6 million to attract foreign direct investment


2024 02 12

TUI Invest fofo.jpg

The Ministry of the Economy and Innovation is launching a €6 million call to attract foreign investors to carry out research and experimental development (R&D) activities in Central and Western Lithuania.

"Last year we achieved excellent results in foreign direct investment in Lithuania: 53 projects were approved, more than 4,000 jobs are expected to be created in three years, and around €207 million will be invested in fixed assets. 25 new international companies are entering Lithuania and 28 companies already operating in the country have approved development plans. The results show that we are on the right track in increasing foreign direct investment (FDI) so that it becomes a long-term strategic direction for a progressive Lithuania," said Aušrinė Armonaitė, Minister of the Economy and Innovation.

"According to Invest Lithuania, 157 investment projects have been attracted in the last three years until 2021, which are expected to create more than 14,000 jobs. The amount of investments over the three years amounts to EUR 516 million.

"To be globally competitive, we need to increase investment in research and experimental development. One way to do this is to attract foreign investors to contribute by developing innovative products and services in our country. Therefore, this call will promote research and experimental development and cooperation, as well as technology transfer between large and micro, small and medium-sized enterprises active in technology and innovation. We will use foreign investors for this purpose", says Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.

Under the TUI Invest facility, foreign investors that are micro, small and medium-sized enterprises (SMEs) and large enterprises that cooperate with SMEs can apply for funding.

The maximum amount of funding per project is €2 million. 

Project implementation plans can be submitted to the Public Innovation Agency until 31 May 2024.  

The full terms and conditions of the call are available on the European Union Investment website.

This year, the Ministry of the Economy and Innovation plans to launch calls worth around €500 million.

In 2023, the Ministry of the Economy and Innovation has launched calls for more than €957.5 million, for which almost 3,000 companies and institutions have applied.

In 2023, 30 calls have been launched in the area of business, innovation and investment, worth €341.6 million. 

TUI Invest facility  is implemented within the framework of the Investment Programme for European Union Funds for the period 2021-2027.