You can localize Generic Content items as well, therefore there would be no need for dynamically creating links. If you search for allowLocalization properties in web.config, you will notice that you can allow localization for Generic Content, News, Blogs, Events and so on. By doing so you will have a different version of content for each version and therefore you will be able to insert the correct link in each content (in respect to the current culture set by Sitefinity).
For more information on Module localization, please refer to section Module Localization
of the Sitefinity User Manual.
I hope you will find this information helpful. Let us know if there is anything else we can do for you.
the Telerik team
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