"This Fund is an opportunity to attract more investments to the most important spheres of the Lithuanian economy. However, for such investments to reach us successfully, the Government must draw up quality applications that meet the EU requirements. Only responsible approach and close cooperation with business will allow us to make full use of new opportunities for our country," the President said.
The aim of the European Fund for Strategic Investments is to ensure EU long-term growth and competiveness in the global market as well as the creation of new jobs. This Fund will promote investment in energy, environmental protection, transport infrastructure, research and innovation, all of which are important for the whole EU but receive little attention from private business. It is expected to help mobilize more than 315 billion euros and create 1.3 million jobs across the EU over the next three years.
Lithuania has already identified 16 projects which could qualify for funding. They include projects on the renovation of apartment houses, modernization of street lighting, building of power links, and establishment of science and technology centers. Their total value exceeds 9 billion euros. The President pointed out that the implementation of these projects would create high added value for the Lithuanian economy, ensure energy efficiency and the development of energy infrastructure.
The European Fund for Strategic Investments will give loans, guarantees and other types of support to business seeking to invest in strategically and economically important projects. Particular focus will be placed on companies with up to 3000 employees, by strengthening their investment and risk capacity.
Among the other issues discussed at the meeting was making the EU economy more attractive to investors. According to the President, it is essential to reduce the red tape and restrictions on business, ensure the development of the EU internal market and speed up the creation of the EU digital market. This would also benefit the Lithuanian business which would get better conditions to engage in the most important sectors of the EU economy.