“The US-Lithuania relationship can be best described as same-mother siblings,” stated Elijus Civilis, General Manager of Invest Lithuania, the country’s national investment promotion agency. “They are both far away from each other but have the same mother—the strong democratic values that keep us well-connected and relevant to each other,” he explained.
Among the Baltic States, Lithuania has the tightest economic relationship with the US in terms of bilateral trade and inward FDI. “US investors emphasize the cultural proximity between the two societies, some of the strongest talent pool in the region as well as the excellent digital infrastructure, making Lithuania their choice for business,” said Civilis.
Indeed, Lithuania has a strong and constantly growing tech talent pool and a well-developed digital infrastructure, which are the main reasons it is fast becoming the region’s leading technological hub. “Tech ecosystem is flourishing here: with the front runner, Fintech, Lithuania is also the region’s leader in game and Software Development, Cybersecurity, and R&D. Lithuania is the largest Fintech hub in the EU, with 178 licensed Fintech institutions and over 260 total Fintech companies,” noted Civilis.
The growth of Fintech comes not as a surprise but rather as a result of a strong foundation as Lithuania has been a STEM nation even before the definition was introduced. “The breakthroughs in Biotechnology put our scientists right next to the global players, and Lithuanian lasers have long been used in universities worldwide” added Civilis. Another crucial element in Lithuania‘s transformation is the social inclusion. “Everyone contributes in the economic development of our country, regardless of age or gender. Fifty-seven percent of our scientists and engineers are women, which is the highest number in the EU. Women also make up 50% of our total labor force, and, circling back to Fintech, 57% of companies in the sector have at least one female executive,” he stressed.
FDI is seen as a catalyst for the Lithuanian economic transformation, and moving forward, the US will remain an important investor in the country. “Looking at the greenfield FDI statistics from the last ten years, companies from the USA have created the greatest number of jobs. Most importantly, we see that Lithuania becomes a long-term business partner: the companies grow locally and in the region with the Lithuanian office as a base. The business environment and opportunities for growth in Lithuania are immense, and we have many international stories to prove it,” concluded Civilis.
Copyright © 2023 The Washington Times, LLC.
Please read our comment policy before commenting.