Economy Fri, 19 Jul 2024 02:28:57 +0300 Joomla! - Open Source Content Management en-gb EIMIN: More than €8 million EU investment to improve workers' skills EIMIN: More than €8 million EU investment to improve workers' skills

The Ministry of the Economy and Innovation has allocated more than €8.2 million to 174 European Union (EU) investment projects that will enable Lithuanian companies to develop and improve the skills of their employees.

"We need to invest in people now to be competitive now and in the future. That's why, by providing funding for employees of micro, small and medium-sized enterprises, we hope to accelerate their development and progress in adapting to today's changes. To this end, we will provide a range of training courses to up-skill and re-skill employees, with a particular focus on digital skills. We will train around 6,000 employees in this way," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

Skills will be developed in line with smart specialisation priorities. Most of the projects will train workers in information and communication technologies, especially cybersecurity.

"In view of the increased demand, we have increased the amount foreseen in the call for this facility by €720,000 to ensure that all successful projects receive funding. This will further stimulate the necessary changes related to digitalisation, robotics or the demand for sustainable jobs. We will also enable companies to become more innovative and their employees to upgrade their skills to meet the needs of the market," said Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.

Most of the projects will be implemented in Vilnius and Kaunas districts. In terms of areas of activity, skills will be upgraded mainly for workers in metal products and furniture manufacturing, computer programming and consultancy, food production and printing.

Other areas of skills development will also be developed according to the nature of the activities: product and concept development, product life cycle, engineering and information modelling, product life cycle management, information systems implementation, data, analysis and databases, resource and waste management, information technology systems development and artificial intelligence cycles, materials processing and machine tool manufacturing.

The scheme received 354 applications requesting almost €18 million in funding.

Up to EUR 2.5 million was to be distributed in the Capital Region and up to EUR 5 million in Central and Western Lithuania under the "Skills for SMEs" facility.

The SME Skills facility is funded by the European Union's Investment Framework Programme for the period 2021-2027.


[email protected] (Raimund) Economy Fri, 12 Jul 2024 18:27:25 +0300
Lithuania borrows EUR 1 billion in international financial markets Lithuania borrows EUR 1 billion in international financial markets

Lithuania borrowed EUR 1 billion in international capital markets by issuing a 7-year Eurobond.

“Despite the downgrading of Lithuania’s credit rating in May, after one of the agencies made such a decision due to the protracted war in Ukraine, foreign investors are positive about our country and its economic and political situation. Today we borrowed a significant amount, thus in the first half of this year securing the funds needed for this year in foreign financial markets,” Vice-Minister of Finance Darius Sadeckas says.

At the time of the new issue, the demand was three times higher than the borrowing requirement, a risk premium of 90 basis points above the mid-swap rate was set. Lithuania borrowed EUR 1 billion from more than 20 countries.

The new 7-year Eurobonds were issued at a yield of 3.682 per cent and issue price equal to 98.895 per cent of their face value. The annual coupon was set at 3.500 per cent.

The settlement for the issue will take place on 3 July 2024, and the Eurobonds will mature on 3 July 2031.

The transaction was lead-managed by banksDeutsche Bank, HSBC and Société Générale. Swedbank was appointed as the co-lead manager.

Important Information

Neither this announcement nor any copy of it may be taken or transmitted, directly or indirectly, into the United States, Australia, Canada or Japan or any other jurisdiction where to do so would be unlawful. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment therefore. The offer and the distribution of this announcement and other information in connection with the listing and offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) absent registration or an exemption from registration under the Securities Act. The Issuer has not registered and does not intend to register any portion of any offering in the United States or to conduct a public offering of any securities in the United States.

This announcement is directed only at (i) persons who are outside the United Kingdom or (ii) persons with professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the ‘Order’) or (iii) any other persons to whom it may lawfully be communicated, falling within Article 21 of the Financial Services and Markets Act (all such persons together being referred to as ‘relevant persons’). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

In Member States of the European Economic Area and the United Kingdom, this announcement is directed only at persons who are "Qualified Investors" within the meaning of the Regulation (EU) 2017/1129.


