Lithuania aims to attract more innovative foreign companies

When working with foreign investors, Lithuania’s priority should be high value-added, innovative companies that can offer Lithuanian employees good salaries, invest in research development, contribute to the growth of new talents and strengthen the country’s economy.

This was emphasized by the Minister of Economy and Innovation Aušrinė Armonaitė at a meeting with the new head of the Invest Lithuania agency and its staff on Wednesday.

Our priorities remain unchanged: that are long-term investments in the biotechnology and life sciences industry. The Agency should also contribute to creating a favorable business climate for foreign investors. It is important to ensure that there are enough talented employees in Lithuania. We must work together so that young people stay in Lithuania or return to work in Lithuania after their studies, and the relocation of companies from Belarus and other third countries will be encouraged.

A. Armonaitė

The Lithuanian biotechnology sector is a rapidly growing and priority sector of the Lithuanian economy. According to the data of the agency Versli Lietuva, in 2019 this sector accounted for about 2.9 percent of the country’s gross domestic product (GDP) and the strategic goal of 2030 is to reach 5 percent of GDP.

Due to the successful work of “Invest Lithuania” before the beginning of the pandemic, Lithuania was the leader in Central and Eastern Europe in terms of attracted foreign direct investment projects. It is therefore very important that the agency maintains a successful track record.

“In the last two weeks, I have had many meetings in Germany and the USA with the heads of the companies analyzing investment opportunities in Lithuania. The focus on our country is great. Investors appreciate our flexibility, ability to adapt quickly and work in pandemic, and innovation-prone employees. We are a small country, so we must remain open and active, because the competition for investment in our region is enormous. We are no longer a country of cheap labor, therefore we compete not only with our neighbors, but also with the Czech Republic, Portugal or Ireland for investments”.

Minister A. Armonaitė.

This year, the agency aims to attract projects from 35 foreign investors. They are committed to creating 3,500 jobs and investing € 100 million. Moreover, Agency is expected to create a one-stop-shop for foreign nationals and help to find new areas to attract investment.

Invest Lithuania by 2025 aims to attract about 1.2 billion EUR foreign direct investment, to implement 225 projects and to create 21.5 thousand high value-added jobs.

Elijus Čivilis took over the head of the Agency under the Ministry of Economy and Investment on September 13. Until now, he managed the LTG Digital, IT competence center of AB Lietuvos Geležinkeliai.

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