"Green industrial transformation is one of the things we are focusing on. The €42 million investment will help our industrial companies adopt technologies that contribute to decarbonisation and increase energy efficiency, which will not only help reduce greenhouse gas emissions, but will also allow them to remain competitive and resilient to fluctuations in the market price of energy resources. Last year we spent around €330 million on industrial greening as part of our €1 billion plan to strengthen Lithuania's economy. We will continue to invest in this area," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

The investment programme, approved by the European Investment Bank, will help Lithuania's manufacturing sector to continue its transformation towards a less polluting sector. These investments will make an important contribution to both reducing the climate impact of industry and increasing the resilience of the economy by reducing greenhouse gas emissions, as well as energy consumption and improving production efficiency.

Industry consumes an average of 4.2 TWh of electricity per year, equivalent to around €443 million depending on energy prices. The public investment aims to help industry save up to 261 GWh per year.

"These investments are in line with the Paris Agreement on climate change and the EU's renewed Green Deal target to reduce greenhouse gas emissions by 55% by 2030. Of all economic sectors, improving industrial energy efficiency will have the biggest impact on achieving these renewed Green Deal targets," said Ieva Valeškaitė, Vice-Minister of the Economy and Innovation.

The investments will reduce greenhouse gas emissions by around 489,000 tonnes by 2035, or an average of 48,000 tonnes per year. This represents 2% of total industrial greenhouse gas emissions. On average, one person contributes 4.8 tonnes of emissions per year through their consumption, so the funds will reduce GHG emissions by the equivalent of around 10,000 people per year.

The €42 million will be used for the deployment of decarbonisation technologies in industrial companies. The maximum grant will be €10 million. The aid intensity per applicant is 30% of the eligible costs, which can be increased by 10 percentage points for medium-sized enterprises and by a further 10 percentage points for small enterprises.

The call for industrial companies to apply under the European Investment Bank approved investment scheme is expected to be launched in the fourth quarter of this year.

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The park would provide a quarter of Lithuania's current electricity needs. The area of ​​the territory planned for the park in the Baltic Sea is about 136.39 km2 and is about 30 kilometers from the coast. In total, Lithuania is planning two offshore wind parks with a total capacity of 1.4 GW.

"At the moment, the installed power of solar and wind in Lithuania is 3.15 GW, so the planned offshore wind parks would be another important boost for the country in securing its energy independence, on which both our national security and people's trust in the state depend, as well as the price of energy resources for our residents and the international competitiveness of our exporting business", says Minister of Energy Dainius Kreivys.

In preparation for the tender, the Ministry of Energy approved the concept of the plan for the development of engineering infrastructure at sea and on land, as well as the plan for the development of the marine area, the plan for connecting the marine parks to the land networks is being prepared, the environmental impact assessment report of the offshore wind farm park was approved, as well as the geophysical surveys of the seabed in the area planned for the park. and geotechnical investigations, measured wind speed and other hydrometeorological parameters.

Lithuania is rapidly growing local electricity generation – electricity production has grown from 30 to almost 70 percent over the last few years, and that is solely due to the development of renewable energy.

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It is planned that the new production line of cartridges will be launched in 2027. This will require a total of EUR 36 million, which the Ministry of Finance will allocate from its appropriations to increase the share capital of the company. The first investment of EUR 11 million is planned to be made later this year, following the approval by a resolution of the Government.

” We agree unanimously that we need to pay more attention to strengthening our national defence and security. With increasing production volumes of AB Giraitė Ammunition Plant and investing in the production of cartridges, in a few years, the Ministry of Finance will contribute by EUR 36 million. This will allow to double the production capacity of cartridges and respond to the increased need to strengthen the defence industry in our region as a result of the war in Ukraine”, says Minister of Finance Gintarė Skaistė.

AB Giraitė Ammunition Plant produces small calibre cartridges – high-quality military cartridges that meet NATO standards and are intended for the civilian market. Currently, the company can produce up to 60 million cartridges per year. The construction of another production line would double the current production capacity, allowing the company to produce up to 120 million cartridges per year and increasing the company’s turnover to EUR 50 million. Moreover, an increase in production capacity would also increase the company’s efficiency ratios.

