The largest of the three Baltic States, Lithuania has changed dramatically in 20 short years, moving away from the shadow of Soviet rule to build up a buoyant market economy and become a hotspot for start-ups from around Europe, as Colette Doyle discovers Lithuania is currently among the fastest-growing countries in the EU, with GDP forecast to increase by two per cent year on year, having grown by 3.3 per cent in 2013. The country is the second most favourable country for investment in Europe according to the Foreign Policy Baseline Profitability Index, it can boast some of the lowest office rental costs in the whole of Central and Eastern Europe and has the fourth lowest profit taxes ... More

The Lithuanian government has approved amendments to migration law that will make it easier for Lithuanian employers to recruit top specialists from abroad. The amendments, which were initiated by Invest Lithuania and are based on recommendations from key foreign investors, are aimed at improving talent attraction and creating more favourable conditions for foreign startup entrepreneurs. The amendments to the Law on the Legal Status of Aliens have now been passed to the Seimas (Lithuania’s Parliament) for consideration. The new legislation includes a range of measures aimed at streamlining the migration process and attracting top talent in key industries. Major changes to the curr... More

Vilnius is the most competitive capital in the Baltic States for attracting large foreign investors, according to Latvia’s head of investment promotion. During a presentation of the Colliers International market survey, Linda de Putane, head of investment promotion at the Latvian Investment and Development Agency, stated that the Latvian capital Riga is being outpaced by Vilnius due to its lack of quality office space. According to Ms de Putane “a major world-known Japanese electronics company opted not invest in Latvia last year.” She stated that the investor, which had been in talks with the Investment and Development Agency for nine months, pulled out because it was... More

A €7.5 million investment in a brand new production line is set to boost jobs and productivity at CIE LT Forge, a Spanish-capital company based in Marijampolė. The new line will help CIE LT Forge to triple the production capacity of crankshafts that it intends to supply to Audi, Renault and Volkswagen. The company, part of the CIE Automotive Group, plans to recruit 60 new employees, 20 percent of whom will be highly qualified vehicle engineering specialists, as a result of the new investment. Lithuania’s Minister for the Economy, Evaldas Gustas, noted that companies like CIE LT Forge play a key role in the Lithuanian regions, both economically and socially. “Production... More

In its latest innovation index, global data and media giant Bloomberg have ranked Lithuania top in the Baltics for innovation. Out of the 200 countries compared by Bloomberg’s analysts, Lithuania ranks 32nd overall. Its Baltic neighbours Estonia and Latvia were ranked in 34th and 40th respectively. The Bloomberg Innovation Index is based on the evaluation of a range of key criteria. These include R&D efficiency, manufacturing added-value, productivity, high-tech density and researcher concentration. Bloomberg rated Lithuania in the top 10 globally for ‘tertiary efficiency’, a measure based on factors such as enrolment in higher education and the number of graduates... More