Ministry of the Economy and Innovation plans to implement economy promotion measures for the amount of EUR 600 million

Date

2020 05 19

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In the DNA Plan for the Future, which has been presented to the Government today, the Ministry of the Economy and Innovation has planned to implement measures to promote investment for the digital economy and business transformation and the development of innovative products in the country between 1 July 2020 and the end of 2021. In total, approximately EUR 600 million has been earmarked for future measures planned by the Ministry of the Economy and Innovation.

According to Minister of Energy, Acting Minister of the Economy and Innovation Žygimantas Vaičiūnas, the main goal of the planned long-term economic growth measures in Lithuania is to encourage the national businesses to invest in R&D capacities, the development of the life sciences sector and human capital. This would enable the transformation of the country’s economy into an innovative and high value-added economy in the future.

In the economic plan of the future, the measures implemented by the Ministry of the Economy and Innovation focus on promoting the digital economy and businesses, also, on promoting investment in human capital and research, economic infrastructure and energy as well as on preventing climate change.

In order to encourage business to engage in R&D activities and to invest in the development of innovative products and services, it is planned to allocate approximately EUR 100 million of additional funds for the measure  ‘Eksperimentas’. The measure is planned to provide financing for initial investments by enterprises to create new or expand the existing enterprise infrastructure so as to carry out research activities.

The Ministry of the Economy and Innovation is also planning a new ‘E-business model’ measure, which will encourage enterprises to invest in the development of new products or the implementation of business models by refocusing on the digitisation of processes, products and services, e-commerce and delivery. Approximately EUR 60 million is foreseen for the implementation of this measure.

It is planned to create and implement the National Innovation Programme for Life Sciences, which will strengthen cooperation between enterprises and higher education and research institutions in carrying out joint research and in commercialising business solutions. This will have a long-term impact on the country’s employment growth in order to create a favourable environment for investment. Approximately EUR12 million is planned for the implementation of the programme by the end of 2021.

In addition, the long-term measures planned by the Ministry of the Economy and Innovation will promote the digitisation of clusters (e.g. the application of artificial intelligence, the development of Industry 4.0) and attracting new investors. It is planned to digitise state services for business, open up data, improve the infrastructure relevant for business in the country and implement other measures to promote business.

The presentation is available here.