Ventspils High Technology Park (VHTP) was established in February 2005 with the goal to manage territory and physical infrastructure owned by the establishment and to organise events in order to promote the development of high technology fields in Ventspils and the surrounding region. VHTP has several founders, including Ventspils Free Port Authority, Ventspils University College, "Latvian Electrical Engineering and Electronics Industry Association" and "Association of Mechanical Engineering and Metalworking Industries of Latvia".