"We want to ensure that investors in large projects have more flexibility if, for whatever reason, they are unable to complete their projects on time. Helping businesses overcome difficulties and reducing administrative burdens is one of our priorities. It will contribute to successful economic growth and the creation of new jobs in Lithuania," said Lukas Savickas, Minister of the Economy and Innovation.
The amendments could extend the current five-year deadline for large investment projects to two years in exceptional circumstances. Such circumstances include situations in which investors are unable to fulfil their obligations for reasons beyond their control: embargoes, states of emergency, quarantines, failure to meet deadlines set by law or inadequate performance of duties by competent authorities, or other significant events that have a major impact on the implementation of projects.
According to Lukas Savickas, this amendment to the law is important for strengthening the investment environment in Lithuania and increasing the country's competitiveness. The main priority remains to accelerate the successful implementation of investment projects and reduce the bureaucratic burden on business.
The Minister has also identified five strategic directions in which the Ministry of the Economy and Innovation is working. The main priorities are a level playing field for businesses, moving the economy towards higher value-added products and services, closer dialogue with the business community, cutting red tape, balanced regional development and support for the tourism sector. This amendment, according to Lukas Savickas, is definitely one of them.
Since the launch of the Green Corridor 2021 initiative, the Ministry of the Economy and Innovation has already signed 18 contracts for major investment projects. They will create more than 4.9 thousand jobs and attract more than EUR 1.51 billion in investments.
