Since 2008 Lithuania has been ranked among the top 5 fastest growing economies in the EU, and going forward it is forecast to continue to rise above the EU average. Lithuania’s economy, according to the World Bank’s ranking Doing Business 2015, takes 21st place under the most business-friendly regulations.
For potential investors Lithuania can suggest the following business-related advantages:
- Well educated, highly qualified talent pool
Lithuania has invested heavily in its people over the last 20 years, creating a top talent pool that speaks fluent business.
More than a half of Lithuanians have higher education, more than 90 % – secondary education. An impressive 50 % of Lithuanians are fluent in at least 2 foreign languages.
Lithuania is ranked 1st in the EU for mathematics, sciences and technology graduates per capita, and it has the highest high school ICT literacy in Europe. Lithuania has double the EU average of young people studying Engineering, Manufacturing and Construction, and surpasses all other Baltic States in the number of ICT professionals it produces each year, with the result that it is fast becoming a hub for hi-tech innovators.
- Developed infrastructure
Lithuania, with some of the fastest internet speeds in the world and logistical access to Europe and other continents, guarantees good connections.
Located at the heart of Europe, Lithuania is only 3 hours or less by air from all the major European capitals, and its two main airports, in Vilnius and Kaunas, offer regular direct or connecting flights to the world’s major business destinations.
Lithuania has the leading upload broadband speed in the EU and 5th highest worldwide, and with fibre-to-home penetration that is 1st in the EU, this country is the perfect location for businesses that need to be globally connected 24/7.
- Business-friendly environment and taxation
Lithuania takes 9th place in the World Bank’s ranking Doing Business 2015 in the ease of starting a business globally. The start-up time for new businesses is only 3 days; it is the number one country in the EU for use of eGovernment solutions.
Lithuania is the second most favourable country for investment in Europe and 16th in the World.
With tax treaties with 50 major markets including China, Russia and the USA, Lithuania’s business environment is truly global in its reach.
Lithuania applies the 4th lowest profit taxes in the region, 0 % profit tax incentives in Free Economic Zones and has other special incentives for foreign investment, making it a country with a very investor-friendly business environment.
- Low business maintenance costs
Reduced company overheads and rental space costs, as well as competitive low salary levels create the perfect environment for more productive business in Lithuania.
With labour costs four times lower than the EU average, businessmen in Lithuania can get the best staff for less. Office rentals are some of the lowest in the region, so Lithuania can offer a truly cost-competitive environment for business growth.
- Attractive and healthy lifestyle
Easy access to Europe, low cost of living, good healthcare and healthy living as well as many education possibilities make Lithuania an attractive place to live in.
The New York Times ranked Lithuania’s capital Vilnius alongside Copenhagen, Barcelona and Capetown as a hip and well managed place to live. With its green parks and pure air, Vilnius offers the perfect location for both people and their business to grow and thrive.
According to the Mercer Cost of Living Index 2015, Vilnius takes 5th place among the least expensive EU cities for expatriates to live in.
Lithuania has a world-class healthcare system with the largest number of physicians per capita in the CEE.
Lithuania is ranked as the first country in the CEE region in the Green City Index.
The World Economic Forum in 2016 listed Lithuania as the 3rd best provider of mathematics and science education within the CEE, and 6 schools currently offer the world accredited International Baccalaureate programme. All of Lithuania’s major cities offer secondary education at International schools, and the country has universities in five of its largest cities.
Lithuania is so much more than its capital. Lithuania’s second city Kaunas not only has an international airport, but also a colourful cultural life with an international jazz festival which it hosts each year in the autumn. While Klaipeda, the country’s port city, offers ferry access to Scandinavia and Lithuania’s premier tourist attraction, Nida and the Curonian Spit.