Located on Lithuania's Western coast, Klaipėda sits at the crossroads of trade routes from North to South, and West to East. As the country's third largest city, it is a regional business, education, culture, tourism and administration centre. Its historic importance as a trading city has been maintained to this day, especially thanks to its deep-water port, which is the busiest in the region. Located in the Schengen Zone of the EU, it's excellent rail, road and air networks make it an ideal logistics hub for operations in the EU, Nordic region and CIS. It was also the first city in the region to establish a Free Economic Zone (FEZ), which is now home to more than 100 companies. More than €600 million has already been invested by the companies in the FEZ, which together generated around €900 million annual turnover in 2016. Klaipėda FEZ became the first ever recipient of a Quick Launch Award from fDi Intelligence.