The name of the Ministry of Economy changed to the Ministry of the Economy and Innovation

Date

2019 01 01

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From January 2019, the Ministry of Economy has changed its name and, following a reorganization, is called the Ministry of the Economy and Innovation now.

This change is aimed to develop a modern approach of the State and to draw attention to a modern regulation of economic processes, in particular, to innovation, which constitute an important basis for economic growth at national level. Last year, the Ministry became the sole innovation policy maker at national level covering the policy of the digital economy and the consolidation of the national information resources. In addition, the new name will better represent the scope, nature and main objectives of the Ministry’s activities and will be more comprehensible to the international community. 

‘The role and structure of the Ministry did not respond to the challenges of the modern economy and, therefore, a reorganisation within the Ministry was aimed to strengthen the areas that must become an engine for the national economy in the near future, including innovation, the digital economy, industry, exports and investment. In view of these processes, the change of the Ministry’s name does not of course mean the most important step forward, but it nevertheless reflects the Ministry’s transformation into a modern administration body and more accurately reflects the spheres of public administration within the scope of the Ministry’s competences,’ says Minister of the Economy and Innovation Virginijus Sinkevičius.

The Seimas adopted the amendments to the Law on the Government, which provide for changing the name of the Ministry of Economy to the Ministry of the Economy and Innovation in October last year.