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Treasury Removes Sanctions on Latvia’s Ventspils Freeport Authority

  Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) removed sanctions imposed on the Ventspils Freeport Authority, which was designated on December 9.

On 22 November 2019 in Ventspils at the newest construction site within the industrial area of the airport at Ganību Street 103, a time capsule was walled into the foundation of the future production building during a festive ceremony. A contract has been entered into on the lease of the building with the company Ultraplast EU, which will be able to start work in only one year in Ventspils.

Bio-Venta - the biggest biodiesel production and tranship company in the Baltics and the only company of such type in Latvia, has been operating in the Freeport of Ventspils for already 15 years and for 10 years since the initiation of biodiesel production.

FDI Intelligence, a member of the Financial Times Group, has published the study Global Free Zones of the Year 2019. The Freeport of Ventspils has been named as the best global location for business development for large tenants and as the second best location for business development of small and medium-sized enterprises in Europe. The Freeport of Ventspils has also been granted with special awards — for export boosting, cluster development, crossborder collaboration, production expansion, infrastructure upgrades and start-up support.

The message capsule immured in the foundation of the Ventspils High Technology Park building No. 7 has information about the industrial development of Ventspils city and the future production building. It is one of the three production buildings that are being built this year at the Freeport of Ventspils.

By representing one of the most active commercial ports in Europe, the Freeport of Ventspils Authority in collaboration with the Ventspils High Technology Park (VHTP) has engaged in the Baltic Loop project.

In order to enhance the production processes, attract investors and support the creation of new jobs, new buildings are being constructed in the industrial zone of the premises of the Freeport of Ventspils.

The Administration of the Freeport of Ventspils has signed agreement with SIA “Aquatoria V” for the acquisition of construction rights on the land plot in Ventspils, Talsu street 200. The company plans to build a new, modern fish compound feed production and processing plant in this territory.

On 5 September the management of the Embassy of the People's Republic of China in Latvia — Sun Yinglai, the Chargé d'affaires, Shen Xiaokai, the Economic and Commercial Counsellor, and Lu Junyan, the Commercial Attaché — visited Ventspils.

In 2018, the total volume of cargoes transhipped by the terminals working at the Freeport of Ventspils has exceeded 20 million tons for the second year in a row. Indicators of the aforementioned year represent 1% over the volume of 2017 and 8% over the volume of 2016.