The strategic objective for this state-owned company is to expand production capacity, to attract investors and, in parallel, to develop the range of ammunition, their production and supply. The strengthening of the company's capital should contribute to the company's financial capacity to implement other defence industry investment projects in the future.

In order to increase production volumes, AB Giraitė Ammunition Plant has already invested EUR 2.3 million in increasing the permeability in 2022, removing restrictions in the cartridge assembly chain. Currently, the company is engaged in the second stage of development of production, eliminating restrictions on the assembly of bullets, which will allow to increase production volumes up to 35 %. These works are planned to be completed by the end of 2025, allocating EUR 2.6 million from the company's own funds and borrowed funds.

Additional information:

AB Giraitė Ammunition Plant has implemented an integrated quality management system conforming to ISO 9001:2015 and ISO 14001:2015 standards. The cartridges manufactured by the company are certified by the British Proof House Laboratory, undergo periodic inspections, and the certificates issued give the right to affix the C.I.P. mark to the cartridges.

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The government has approved new regulations to speed up the implementation of the EU's IoT regulation. The Innovation Agency and the Communications Regulatory Authority will be the main bodies responsible for this area. Their aim is to help start-ups and other businesses get support, and to ensure that IoT solutions are reliable and safe for users.

"AI technologies have huge potential for our economy. By creating a 'sandbox', we are opening a space where businesses can safely test their innovations and consumers can be sure that IoT products meet all safety requirements," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

"This new approach will allow Lithuanian companies to more quickly seize the opportunities offered by the IoT, while entrepreneurs can feel more confident that their technologies meet European standards. In addition, the Innovation Agency will assess bodies that want to provide certification services for IoT systems across Europe. This will help to further strengthen the country's innovation ecosystem," said Erika Kuročkina, Vice-Minister of the Economy and Innovation.

The amendments adopted by the government also set out a different role for the Innovation Agency, which, together with the Communications Regulatory Authority, will be the main body responsible for implementing the EU's Artificial Intelligence Act. The Innovation Agency has been designated as the national notifying authority, while the Communications Regulatory Authority will act as the market supervisor and single point of contact.

The Innovation Agency will assess compliance with the requirements of the AI Act for bodies wishing to become Notified Bodies and provide assessment services for IoT systems across the EU. Notified Bodies - companies, research and academic institutions - will carry out conformity assessment and certification of high-risk IoT systems. This will contribute to the reliability and safety of IoT systems placed on the market or products incorporating them.

The Communications Regulatory Authority will carry out market surveillance of IoT systems. This is particularly important given the rapid advances in IoT technologies.

The EU Artificial Intelligence Act establishes common rules for the use of artificial intelligence in all EU Member States. It came into force on 2 August this year. With certain exceptions, it will apply from 2 August 2026.

These amendments, which are included in the Law on Technology and Innovation and the Law on Information Society Services, have yet to be approved by the Seimas.

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“The draft Law aims to include into the Lithuanian tax system the provisions establishing a clear procedure for allocation of income taxation rights, as well as embodying the principles of administrative cooperation. The adopted Law would ensure a smooth application of the provisions and, in parallel, would create more favourable climate for mutual investments, as well as more opportunities for Lithuanian business”, says Vice-Minister of Finance R. Bilkštytė.

The provisions for the avoidance of double taxation with respect to income related to the territory subject to Taiwanese tax laws would only apply on the basis of reciprocity.

Currently, the draft Law is submitted for consultation with the public. Proposals and opinions on the foreseen amendments are expected by 23 October this year.

Moreover, 58 conventions for the elimination of double taxation are in force today in Lithuania. In parallel, a draft denunciation of the Convention between the Governments of Lithuania and russia for the Elimination of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital was prepared and adopted by the Seimas on 1 October 2024.

