On May 30th, Supervisory Commission of the Latgale Special Economic Zone (SEZ) has granted the status of the capital company of the Latgale FEZ to Pulsar Optics. The Commission believes it will promote the competitiveness of the Latgale region in the field of production and infrastructure development and ensure the creation of new jobs.

Pulsar Optics is a subsidiary of the Lithuanian high-tech company Yukon Group. Since 2021, it has been manufacturing thermal imaging, digital optical night and day vision equipment for civil use in Daugavpils, exporting the products to Europe, the UK, USA and other markets worldwide.

Pulsar Optics plans to invest almost 5 million euros in production in the Latgale SEZ, creating a total of 112 new jobs in Daugavpils.

Two investment projects are on the way: acquisition of production equipment and adaptation of premises for the production and processing of plastic molding. These will amount to more than 2 million euros. The other part of the investment will go to the expansion of the company’s activities and the creation of new jobs.

The company also intends to receive tax benefits provided for the enterprises of the Latgale SEZ that create new jobs (the company has allocated 2.8 mn euros of investments for this). Yukon Group predicts that Pulsar Optics, as a capital company of the Latgale SEZ, will also economically benefit the region because new jobs and increasing production capacity will significantly increase payments to the state and local government budgets.

Chairman of the Supervisory Commission of the Latgale SEZ Janis Lachplesis notes that the inclusion of Pulsar Optics in the Latgale SEZ confirms the growing interest of investors in the Latgale region as an attractive environment for strengthening their potential.

“We are pleased that the work we have done in the field of attracting investors has received special, precise and, most importantly, timely support from the deputies of the Seimas (Latvian Parliament), its Budget and Finance Commission, and the Ministries of Finance and of Environmental Protection and Regional Development. This only increases the confidence of our investors in business support that the state provides to the Latgale SEZ,” J. Lachplesis notes.

“I am glad that the support of our ministry in strengthening the Latgale SEZ has contributed to even greater investor interest in investing in the region. This once again confirms the importance of the special economic zone in the context of the economic growth of the entire Latgale region,” said the Minister of Environmental Protection and Regional Development Arturs Toms Plešs.

“I am very pleased that Pulsar Optics will continue to grow and develop in Latgale, because this high-tech company with its strong presence in the global market will certainly contribute to both regional and national context, providing Latvian and global users with technological equipment”, – the minister summed up.

Pulsar Optics’ board member Viktor Smirnov admitted, while signing the agreement on assigning the status of the Latgale SEZ capital company: “We believe that this mutually beneficial agreement will encourage our company to continue investing in business expansion and staff growth. For the Latgale region and Daugavpils, this will be a powerful stimulus for further economic development, which will benefit the entire Republic of Latvia and the Baltic region.”

Since the creation of the Latgale SEZ, 46 investment agreements have been signed in the territory of the SEZ in the amount of about 35 million euros. Latgale SEZ covers an area of 88.10 hectares. Here, 26 projects have been implemented, resulting in a total of 227 new jobs.