Lithuania

Region
Klaipėdos apskritis Telšių apskritis Tauragės apskritis Šiaulių apskritis Kauno apskritis Marijampolės apskritis Alytaus apskritis Panevėžio apskritis Utenos apskritis Vilniaus apskritis
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Young and well-educated people as well as the country’s friendly attitude towards entrepreneurs and investors are some of Lithuania’s assets. Well-developed IT, R&D and transport infrastructure is another factor that significantly contributes to attracting foreign capital to this tiny Baltic country.

HUMAN POTENTIAL — Lithuania has one of the highest share of young people in the population in the EU. High-quality of early stage education, especially in maths and IT-related fields, results in a high number of students enrolled at technical and life sciences faculties (twice more than the EU average) and wide availability of specialists with technical expertise. Lithuania also ranks 10th globally in terms of R&D personnel per capita — there are around 18,000 researchers and R&D specialist employed in national economy.

INFRASTRUCTURE — There are three international airports: Vilnius, Kaunas and Palanga. The ice-free seaport of Klaipeda is of strategic importance – an LNG Terminal that is located there was put into operation in 2014 and is meant to ensure undisturbed gas supply. Despite having the best road network in the Baltics, Lithuania is going to invest €145 million into the Via Baltica international route. Lithuania can also boast itself for having an excellent IT infrastructure – internet-users will find there one of  the leading broadband speed in the EU and public Wi-Fi is the fastest in the world.

BUSINESS — SMEs are of great importance to the country’s economy — almost 70 per cent of added value is generated by them, while the EU average does not exceed 60 per cent. In the 2015 edition of the Doing Business ranking, Lithuania was one of the top three in CEE. Since 2009, Lithuania has also been constantly moving up in the Index of Economic Freedom and in the latest edition is ranked 15th.

FDI & EXPORT — In 2014, the inflow of foreign direct investment to national economy accounted for €164 million in comparison to €353 million in 2013. As of 31 December 2014, cumulative FDI in Lithuania amounted to €12.1 billion. The countries that have invested the most are Sweden (26.3 per cent), the Netherlands (10.6 per cent), Germany (9.2 per cent), Norway (6.7 per cent), Poland (5.9 per cent) and Cyprus (5.5 per cent). Russia still remains Lithuania’s main trade partner with a share in exports reaching 22 per cent. At the same time, 35 per cent of country’s exports go to the Eurozone and 43 per cent of imports comes from the area.

ECONOMY — Following the global financial crisis, Lithuania had to overcome severe recession. Currently, with the annual GDP growth rates exceeding 3 per cent, Lithuanian economy is one of the fastest growing in the EU. According to the EY forecasts it is about to grow by 3.6 per cent in 2015 and then accelerate to nearly 5 per cent between 2016 and 2018. In January 2015, Lithuania become the 19th member of the Eurozone. This is expected to further boost the real GDP by 2 per cent. In 2014, the country’s GDP per capita accounted to €12,400 (73 per cent of EU28 average).

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