[email protected] (Raimund) Economy Thu, 11 Jul 2024 18:25:05 +0300
More than two thirds of institutions have already joined VIKSVA More than two thirds of institutions have already joined VIKSVA

As of July, another 34 budgetary institutions are joining the State Treasury Consolidated Account Management System (VIKSVA). This means that by the end of the year, 406 institutions, i.e. about 85% of all budgetary and public institutions that have to switch to the new system under the Law on the State Treasury, will have accounts with the State Treasury.

The system VIKSVA developed by the Ministry of Finance enables the central management of state funds, ensuring their efficient management, use, additional control of funds and uniform execution of payments. Budgetary institutions are provided with the services of opening and administering accounts, executing payment transactions and other services customary in electronic banking. Meanwhile, the state can use temporarily available funds, invest them and reduce borrowing costs.

“At this stage, joining of such institutions as the national promotional institution “Investicijų ir verslo garantijos“ (Investment and Business Guarantees) with the funds and financial instruments managed by them will give additional impetus to the consolidated management of public finances and improvement of the financial services provided,” Vice-Minister of Finance Darius Sadeckas says.

Budgetary institutions such as the National Audit Office, the General Prosecutor's Office, the Special Investigation Service, the State Security Department, the Office of the President, the Lithuanian National Drama Theatre, etc. are among those joining since July (The Government Resolution on the transfer of funds managed by institutions to the State treasury can be found here).

In the next stages, VIKSVA will be developed including institutions with specific needs and large volumes of payments. For example, a significant number of payments is made by funds administered by the State Social Insurance Fund Board. For this reason, the funds of these institutions are expected to be transferred in the last phase, in 2027. The new system is expected to be used by some 470 existing state budgetary, public bodies and funds.

VIKSVA started operating in June last year. Currently, the number of accounts opened with the State Treasury exceeds 1800. Since the start of operations, outgoing payments of EUR 3.3 billion (approximately 495 thousand payments) have already been made, including payments of EUR 2.5 million (approximately 37 thousand payments).

The system VIKSVA was created in order to centralize public sector financial services, unify processes, reduce administrative burden and service costs, improve the quality of services provided by the State Treasury. Preliminary estimates show that, if full consolidation of state funds is achieved, approximately EUR 2.6 million would be saved each year due to reduced volumes and costs of state borrowing, payment orders from budgetary institutions and account servicing costs.

Additional information:

  • In December 2023, the State Treasury Department of the Ministry of Finance implemented a project “The Establishment of the Consolidated Account Management System of the State Treasury” co-financed by the European Union Structural Funds with a value of EUR 3.1 million (of which EUR 2,178 million was used to implement the system).
  • The Single Treasury Account principle is one of the most widely applied ways in the area of public finance management by advanced countries to increase the efficiency of the management of public monetary resources by consolidating the collection and disposal of public funds in a single system.
  • This principle is applied by almost all the most advanced member states of the Organisation for Economic Co-operation and Development (OECD) in the world in public finance management.
  • In order to adopt good practices and adapt them to the management of public monetary resources, Lithuania has analysed the examples of the Treasury management of the European Union countries such as France and Sweden.


[email protected] (Raimund) Economy Wed, 10 Jul 2024 14:36:59 +0300
Kaunas Free Economic Zone investment exceeds €1.5 billion Kaunas Free Economic Zone investment exceeds €1.5 billion

Two years ago, the Kaunas Free Economic Zone (FEZ) announced that it attracted its first billion of investments. Currently, the amount of investments is approaching the second billion, amounting to €1.56 billion. This investment will create almost 10,000 high-skilled jobs in the near future.

Vytautas Petružis, CEO of the Kaunas FEZ, says that the FEZ is as successful as the businesses operating here, and Aušrinė Armonaitė, the Minister of Economy and Innovation, notes the importance of the development conditions created for businesses.