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"We are helping Lithuanian businesses to grow by providing them with the funds they need to expand and by initiating the necessary measures to present themselves abroad. In this way, we are helping Lithuanian entrepreneurs to establish new links with other strategic partners and to participate in international chains, both in Europe and in the fast-growing non-EU market," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

This measure aims to increase the share of high and medium-tech products and services in Lithuania's exports.

"The funds have been granted to 8 projects of business associations, which will carry out their activities in priority areas of export and innovation cooperation. I have no doubt that by expanding our presence in markets of interest to business, we will also ensure an overall increase in exports," said Karolis Žemaitis, Vice-Minister of the Economy and Innovation.

Following an evaluation by the Innovation Agency, EIMIN awarded funding to the Baltic Film & Creative Tech Cluster, LithuaniaBIO, Infobalt, the Lithuanian Food Exporters Association (LitMEA), the Lithuanian Laser Association and the Lithuanian Engineering and Technology Industry Association (LINPRA).

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"We have a huge expectation that the growing financial muscles of ILTE – the authorized capital increased to EUR 200 million and new billion-worth financial instruments - will help to attract more and more private investments to Lithuania's strategic directions, thus making better use of the potential leverage effect," G. Skaistėtold.

The Minister noted that ILTE will have a positive impact on Lithuania's economic growth, as it will provide additional financing opportunities for both small and medium-sized businesses and large businesses. It will also contribute to the development of the financial sector and capital markets to minimise future funding gaps.

“The consolidation of national promotional institutions and the increase in capital have made it possible to offer large financial instruments on competitive terms and to invest in the strategic directions of the State: industrial transformation, green energy or the defence industry. In order to further reduce the funding gap on the market, the Ministry of Finance is investing over EUR 700 million from the EU funds for 2021-2027 in the development of financial instruments. Since there is a return on these investments, we will be able to continue using the funds to achieve the strategic goals of the State and thus prepare an effective financial cushion if the EU funds for Lithuania decrease,” G. Skaistė said.

The two most significant examples of ILTE investments so far are thefinancial instrument for business and energy “Billion for Business”, which is open to all businesses, from small to large companies, as well as funding for companies active in the field of defence and security, to the projects of which an additional EUR 250 million is allocated.

Finally, the Minister noted that the Ministry of Finance, as the main shareholder, raises high quality standards, which include the need to further increase the availability of funding in areas where funding is insufficient, in cooperation but not in competition with financial and capital market players; to explore innovative ways of maximising the impact of public or EU funds on the economy by increasing the leverage effect of financial instruments; and to seek to attract investors, in particular international institutional players; to apply the highest standards and best international practices in risk management and further strengthen the human capital base; to be a reliable Lithuanian business partner, able to help grow not only through financial instruments, but also to provide advice and expert assistance.

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After renewal of GSN distribution last year, residents could purchase the thirteenth issue GSN on 5-19 August. The redemption of this issue will be on 20 August 2025. GSN are distributed via dealers selected by the Ministry of Finance – Swedbank and SEB banks.

During the aforementioned period, Swedbank concluded 347 agreements to purchase GSN in the amount of EUR 3.4 million, while SEB – 67 agreements for EUR 1.3 million.

Preliminary schedule for GSN issue foresees to distribute the fourteenth issue on 2-16 September to be redeemed on 17 September 2025. The schedule is updated on monthly basis and published on the website of the Ministry of Finance.

The GSN interest rates are set for each issue individually, taking into account the appropriate term average Government borrowing rate on behalf of the State. GSN interest rates are fixed no later than one working day before the start of placement of savings notes and published together with other GSN issue distribution terms and conditions on the website of the Ministry of Finance.

The GSNs are the Government securities to be purchased solely by natural persons. It is a safe investment that generates returns, similar to term deposits with a commercial bank, only in this case the residents would entrust their savings to the Government. In turn, the GSNs is an opportunity for the Government to form one more borrowing instrument – to borrow from residents directly and thus attract the residents’ savings not invested elsewhere.

