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2012 10 17
State-owned enterprises pay dividends according to the plan

In the first half of 2012, UAB Visagino Atominė Elektrinė (VAE) paid the dividends of LTL 275 million to the national budget. Before 1 October, the total dividends assigned by the state-owned enterprises (SOEs) reached LTL 488 million. Following the Government Resolution, the expected profit contribution of LTL 34 million still has to be allotted by VĮ Klaipėda State Seaport Authority.

2012 09 27
EUR 100 million Baltic Innovation Fund is launched to benefit SMEs

A new and innovative investment initiative dedicated to boosting equity investments made into Baltic enterprises has today been launched by the European Investment Fund (EIF) and Lithuania, Latvia and Estonia. The Baltic Innovation Fund will invest EUR 100 million into private equity and venture capital funds focussed on the Baltic States over the next four years through a ‘fund of funds’ process to further developing equity investment into Small and Medium sized enterprises (SMEs)  to boost growth.

2012 09 21
Innovation development: new tendering procedure for financial intermediary

UAB “Investicijų ir verslo garantijos” (hereinafter “INVEGA”) has launched a tendering procedure for the selection of the financial intermediary in order to promote commercialisation of ideas generated in education institutions and implement a risk capital measure entitled Creative Innovation Development (CID).

2012 09 07
Lithuania offering China gateway to Western markets

On 5 September 2012, Minister of Economy Rimantas Žylius, who is visiting China with a working visit, met with Vice-Governor of the Shandong Province Xie Geng. In the meeting, commercial-economic cooperation possibilities between Lithuania and the Shandong Province which has a population of 96 million inhabitants were discussed.

2012 08 17
Tenders announced to select five managers of FEZs

The Ministry of Economy invites companies and individuals to participate in international tenders aimed to develop the best business plans for the Akmenė, Kėdainiai, Marijampolė, Panevėžys and Šiauliai free economic zones (FEZ) as well as to select the groups of founders in the zones.

2012 07 31
Two Initiatives Promoting Lithuanian Business Nominated for European Entrepreneurship Awards

The Ministry of Economy nominated the project “Gates: Corporate Social and Environmental Business Innovations” implemented under the United Nations Development Programme in Lithuania and the project “Centre of Competitiveness” implemented by the public institution Enterprise Lithuania for the European Entrepreneurship Awards. These projects will compete with projects of other European countries for the award.

2012 07 25
State-owned enterprises earned LTL 102 million of profit during the first quarter of 2012

Revenues of state-owned enterprises (SOEs) portfolio increased by 1.7 percent (to LTL 1 667 million) during the first quarter of 2012 compared to the corresponding period of the previous year. Companies in energy sector experienced the sharpest growth of revenues (4.7 percent) while sales of forest sector companies decreased the most – by 8 percent.

2012 07 03
Profit of SOEs soared 3.5 times in 2011

The results of state-owned enterprises (SOEs) keep improving: the net profit of SOEs (including special taxes to the State) amounted to LTL 246.6 million in 2011, which was 3.5 times more than the previous year (this sum excludes losses of LTL 182 million due to the bankruptcy of the Bank Snoras).

2012 07 02
Advisory Panel to ensure continued reform of SOEs

Following the decree of the Prime Minister and seeking to ensure continuity and transparency of the reform of state-owned enterprises (SOEs) a panel, which includes representatives from the public and which will be headed by Arūnas Šikšta, the CEO of AB TEO LT, has been established today. The panel members will supervise the reform of SOEs and share their experience by making proposals and recommendations on further steps of the reform.

2012 06 11
Crucial step made in reforming SOEs

On 6 June 2012, the Government adopted the resolution, drafted by the Ministry of Economy, to approve the Guidelines for Implementation of Right of Ownership (Ownership Guidelines).

2012 04 27
Payments from the Guarantee Fund to reach employees of the bankrupt companies five times faster

The fivefold increased working efficiency of the Guarantee Fund administrator is acknowledged one of the best success stories of recent years among the projects implemented in the public sector. With improved quality of the working processes and no increase in the number of staff members, no extra funding and negative effects on the checking quality the success story of the Guarantee Fund has received international response and recognition – the Ministry of Economy has been invited to present the success of the project in the TOCICO Conference in Chicago.  

2012 04 18
More control questionnaires to facilitate business

Since 12 April 2012, business control agencies use 39 control questionnaires in 17 areas when they carry out inspections. Control questionnaires have already been used in 23% of all inspections performed.  

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