“We are consistently helping the Kaunas FEZ to grow, and we are already seeing the results of our joint work: developed infrastructure, growing investment, and job creation. Last year, on the initiative of the Ministry, it was decided to expand the Kaunas FEZ from 534 to 1,054 hectares, and we also allocated funding for the development of its infrastructure. This is particularly important in improving the investment environment of the Kaunas region and strengthening the economic competitiveness of the whole country,” says Minister Armonaitė.

Development potential, speed of establishment, and infrastructure — key factors for growth

“Our success is determined by the fact that we can provide the conditions for businesses to grow in the Kaunas FEZ. The growth of businesses dictates the development strategy of the zone — we cannot lag behind the growth rates of investors and must ensure opportunities for companies to physically expand in the vicinity,” says the CEO of the Kaunas FEZ.

During 2023 and the first months of this year, the Kaunas FEZ subleased 21 hectares of land to new investors, and the amount of investments over that period exceeded €205 million. “The companies operating here and starting operations are planning to invest another €300 million,” Petružis shares the nearest investor plans.

He says that now that the FEZ 1 area is almost full, infrastructure is being planned and implemented in the FEZ 2 area to ensure the availability of large plots for new investors. A project to connect the FEZ 1 and FEZ 2 areas is also being carried out in cooperation with the local government.

The CEO notes that tax incentives, although important, are not the main factor determining the choice of large foreign capital investors. First of all, it is necessary to ensure the supply and infrastructure of large greenfield plots. “Investor needs are exclusively atypical, requiring intensive engineering infrastructure capacity and large areas of land. Labour supply is also another key criterion when talking to foreign investors,” says Petružis.

“We share the challenge of labour supply with Kaunas city and district municipalities. High-value-added businesses also create competitive jobs that require industry-specific knowledge. The educational institutions located in Kaunas city prepare the necessary highly qualified specialists, who easily find work in the companies located in the FEZ. Investors appreciate that the labour supply in the Kaunas region is of high quality, and it seems that this resource will be sufficient to support both growing companies and new investors for a long time.,” Petružis believes.

Two-thirds of employed persons are highly qualified professionals

Currently, the Kaunas FEZ has more than 130 companies with more than 7,100 employees. The full implementation of the development plans will create 9,500 new jobs.

More than 80% of the total investment of €1.56 billion in the Kaunas FEZ are manufacturing sector companies that create high-value-added jobs, and even two-thirds of all manufacturing sector employees are highly qualified specialists.

“We are pleased that more than 40% of all jobs created are in high-value-added industries. For example, there are 2,600 employees in the electronics and automotive industries, and 950 in medical technology and pharmaceuticals,” shares Petružis, CEO of the Kaunas FEZ.

According to him, the investments of companies from the electronics and automotive industries as well as medical technology and pharmaceutical sectors account for more than 40% of the total investments attracted by the Kaunas FEZ and are dominated by such well-known foreign capital companies as Esco Medical Technologies, Hollister Lietuva, Continental Lithuania, Hella Lithuania.

“As many as 73% of the companies working in these sectors are employees of foreign-owned companies and their salaries are on average 16% higher than those of Lithuanian-owned companies. Thus, the share of taxes paid in the employment relationship is significantly higher,” Petružis notes.

During 2023 and the first half of 2024, Kaunas FEZ companies generated €109 million in employment-related taxes, and in 2023, the average salary of Kaunas FEZ companies exceeded the average salary of Kaunas County by 15%. “The average salary here was equal to the average salary in Vilnius,” the head of the Kaunas FEZ shares impressive statistical data.

Although manufacturing and service companies operating in Kaunas FEZ can benefit from corporate tax relief, not all of them do so. During 2023, the companies operating here paid more than €5 million in corporate income tax.


