The UK-based international investment publication fDi Intelligence has released its study on special economic zones worldwide, Global Free Zones of the Year 2024. The Freeport of Ventspils has received recognition from the judging panel for its significant efforts in advancing projects in offshore wind power industry in the Baltic Sea region.
“Ventspils has taken significant strides to leverage its position on the Baltic Sea by developing an offshore wind cluster including the servicing of offshore wind farms, turbine manufacturing, and power-to-x conversion,” points out Danielle Myles, a member of the judging panel.
The top three spots in the 2024 global ranking were claimed by special economic zones from the United Arab Emirates. No European zone made it into the world’s top ten, but in the European competition, the Katowice Special Economic Zone in Poland ranked the highest, followed by the Klaipeda Special Economic Zone in Lithuania.
Ventspils is one of the largest ports on the eastern coast of the Baltic Sea and the third largest industrial hub in Latvia. In recent years, the Freeport of Ventspils has embarked on active development projects aimed at transforming the traditional port operations from fossil fuel transit to a service hub for renewable energy projects, green fuel storage and transportation, as well as a key export point for food and Latvian products. The Freeport of Ventspils has signed a long-term building rights agreement for the construction of a hydrogen plant, and the company has initiated the environmental impact assessment process.
Last year, in collaboration with one of the leading port design experts, the Dutch company Witteveen+Bos, a study was completed on adapting the Ventspils Port to service offshore wind farms. The researchers’ main conclusions were twofold: Ventspils Port is already capable of offering suitable services to offshore wind farm developers, and to fully capitalize on its potential, it is necessary to build a cost-effective and efficient terminal in the Northern Pier area. The Freeport of Ventspils Authority is actively working with potential investors who may be interested in collaborating on the creation of this new terminal.
fDi Intelligence is a London-based financial news and foreign direct investment publication providing an up-to-date review of global investment activity in partnership with the Financial Times. Once a year, fDi Intelligence compiles and evaluates information on special economic zones worldwide, commenting on trends and highlighting what the judging panel considers to be the most successful zones.
You can read the full study here: https://www.fdiintelligence.com/content/rankings-and-awards/global-free-zones-of-the-year-2024-awards-84149
