According to the report, Lithuania's corporate investment grew in vocational, research and technical operations in Cyprus, mainly business headquarters, while investments in Estonia declined in financial and insurance operations.
"The increase of Lithuania's direct investment in Cyprus and decline in Estonia was due to loans," said Lina Volbikaite, senior specialist at the Construction and Investment Statistics Division at Statistics Lithuania. Dainius Malinauskas, CEO of Finreda consultancy on movement of business to other jurisdictions, says that the movement may be a sign of Estonia's lower attractiveness to Lithuanian capital.
Lithuania's overall business investments abroad inched down by 0.6% on year to 2.38 bln euros.
