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A. Armonaitė: "With Finland and Sweden becoming NATO members, it will be even safer to invest in Lithuania"

Date

2022 07 20

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The completion of the procedures for Sweden and Finland's accession to the North Atlantic Treaty Organisation (NATO) will considerably increase security in the entire Baltic region, and will invite existing and potential investors to expand their operations in Lithuania even further. Our country is already attracting an increasing number of investment projects from different countries, contributing to more sustainable growth and helping Lithuania to strengthen its global position.

"The countries that have decided to join NATO are not joining as security consumers, but rather as suppliers with modern and well-organised military forces, which will significantly increase security in the whole Baltic Sea region. At the same time, Lithuania will become an even safer country for investment than it was before. The amount of foreign direct investment attracted by the State in the first half of this year alone amounted to more than €252 million and we have ambitious plans to increase these figures in the future," said Aušrinė Armonaitė, the Minister of the Economy and Innovation.

Today, the Seimas ratified the Protocols to the North Atlantic Treaty on the accession of the Kingdom of Sweden and the Republic of Finland to NATO, signed in Brussels on 5 July 2022. Once these countries have expressed their will to join NATO and the first stages of the process have been successfully completed, the ratification of the protocol will be subject to the ratification of the parliaments of all 30 member countries of the Alliance.

Despite the current difficult geopolitical situation in Europe, Lithuania remains attractive to foreign investors. In the first half of this year alone, 15 new foreign investors came to Lithuania, with 16 more promising to expand. It is estimated that this will create more than 3,000 jobs.

Throughout 2021, Public Institution Invest in Lithuania has approved 49 foreign direct investment (FDI) projects - 4 more than the best result so far (2019).  Another 22 companies already operating in Lithuania approved expansion projects last year.