RIGA, Jan 25 (LETA) - Latgale Special Economic Zone (Latgale SEZ) concluded 11 investment agreements worth nearly EUR 40 million last year, representatives of Latgale SEZ told LETA.

The concluded agreements provide for creating at least 78 new jobs.

At the end of 2024, Latgale SEZ concluded an agreement on a EUR 33 million investment project with fiber optic manufacturer Light Guide Optics International. This is the largest investment project at Latgale SEZ yet.

The new investment agreement provides for an increase in fiber optic production capacity through the construction of a production facility and the purchase and installation of additional fiber towers, which will create at least 35 new jobs.

Also, five new companies joined Latgale SEZ last year: Ceram Optec, Nexis Fibers, Weld, Biolitec and Sakars. The companies will carry out investment projects worth EUR 1.8 million, creating at least 25 new jobs.

Latgale SEZ comprises a total of 33 enterprises. According to the administration, the companies continue to set new goals, including the implementation of significant investment projects in 2024 by peat product manufacturers Zelta Zeme, high-tech companies Regula Baltija and Pulsar Optics as well as real estate developer Terlax.

Latgale SEZ has been operating in Latvia's eastern region since 2017. Companies that join Latgale SEZ can receive tax breaks, and can open and develop their business in any territory of the region, as SEZ status in Latgale can be granted regardless of its location and area. This means that a company in free to chooses the territory where it wants to develop its business. The main preconditions is that its activities take place in Latgale.