RIGA, Aug. 26 (Xinhua) -- Estonian company Wolfram Europa on Wednesday presented a 200-million-euro (about 234 million U.S. dollars) investment program aimed at developing an ammunition production plant in the eastern Latvian municipality of Jekabpils, the company said.
The presentation of the investment program, which will build a vertically integrated manufacturing complex on a 40-hectare site near the city of Jekabpils, was attended by Latvian Economics Minister Viktors Valainis and State Secretary Raivis Bremsmits.
"Investments of this scale represent a significant step forward in the development of Latvia's defense industry and, at the same time, demonstrate Latvia's ability to attract strategically important industrial projects to its regions," Valainis said at the presentation of the investment program.
The complex will synthesize explosives, manufacture warheads, and counter-mobility solutions in three phases. Once fully operational, the project is expected to create 200 high-skill jobs in the region.
Construction is scheduled to start later this year, with the launch of production planned in 2027.
