industrial zone, 30 hectares of land plots are offered to investors, well connected by the main streets of Maskavas, Noliktavu and Varonu. The future is being built in this area, and the plots are the site of ongoing territorial development, to include better transport links for safe and convenient connectivity for delivery, service, and operative transport. This will include parking areas, engineering network corridors and connectivity, freight transport, crew, and operational transport – all designed to enable businesses to thrive.

An essential part of this development is the restoration of key roads providing access to the industrial plots within Rezekne SEZ. With the support of EU funding, Rezekne City Council has renovated and restored more than 5km of roads in the past three years.

This includes the 715-metre Vilakas Street, which connects the border of Rezekne to the city’s main street, Atbrivosanas aleja. Komunala Street has also been renovated, including the construction of water supply, sewerage networks and rainwater collection and the reconstruction of street lighting.

Investors in Rezekne SEZ have access to a wealth of benefits which will equip them for success. The Development Finance Institution ALTUM offers startup loans, accelerator funds, venture capital and export guarantees. The State Employment Agency also offers training, innovation vouchers for research and development, and government support under the Start-Up Law. This support includes a startup visa and a temporary residence permit offered to non-EU startup founders.

Building on success

The development of Rezekne SEZ is under way, with future-ready businesses beginning to recognise and seize the opportunities available. At Vilakas Street 1, Rezekne City Council, with the support of EU structural funds, has helped to build a 6,784m2 industrial complex, which was subject to a public auction in 2020. Today, several commercial companies operate out of the complex, including ‘Midis’ RSEZ SIA, which specialises in computer programming, and wood processing company SIA ‘VTI Avoti’.

In partnership with the European Regional Development Fund, Rezekne City Council has also renovated production-office premises in Atbrivosanas aleja 155A, a project which included rebuilding a former boiler house and renovating it into an investment facility. Following a 2019 auction, metal surface treatment specialist ‘MEGASTEEL’ RSEZ SIA operates from the first floor. This project is estimated to create about 50 new jobs and around €911,000 in additional non-financial investment.

Industrial parks provide a launchpad to economic development in any region. In Rezekne, ambitious developments are under way, creating huge opportunity for investors to capitalise on all the business potential in the region and beyond.

To find out more about investment opportunities in Rezekne, download the whitepaper.

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