"Step by step, we are moving towards a fundamental goal - to give businesses the tools to overcome difficulties and reduce administrative burdens. With the approval of the amendments by the Seimas, investors in large projects will be able to act more flexibly if unforeseen circumstances prolong the implementation of their projects," said Lukas Savickas, Minister of the Economy and Innovation.
The amendments were initiated in response to practical difficulties faced by investors in large projects. The amendments to the law could extend the current five-year deadline for large investment projects to two years in exceptional circumstances.
Such circumstances include situations where investors are unable to fulfil their obligations for reasons beyond their control: embargoes, states of emergency, quarantines, non-compliance with statutory deadlines, inadequate performance of functions by competent authorities or other significant events that have a major impact on the execution of projects.
The Minister has identified five strategic areas in which the Ministry of the Economy and Innovation is working. The main priorities are a level playing field for business, moving the economy towards higher value-added products and services, closer dialogue with business, reducing red tape, balanced regional development and supporting the tourism sector.
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 €1.51 billion in investments.
