"We propose to extend the status of large projects to those which, due to their exceptional nature, create fewer jobs but require more investment. Investors will have to commit to paying higher wages, which would create a win-win situation for both the Lithuanian population and investors, who will contribute to Lithuania's economic growth," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
The draft amendment to the Investment Law also proposes to introduce the possibility of supporting large projects that create fewer jobs but are reserved for highly qualified professionals. Therefore, it is proposed to set the criteria for a large company to create between 20 and 149 new jobs and for an investment in Vilnius to create between 20 and 199 new jobs.
The Minister of the Economy and Innovation, Ms Armonaitė, will also submit to the Seimas for consideration amendments to the Land Code, proposing the creation and approval of a model for the reservation of state land. This would ensure the supply of large areas of state land to attract new manufacturing investments and allow investors to choose from a list of specific reserved state land plots.
"Currently, the supply of developed land in Lithuania does not match the demand, so it is important to change the current procedure and create more favourable conditions for attracting high value-added investment projects to Lithuania. Attracting more private capital investment would create new well-paid jobs, raise Lithuania's profile in the region and globally, and strengthen the competitive environment," said Karolis Žemaitis, Vice Minister of the Ministry of the Economy and Innovation.
In total, the Ministry of the Economy and Innovation has already signed contracts for 11 major projects. The total investment planned for these projects amounts to EUR 688.9 million. These projects will create more than 3,500 new jobs.