[email protected] (Raimund) Economy Tue, 09 Jul 2024 13:34:52 +0300
European Innovation Scoreboard: Lithuania's best result ever European Innovation Scoreboard: Lithuania's best result ever

The European Commission has published the results of the 2024 European Innovation Scoreboard, which shows continued progress in Lithuania's innovation ecosystem. Over the period 2023-2024, Lithuania's progress is the highest in the European Union, with a growth rate of 3.7 percentage points compared to the EU average of 0.6%. Overall, Lithuania's innovation ecosystem has reached the highest level of development in its history, with a cumulative innovation index score of 92 points.

"Lithuania's innovation ecosystem has been growing steadily for many years, and this is reflected in the European Innovation Scoreboard. In fact, our country's innovation growth is 10% ahead of the EU as a whole. We are determined to continue on this path, and in 2023-2024 alone, we have a number of new calls for innovation funding that offer even better growth prospects. We must also continue to invest in strengthening the whole ecosystem, fostering cooperation between science and business and developing innovative solutions," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

In the annual Innovation Scoreboard, Lithuania has moved up to 18th place among EU Member States this year, ahead of Portugal. Looking at the period from 2017 to 2024, Lithuania is making sustained progress, peaking in 2024 with a 16 percentage point improvement over the same period. Similar progress can be seen in countries such as Belgium and Italy (+15%).

The European Commission has identified a number of business-related indicators as strengths of Lithuania's innovation ecosystem. The rate of venture capital investment has increased by 17.3% since 2023 to 137.6% of the EU average. Lithuania is also above the EU average in terms of non-R&D innovation expenditure in the business sector (172.6%) and trade mark applications (136.2% of the EU average).

Lithuania is also above the EU average in terms of the number of enterprises using process innovation (105.7%) and the number of persons employed in innovative enterprises (113.1% of the EU average). Lithuania remains one of the leaders in the share of population with tertiary education, at 177.7% of the EU average.

The European Innovation Scoreboard 2024 identifies exports of knowledge-intensive services and business investment in R&D as the country's main weaknesses, and suggests strengthening cooperation between business and academia. From 2023 onwards, there are significant declines in indicators such as firms innovating in product innovation (-42%), innovative firms collaborating with each other (-34.1%) and environmental technologies (-16.3%).


[email protected] (Raimund) Economy Mon, 08 Jul 2024 18:31:11 +0300
Ministry of Transport and Communications' corporate return to state budget for 2023 reaches €261m Ministry of Transport and Communications' corporate return to state budget for 2023 reaches €261m

Companies and institutions managed by the Ministry of Transport and Communications of the Republic of Lithuania have contributed a considerable amount of taxes and dividends to the state budget: as much as €261 million last year. This year, more than €47 million in dividends alone have been paid for 2023, which is 3.3 times more than in 2022.

"The major companies regulated by the Ministry of Transport finished the year in profit, and the successful year resulted in a significant increase in their contribution to the state budget. This shows that they remain resilient to external factors, are able to embrace change and adapt effectively in response, as well as generate economic returns for the state," says Minister of Transport and Communications Marius Skuodis.

The Klaipėda State Seaport Authority paid out the largest number of dividends to the state for the previous year – as much as €19.6 million. This is 2.5 times more than for 2022 (€7.7 million). In second place is railway company AB Lietuvos geležinkeliai, which paid €13 million to the budget, compared to no dividends last year.

In third place is airports operator AB Lietuvos oro uostai (LTOU), which added €5.1 million to the state budget, 1.7 times more than in 2022, when almost €3 million in dividends were paid.

Next in line is postal service AB Lietuvos paštas, whose profitable year allowed it to pay EUR 3.1 million in dividends to the state budget for 2023 (2022 was a loss year for the postal company).

Dividends of AB Oro navigacija increased by 1.3 times to EUR 2.3 million, dividends of AB Lietuvos radijo ir televizijos centro went up by 1.9 times to EUR 1.7 million, dividends of AB Viamatika were up by 5 times to EUR 1.5 million, dividends of AB Smiltynės perkėla went up by 2.5 times to EUR 1.5 million, and AB Detonas transferred EUR 0.4 million in dividends to the state budget, the same amount as for 2022. AB Vidaus vandens kelių direkcija, AB Kelių priežiūra and AB Via Lietuva did not pay any dividends this year.

