A revolution in the metalworking and mechanical engineering industries in Ventspils

05/03/2019

According to the information provided by the Central Statistical Bureau for the last year, industrial enterprises operating in Ventspils have reached a 46% increase in their industrial production output when compared to 2017. This increase is 38% higher than the average indicator in Latvia (8%).

The companies of Ventspils are becoming increasingly confident and conquering foreign markets, which also have a higher financial solvency. Last year, 86% of the produced goods travelled across the border, which is also the best figure since 2002 when the implementation of the industrialization program was begun in Ventspils.

Metalworking and mechanical engineering companies hold the leading position in terms of production by generating produced goods in the value of 112 million euros last year, which is 49% more than in 2017. The largest metalworking and mechanical engineering companies in Ventspils are Bucher Municipal, Malmar Sheet Metal, Ventspils metināŔanas rÅ«pnÄ«ca, Kalmeta, TC Steel.

Similarly, the volume of manufactured products per capita continues to grow, and Ventspils ranks second among other large towns and cities of Latvia in this regard, ranking as second only after Valmiera.

In total, more than 20 foreign and domestic manufacturers have been attracted to the Freeport of Ventspils industrial area since 2002. In 2010, the number of jobs in the industrial sector in Ventspils exceeded those in the port enterprises for the first time. The turnover of industrial enterprises in Ventspils has increased by 34 times since 2002, and the export volume has even increased by 68 times.

Aivars Lembergs, Chairman of the Board of the Freeport of Ventspils: ā€œSince the turn of the century, we have been implementing an industrialization policy in Ventspils to the best of our ability and resources, and we have seen tremendous growth during these years, which is well characterized by an increase in turnover from seven to more than 250 million euros. The turnover growth dynamics reflect a focused, structured development of the economy and at the same time it demonstrates that the structure of the economy can be changed if working in the long term. The metalworking and mechanical engineering industries are currently the most important, since we are the main hub of these industries in the territory of Latvia."