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Aušrinė Armonaitė urged US businesses to invest more in Lithuania

Date

2022 06 23

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Minister of the Economy and Innovation Aušrinė Armonaitė met with representatives of the American-Lithuanian Business Council (ALBC) mission and discussed how to further promote mutual trade and economic relations and improve the investment climate in Lithuania. They also discussed China's actions towards Lithuania and the possible impact of the war in Ukraine on the country's economy.  

"Lithuania considers the US as a strategic partner in all economic spheres and is very interested in strengthening even closer economic ties, especially in the wake of China's suspension of trade with Lithuania. It is encouraging that the number of US companies settling in Lithuania is growing every year, not only investing and creating jobs in our country, but also sending a positive message about the investment climate in our country. Only during last year, Lithuania attracted 12 new investment projects from the US. To compete even more successfully in the European and global markets, we need to pay even more attention to developing a skilled workforce and talent, improving the investment climate and labour relations," says Minister of the Economy and Innovation A. Armonaitė. 

According to the Minister, the COVID-19 pandemic is likely to negatively affect the already almost established business trends in the world - globalisation, automation and sustainability. Therefore, strategic changes are needed to ensure that the Lithuanian economy remains competitive.  

"Several strategic actions are needed. These include the technological renewal and reorientation of Lithuanian companies towards the creation of high added value, as well as the creation of a more efficient innovation ecosystem in Lithuania, the digitalisation of public services and the creation of a transparent and clear business environment. We are focusing on investments in Lithuania's information, communications and financial technology sectors and on attracting investor funds in manufacturing and life sciences. The contribution of US investors and businesses is important to these processes," says Ms Armonaitė. 

This year's US business mission to Lithuania includes representatives of Northrop Grumman, Jacobs, Oshkosh Defense, Palo Alto Networks, Strategic Staffing Solutions, Medtronic, Thermo Fisher Scientific, Citi, Lockheed Martin and MSD. 

The American-Lithuanian Business Council, established in 2013, promotes mutual business relations, provides American entrepreneurs and representatives of the Lithuanian and U.S. governments with the opportunity to protect their interests in investment and trade development.  

The US is a very important trading partner of Lithuania and ranks 6th in terms of trade turnover among Lithuania's 210 trading partners, with the two countries trading more than USD 3.1 billion in goods in 2021. The US is the 12th largest investor in Lithuania and the 2nd largest non-European investor.