Investor and philanthropist David Yakobashvili develops eco-friendly food packaging plant in Ventspils


On Monday, 25 July, David Yakobashvili, the main investor of Forpet Baltic Ltd, developer of various innovation projects and philanthropist, arrived in Ventspils for his first visit to get acquainted with Ventspils, the Freeport of Ventspils and to evaluate the development of Forpet Baltic Ltd, where more than 14 million euros have already been invested.

David Yakobashvili welcomed the cleanliness and development of the industrial environment in Ventspils and expressed his readiness to seriously consider the development of other investment projects in the region in his talks with representatives of the Investment and Development Agency of Latvia, Ventspils Local Government and Ventspils Freeport Authority.

The implementation of the innovative, eco-friendly project of the food packaging production Forpet Baltic in the Freeport of Ventspils started in May 2021. The total investment in the project already amounts to more than €14 million. Forpet Baltic is currently the largest investment project in Ventspils. Although the plant is still under construction, it already employs 50 people. These are both office and production workers, who learn to work on the new equipment during the testing process.

The main technical equipment has now been purchased and installed, and testing has started.  The first pilot products have already been tested and welcomed by customers. In parallel, the company has started work on the next stage of its development and the purchase of additional equipment, which could double sales and increase the number of employees to 160.

The company's main products will be coffee cups, lids and other packaging, mainly for food, made from recycled PET. In addition, the new technology allows products to be recycled an unlimited number of times.

The 6,300 square metre production building in the Ventspils High Technology Park is being constructed by Ostas celtnieks Ltd for Forpet Baltic on behalf of the Ventspils Freeport Authority. The new plant could be inaugurated in the second half of the year, once all the work is completed.

Since year 2002, by the order of the Ventspils Freeport Authority, more than 50 million euros have been invested in construction of 11 factory buildings in the industrial zone, and more than 20 production companies have been attracted, thus creating more than 1.700 new jobs. The growth indicators in manufacturing allows Ventspils to establish itself strongly in the industrial centre of the region.