All state-owned companies and institutions of the Ministry of Transport and Communications paid almost €201 million in taxes to the budget last year: 12 joint-stock companies contributed €198.8 million in taxes to the budget in 2023, while three public institutions contributed €2.1 million. The largest share of taxes paid was accounted for by the social security and personal income tax (EUR 136 million), as well as value-added tax (€44.6 million), dividend tax for 2022 (€14.2 million), corporate profit tax (€2,9 million) and other taxes – pollution and real estate (€3.1 million).

In addition, AB Via Lietuva (formerly the Lithuanian Road Administration) collected around €60 million in road user charges for the use of national roads by commercial goods vehicle operators.


[email protected] (Raimund) Economy Fri, 05 Jul 2024 16:37:09 +0300
Important news for businesses: as of 30 August, "E.sąskaita" (e-Account) will no longer be available and will be replaced by SABIS Important news for businesses: as of 30 August,

From 1 July this year, the transition to SABIS, the Single Account Administration Information System, which will be used for sending and receiving electronic invoices from the public sector, businesses and other contracting organisations, begins. SABIS will replace the current "E.sąskaita" (e-Account) information system, which will cease to operate from 30 August. This will encourage companies to connect to the European e-invoicing infrastructure.

"Currently, the "E. sąskaita" (e-Account) system, managed by the Centre of Registers, has about 40,000 active users, many of them companies. On average, almost 150.000 electronic invoices are submitted each month using the e-Account system. These figures have grown significantly in recent years, with both the number of users of the system and the number of invoices submitted to the system increasing. This shows that Lithuanian businesses are already accustomed to electronic invoicing, and we expect that switching from one system to another will not cause any new difficulties," said Erika Kuročkina, Deputy Minister of the Economy and Innovation.

In response to requests from E.sąskaita (e-Account) users and in order to ensure better preparation for the use of SABIS, a transition period is planned from 1 July to 31 August. Users will be able to gradually migrate to SABIS and continue to use e-Account for an additional period. SABIS will be fully operational on 1 September and "E.sąskaita" (e-Account) will be discontinued as of 30 August this year.

As the European Union (EU) moves towards a common electronic invoice, invoices in the new SABIS system will comply with the European e-invoicing standard.

The overhaul of SABIS marks a new phase in the management of invoices in the public and private sectors and opens up new opportunities for further development. The system will be easier to use.

SABIS is more integrated than other systems with the CVP IS public procurement system, and its interfaces with the Financial Accounting General Information System (FABIS) and other business management systems (e.g. ERP) and document management systems (e.g. DBSIS) have been secured and enhanced.

"The upgraded system will make it easier for companies to comply with the European Standard for Electronic Invoicing. Another important objective is to create a technologically advanced system that provides a user-friendly environment, contributes to the reduction of paper invoices and increases the efficiency of public and private sector management. The aim of the complete modernisation of the system is also to improve its speed and security, increase the number of users who can log in at the same time and improve the stability of the system," says Artūras Patapas, SABIS Project Manager, Director of the Department of Operational Organisation of the National Centre for Common Functions.

The free Euroconnector tool, developed on the initiative of the Ministry of the Economy and Innovation, will help companies to adapt to the SABIS system. It can be downloaded here.

These changes are being implemented in line with European Union legislation on the use of electronic invoices in public procurement.

The project "Modernisation of the e-Invoice Information System" is being implemented by the National Centre for Shared Functions. The project is financed from the budget and has a budget of more than €1 million.


