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BalticLegal Offline

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06.03.2024 15:24
Doing Business in Lithuania Antworten

Lithuania presents opportunities for businesses exporting abroad. Sectors include information technology, client support centres, and renewable energy as well as transportation, logistics and bio-plastics production.

Located between the Northern and Eastern Europe, Lithuania is the largest of the 3 Baltic States.

Lithuania has benefited from the EU assistance and development funds, amounting to 180 million EUR per annum, since joining the EU. This has helped modernise the economy. Lithuania is a member of the Schengen Area as well.

Lithuania is ranked 24th in the World Bank Ease of Doing Business report. Lithuania joined the Eurozone in 2015.

Benefits for businesses exporting to Lithuania include:

English as business language
political and economic stability
Strengths of the Lithuanian market include:

strategic location
funding and support for businesses
transport infrastructure
multilingual, educated population
information Communications Technology infrastructure
Popular industries
There is a number of popular industries in Lithuania that have the advantage of being more developed, sponsored and invested in. Because of that, they are the most likely choice for businessmen, who wish to incorporate a business in Lithuania.

Information and communication
Information and communication technologies industry is the largest in the Baltics. There are 25,000 employees working in this sector. Modern technologies are available, such as EDGE technology, 3G mobile communications infrastructure with data speeds of 3.6 Mbps and mobile WiMAX 4G Internet, the fastest Internet upload in Europe and the greatest GSM penetration in the EU. These factors make Lithuania attractive for offshore services. Engineering industry has been constantly growing by approximately 18% every year. This industry is competitive in terms of cost and quality and it is well-integrated into the global supply chains. Products by the Lithuanian engineers are adapted by such companies and organisations as NASA, Boeing, U.S. Army, BMW, Volkswagen, Hitachi, Siemens and Mitsubishi.

Biotechnologies industry has been recognised as one of the most developed in the Central and Eastern Europe. Biotechnology research takes place in Lithuania, and the developed techniques and products are applied in the fields of medicine, pharmacy, chemistry, agriculture, environment, etc. Biotechnology products are recognised as 70% of them are exported to over 70 countries. Different incentives are offered to the development of biotechnology sector in Lithuania.

Laser technologies
Another industry that is highyl developed in Lithuania is laser technologies. Every tenth laser sold worldwide is made in Lithuania. World class quality of laser production has been recognised by nearly 100 countries. Companies and organisations as NATO, Pentagon, Nuclear Research Centre in Israel, Rezerford Laboratories in England, Berkley University, Livermore National Laboratory are the clients of the Lithuanian companies producing lasers.

Renewable energy
Renewable energy development is becoming important for the Lithuanian export. Potential of clean technology industry is supported by business valleys, the pool of 18,000 local scientists and researchers, world class achievements in electronics, and interest of businesses in the development of this industry.

Free economic zones
A free economic zone is a territory designated for the economic, commercial and financial activities where companies enjoy great economic and legal conditions for their operation. Each FEZ is established by the government and defined in a corresponding law. In 1996, two FEZs were established in Lithuania: in Kaunas and in Klaipėda. They already have been in use for 49 years. As of 1 January 2012, five more FEZs were established in Akmenė, Kėdainiai, Marijampolė, Panevėžys and Šiauliai.

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