“It is great news to us and the potential investors. I have to admit that our common efforts give results. Besides, already this week the first application form of the potential investor will be presented to the Commission responsible for the selection process in Industrial Park. It is the second investor very actively interested in establishing its activities in Industrial Park”,- said the Deputy Mayor of Panevėžys City Petras Narkevičius.

In spring the Municipality of Panevėžys City applied the Ministry of National Economy and the President of Lithuania Dalia Grybauskaitė with the request to give the permission to establish FEZ of the city. In July the City Council unanimously approved the establishment of FEZ and the lease of 47 ha of the territory.

The aim of FEZ in Industrial Parks is the efficient use of infrastructure established by EU financial allocations, the increase of management efficiency, attractiveness of territories and making of more favourable conditions to attract the investors.

The companies functioning in new FEZ could use tax incentives. The company of FEZ the capital investments of which reached not less than 1 million Euros will not pay Profit Tax for 6 years, and for the running 10 years the tariff of Profit Tax will be decreased by 50 per cent. The companies of FEZ will not pay the Tax of Real Estate as well.

The Parliament of Lithuania will still have to approve the law project concerning the establishment of FEZ. If it is approved, FEZ will be established since January 1st, 2012 for 49 years.