Anyone willing to purchase GSNs during their emission will be able to do so via the distributors chosen by the Ministry of Finance, Swedbank or SEB, on their online bank with a few clicks of buttons. SEB will make it possible to purchase GSNs in bank branches as well (more information is available here and here).

When the time comes to redeem the GSNs, the investor will not have to do anything – the money for the redeemed GSNs and the interest due will be automatically transferred to the same account from which the payment for the purchased GSNs was made.

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„We make use of the powers granted by the Budget Law and allocate additional funding for advance paymentsnecessary for the acquisition of weapon systems. This will speed up the development of the National Division and provide the Lithuanian Armed Forces with the necessary equipment. Still this year, we will be able to bring forward various projects necessary for national defence, such as the procurement of drones, anti-drone and mobile air defence systems, radio stations, weapons, etc. Part of the funds will also be used to acquire the missing military equipment produced in Lithuania and specified by Ukraine”, says Minister of Finance G. Skaistė.

By this Government resolution, the Ministry of Finance responds to the request of the Ministry of National Defence to allocate EUR 130 million for more accelerated implementation of important weapons projects.

EUR 20 million will be used to speed up the acquisition of drone systems and to prepare operators of these systems, EUR 30 million – to speed up the acquisition of anti-drone systems and electromagnetic combat equipment and to develop them, EUR 5 million – to acquire machine guns, which would be for the institutions under the Ministry of National Defence and the Volunteer Defence Forces of the Lithuanian Armed Forces.

EUR 10 million will be allocated to upgrade existing mobile air defence systems and to purchase in stages short-range mobile air defence systems Piorun, EUR 20 million - to equip soldiers with individual weaponry according to the programme of a modern (shunting) soldier (firearms of various calibres, sights, night vision means), EUR 20 million – to advance the purchase of radio stations, EUR 5 million – torestore the capacity of Carl Gustaf anti-tank grenade launchers, EUR 10 million – to acquire munitions (155 mm, etc. calibre).

EUR 10 million will be used for expenditure related to participation in the European Union and international assistance initiatives to Ukraine by paying for military means to be handed over to the Ukrainian Armed Forces.

In total, including this allocation, EUR 323 million will be allocated to additionally finance the needs of the Ministry of National Defence this year.

This proposal by the Ministry of Finance will be discussed at the next meeting of the Government.

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After renewal of GSN distribution this year, residents could purchase the twelfth issue GSN on 1-15 July. The redemption of this issue will be on 16 July 2025. GSN are distributed via dealers selected by the Ministry of Finance – Swedbank and SEB banks.

During the aforementioned period, Swedbank concluded 439 agreements to purchase GSN in the amount of EUR 5 million, while SEB – 92 agreements for EUR 1.2 million.

Preliminary schedule for GSN issue foresees to distribute the thirteenth issue on 5-19 August to be redeemed on 20 August 2025. The schedule is updated on monthly basis and published on the website of the Ministry of Finance.

The GSN interest rates are set for each issue individually, taking into account the appropriate term average Government borrowing rate on behalf of the State. GSN interest rates are fixed no later than one working day before the start of placement of savings notes and published together with other GSN issue distribution terms and conditions on the website of the Ministry of Finance.

The GSNs are the Government securities to be purchased solely by natural persons. It is a safe investment that generates returns, similar to term deposits with a commercial bank, only in this case the residents would entrust their savings to the Government. In turn, the GSNs is an opportunity for the Government to form one more borrowing instrument – to borrow from residents directly and thus attract the residents’ savings not invested elsewhere.

Anyone willing to purchase GSNs during their emission will be able to do so via the distributors chosen by the Ministry of Finance, Swedbank or SEB, on their online bank with a few clicks of buttons. SEB will make it possible to purchase GSNs in bank branches as well (more information is available here and here).

When the time comes to redeem the GSNs, the investor will not have to do anything – the money for the redeemed GSNs and the interest due will be automatically transferred to the same account from which the payment for the purchased GSNs was made.

https://finmin.lrv.lt/