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Lithuanian stand at Web Summit for the first time

Date

2022 11 03

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Minister of the Economy and Innovation Aušrinė Armonaitė is attending one of the world's largest technology conferences "Web Summit" in Lisbon, Portugal, where for the first time a Lithuanian stand is being presented.

"We are focused on a high value-added economy, and the high-tech and innovative services sectors are growing very fast despite today's challenges. Therefore, Lithuania's achievements need to be more visible in the world, and it is a must for the country to present itself at such high-tech exhibitions," says Armonaitė.

The event, which this year attracted more than 70,000 participants from all over the world, is particularly popular among start-ups, investors and business representatives. For the first time, Lithuania's innovation ecosystem and the achievements of the country's companies are presented at the Lithuanian national stand organised by the public institution Innovation Agency.

A. Armonaitė, who has been invited to speak at the conference, stresses that in the face of current challenges, Europe as a whole needs to look for ways to stimulate the growth and development of innovative companies and to ensure the right conditions for their development - a favourable business environment, talent supply and targeted support measures. Lithuania has allocated more than EUR 500 million over several years to promote innovation.

The Minister will discuss the development of the start-up ecosystem with business representatives from Portugal and other countries, as well as meetings with António Costa Silva, Portugal's Minister for Economic and Maritime Affairs.

The aim is for the life sciences industry to account for 5% of GDP by 2030, i.e. a five-fold increase, making Lithuania one of the world leaders in this area. Lithuania has also set a target to triple the sales, exports and investment attracted by start-ups by 2030, and has ambitions for its space sector to account for around 1% of its GDP in five years' time. Currently, the figure is 0.1%.