Minister of the Economy and Innovation Aušrinė Armonaitė, together with the Prime Minister of Luxembourg Xavier Bettel, visited the Sunrise Valley, Lithuania's largest centre for life, physical and technological sciences, which has been set up in Lithuania, and said that Lithuania is very interested in cooperating with Luxembourg in areas of high added value.

The EU negotiates various trade deals all over the world, but they depend on approval by the European Parliament. Read our overview of the negotiations in progress.

Lithuania has identified 11 priority markets for foreign direct investment (FDI) and 32 priority markets for exports and innovation cooperation - 8 more than before. This was discussed by the Minister of the Economy and Innovation Aušrinė Armonaitė at a meeting of the Economic Diplomacy Council. She also stressed that Lithuania could play a bigger role in the reconstruction of Ukraine, which was devastated by the aggressor after the war.

The Ministry of the Economy and Innovation has calculated that only during the first half of this year, the administrative burden on business in Lithuania has been reduced by EUR 9.49 million, compared to EUR 145.58 million since the beginning of its assessment in 2014.

In July this year, Lithuanian Airports almost reached the pre-pandemic total monthly passenger flow results - last month we managed to restore 97% of the same passenger flow in 2019. In July, more than 577,000 passengers travelled through the country's airports and 4,795 flights were handled. For the fourth month in a row, Kaunas Airport's performance exceeded even the record-breaking results of 2019.

The European Commission (EC) approved the Programme for the European Union (EU) Funds’ Investments 2021-2027, according to which it is planned to invest EUR 7 billion 449 thousand.

Lithuania intends to establish closer cooperation with South Korea in the field of high value-added technologies. To this end, Deputy Minister of the Economy and Innovation Jovita Neliupšienė, together with Lithuanian business representatives, is visiting South Korea to present the advantages of Lithuania's biotechnology and life sciences sector, as well as the country's potential in the laser, financial technology, startup, tourism and traditional industry sectors.

On 26 July, Vice-Minister of Energy Albinas Zananavičius attended the extraordinary meeting of the European Union (EU) Transport, Telecommunications and Energy Council in Brussels, where representatives of the EU Member States discussed the most pressing issues of energy supply in preparation for the upcoming winter season.

Despite the challenges caused by Russia's war against Ukraine, the Lithuanian economy is showing resilience – according to the International Monetary Fund (IMF), economic growth will remain positive this year and should reach 1.8 %. Significant inflationary pressure felt in 2022 should weaken next year, as energy and raw material prices stabilize. The IMF emphasizes that in the near term it is important to focus on targeted support for the most vulnerable groups of the society, and in the longer term to continue the implementation of structural reforms, strengthening the economic growth potential and resistance to shocks.

The construction of the Rail Baltica railway bridge over the Neris River is about to gain momentum: today, 21 July, with a ceremony near the shores of the Neris River in Jonava district, the construction of the bridge was launched. To protect the Natura 2000 site, a complex engineering structure will not have a single support in the water and will be the longest railway bridge in the Baltic States. The bridge over the Neris River which is very important for the construction of the railway line to Latvia is planned to be built in 2.5 years.