[email protected] (Raimund) Economy Thu, 04 Jul 2024 18:34:53 +0300
A new era in the Lithuanian shipping industry: construction of the first hydrogen-electricity powered ship has begun A new era in the Lithuanian shipping industry: construction of the first hydrogen-electricity powered ship has begun

A new page in the history of the Lithuanian shipping industry has been written today. The construction of the first hydrogen-electric ship in the state’s history has officially begun at Western Baltija Shipbuilding (WBS) commissioned by the Klaipėda State Seaport Authority. This ship, designed for waste management, will become a symbol of Lithuania’s progress and its commitment to reducing environmental impact. At the same time, this project testifies to the ability to bring professionals with a high level of competencies together for the implementation of innovative projects.

"I am glad that this modern vessel, which meets the highest environmental protection requirements, is being built in Klaipėda. This is extremely relevant and significant not only for Lithuania, but also on a global scale. In Lithuania, we have all the conditions to implement the most advanced maritime transport and infrastructure development projects. I hope this will provide a strong impetus for our shipping industry, leading to the production of more such vessels in our port city. This is also a great example of how our companies can promote innovation and set an example for the entire market," says the Lithuanian Minister of Transport and Communications Marius Skuodis.

According to current regulations, all ships arriving at or departing from the Port of Klaipėda are required to dispose of all ship-generated waste at a port reception facility. The Port Authority has been entrusted to provide a waste collection service. In order to further increase the quality of its service for waste collection from ships, the company has decided to use modern and environmentally friendly equipment to achieve this.

“The Port Authority has undertaken very ambitious projects in recent years. In a couple of years, the company will become the first one in Lithuania not only to produce green hydrogen, but also to have a hydrogen-powered ship. It will also clean other ships entering the port by collecting waste from them without leaving an environmental footprint. We are proud that a new, modern, and environmentally friendly tanker is being built not somewhere abroad, but here in Lithuania, at the Port of Klaipėda”, says Algis Latakas, Director General of the Klaipėda State Seaport Authority.

Today’s symbolic keel laying ceremony is an integral part in the ship building process. It marks the official commencement of construction works of a modern tanker for waste collection. The milestone has been traditionally marked by affixing a special plate, decorated with three coins, between the structures of the first block of the ship, which has already been built. The plate bears the names of the parties involved: the ship commissioning authority – the Klaipėda State Seaport Authority, the shipbuilders – the Estonian company, Baltic Workboats, and Western Baltija Shipbuilding.

“The realisation of this historically significant project, which generates a high added value, is a double success for us. First of all, we are building an advanced ship for our own country, Lithuania, which is an honour and a great commitment and responsibility. We are also implementing the project together with our Estonian partners, and this cooperation once again demonstrates a strong business partnership between the two countries. I have no doubt that by consolidating our competencies we will achieve the best possible result that will benefit Lithuania for many years to come”, states Arnoldas Šileika, CEO of the Western Shipyard (WSY) Group of Companies, which owns the subsidiary Western Baltija Shipbuilding.

The hull, superstructure, and wheelhouse will be constructed at the Western Baltija Shipbuilding at the Port of Klaipėda, along with the installation of cargo systems and other works. The Estonian company, Baltic Workboats is responsible for the installation of the main and auxiliary machinery, and the harmonisation and testing of all the ship systems. A hydrogen fuel cell system will be installed in Estonia as well.

“The project is a great milestone for the Baltic Workboats and we are extremely satisfied to be able to deliver such a modern ship to our Baltic neighbors in Klaipeda. It will be the first tanker type vessel ever built with Baltic Workboats participation and in addition to electric propulsion solution in which Baltic Workboats has extensive expertise it will be the first vessel to be fitted with hydrogen power plant in Baltic Workboats portfolio. We would also like to highlight the co-operation between us and Western Shipyard Group in building the vessel – by combining the expertise of the companies we are confident that the vessel will be modern and green addition to port of Klaipeda fleet”, stated Jüri Taal, Management Board Member of Baltic Workboats.

The main challenge for the shipbuilders is to design and build a ship for the collection of oily bilge water, sewage, sludge, and other waste. It will need to be equipped with waste collection tanks and an oily bilge water treatment plant that will treat the waste waters and transfer everything along with the sewage to the city’s onshore waste water treatment plant. It is envisaged that the ship will operate on a 24-hour basis.

