President Gitanas Nausėda continues his working visit to New York, where he met with the Lithuanian-American Business Council and a group of US companies focusing on information technology, the financial sector, net-zero industries, defense industry and cyber-security, which are interested in investment in Lithuania and the development of economic cooperation.

Representatives of Lithuanian small and medium-sized businesses are encouraged to develop and improve employee skills. The instrument aimed for this purpose will be open to companies in both the capital and central and western regions of Lithuania and the Ministry of the Economy and Innovation will allocate € 7.5 million.

On Wednesday 6 of September, the Government approved the amendments to the Law on the Budget Structure and relevant legislation prepared by the Ministry of Finance, which propose to establish a three-year budget. This will ensure the continuity of funding in the medium term and form a more sustainable fiscal policy of the country. It is also expected that the efficiency of the use of budget funds will increase, making it possible for institutions to carry over a part of the unused funds to the following year. The proposed changes would enter into force during the preparation of the draft budget for 2025-2027.

On Monday, 11 September, the Lithuanian Laser Laboratory was opened in Taiwan, with the aim to accelerate the development of laser and other new technologies.

The Lithuanian transport and logistics sector reported improved results in the first half of this year, with a 9% rise in revenue, a 3% rise in freight volumes, a 15% growth in passenger traffic and a remarkable 20% surge in the number of air travellers. Airplane load factors have also returned to pre-pandemic levels.

Latvian airline airBaltic has announced its flight schedule for the summer season next year. From May 2024, new routes between Vilnius Airport and Krakow (Poland) will be launched, as well as a route between Palanga Airport and Amsterdam (the Netherlands), which is of strategic importance for the entire Western region of Lithuania.

On Thursday, 7 September, Minister of the Economy and Innovation Aušrinė Armonaitė will participate in the meeting of the Lithuanian-Ukrainian Intergovernmental Commission on Trade and Economic, Scientific and Technical Cooperation. During the meeting, the Minister and Ukrainian Minister of Infrastructure Oleksandr Kubrakov will sign a cooperation protocol to strengthen bilateral cooperation in the areas of reconstruction in Ukraine, economic and business cooperation, transport, education and others.

According to the assessment of the International Monetary Fund (IMF) published today, Lithuania’s economy will slightly contract this year due to domestic and foreign demand dampened by inflation. However, the country’s economy will bounce back to growth next year due to a pick-up in consumption and higher public investment. Although the competitiveness of Lithuania’s external sector has strengthened over the past decade, the IMF encourages to pay further attention to measures ensuring long-term growth of potential output.

Banks, branches of foreign banks and credit institutions operating in Lithuania until 31 August had to transfer the first advance quarterly installment of the temporary solidarity contribution for the period from the entry into force of the law in May until the end of the second quarter to the State Tax Inspectorate (STI). According to preliminary data, over EUR 56 million of this contribution were collected in the State budget by the set date, which will be used to finance military mobility and military transport infrastructure projects. A total of 18 credit institutions paid the advance payment.

In an era marked by an urgent need to address environmental concerns, Rail Baltica aims to offer eco-friendly and sustainable transportation in the region. The transport sector, while crucial for economic development, has long been one of the largest contributors to greenhouse gas emissions in Europe. However, the tide is turning, and rail transport is emerging as a healthier and more eco-friendly alternative. It aligns perfectly with the European Green Deal and simply makes common sense.