Riga, 2017-03-24 13:13 CET (GLOBE NEWSWIRE) --
JSC Latvijas balzams has submitted the investment project application to the Ministry of Economics for consideration in order to qualify for the supported investment project status and use relief of corporate income tax, provided by legislation.
“The total cost of the project is estimated in the amount of 23 million euro, and in the case of support, the company plans to implement a large-scale plant modernization and reconstruction in Riga, 160 A. Caka Street”, informs the company's Chairman of the Board Intars Geidans.
By implementing this investment project, Latvijas balzams would improve its competitive positions among the region producers, as increasing labour, logistics and production costs faced by the leading Latvian exporter are the risks that require long-term solutions.
Chairman of the Board of the company emphasizes that the implementation of the project will be possible only upon condition that it will be supported by the state and accordingly will receive relief of corporate income tax, as well as other benefits provided for by the Regulation of the Cabinet of Ministers “Regulations of Approval and Implementation of Supported Investment Project”.
Dana Hasana
Head of Communications JSC Latvijas balzams
dana.hasana@amberbev.com, +371 263 55895
www.lb.lv