The tanker, which is 42 metres long and 10 metres wide, will be able to collect 400 cubic metres of liquid waste. It will be equipped with two electric motors powered by batteries with a capacity of 2000 kwh and an installed on-board hydrogen fuel cell system. Depending on the intensity of works, the ship will be able to operate within the Port of Klaipėda for up to 36 hours on a single charge.

This ship building project with a total value of €12 million has been commissioned by the Port Authority, and is being built by Baltic Workboats, under a joint operating agreement with Western Baltija Shipbuilding. The ship is expected to sail in the waters of the Port of Klaipėda at the end of next year.


[email protected] (Raimund) Economy Wed, 03 Jul 2024 16:32:14 +0300
EIMIN: easier conditions for large investment projects EIMIN: easier conditions for large investment projects

New requirements for large investment projects will come into force on 1 July, making it easier for companies to qualify as large investment projects.

"This will also open up the possibility for companies of an exceptional nature, which create fewer jobs but focus on highly skilled professionals and plan large investments, to obtain the status of a major investment project. We already have 16 large project agreements, which are expected to create more than 4,100 new jobs and attract more than €1.4 billion in investments," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

According to the new requirements, a large company will have to create between 20 and 149 new jobs if it invests in Vilnius, and between 20 and 199 new jobs if it invests in Vilnius, and ensure that the wages of the 20 new jobs created by the investment project are at least 1.25 times the average wage in the municipality where the investment is located. These amendments were approved by the Seimas in December last year.

"This is not the first initiative we have taken to facilitate the development of large investment projects. Only this year, we reduced to six months the period of establishment for large projects aimed at meeting urgent state and security needs. This has paved the way for faster implementation of high value-added projects," said Karolis Žemaitis, Deputy Minister of the Economy and Innovation.

Prior to this initiative, the indicative timeframe for the implementation of preparatory processes in the defence and security sector in Lithuania was around 2-2.5 years.

The Green Corridor initiative, launched by the Ministry of Economy and Innovation and due to be launched in 2021, will make it much easier and faster for companies to set up, while also granting the status of a project of national importance and a 0% corporate tax rate for up to 20 years.


[email protected] (Raimund) Economy Tue, 02 Jul 2024 12:29:59 +0300
Seimas ensures greater security for online businesses Seimas ensures greater security for online businesses

From the beginning of next year, it will be easier for online businesses to protect their rights against unfair online intermediary platforms and search engine providers. The Seimas today approved the changes initiated by the Ministry of the Economy and Innovation.

"From the New Year, it will be easier to fight against practices where online intermediary platforms and search engines act unfairly when offering their services to smaller businesses. In such cases, businesses will only have to go to the Competition Council if their rights are infringed. This will ensure even more effective remedies for businesses," said Aušrinė Armonaitė, the Minister of the Economy and Innovation.

Online businesses will be able to inform the Competition Council about the behaviour of online intermediation platforms and search engines that violate their rights, such as disconnection without warning, non-transparent preferential treatment or failure to inform them about possible removal from the platform.

The Competition Council will investigate complaints of such infringements and impose sanctions. It will also cooperate with the enforcement authorities of other Member States of the European Union, assisting them in cross-border investigations and exchanging information.

"This will make it easier for small businesses operating online to enforce their rights and encourage them to be more proactive in making the most of the opportunities offered by online platforms. It will also be cheaper and easier for them to go to the regulator - the Competition Council - than directly to the courts. This will also reduce the administrative burden," says Ieva Valeškaitė, the Deputy Minister of the Economy and Innovation.

The Competition Council's monitoring of e-marketplaces has shown that there are at least several dozen providers of online intermediary platform services and internet search engines operating in Lithuania or providing services to business customers.

This law was adopted in implementation of the European Union Regulation on improving the fairness and transparency of online intermediation services provided to business customers.


[email protected] (Raimund) Economy Mon, 01 Jul 2024 14:27:30 +0300