08-04-2024

A. Armonaitė and former Italian Prime Minister E. Letta discuss improving the EU's business environment

Today, the Minister of the Economy and Innovation Aušrinė Armonaitė will meet with former Italian Prime Minister and economist Enrico Letta to discuss how to improve the functioning of the European Union's (EU) Single Market and the obstacles countries face in growing their businesses. The Minister will also be joined by Lithuanian business representatives.

"It is important to discuss improvements to the Single Market with our partner countries, while representing the interests of Lithuanian businesses. To remain competitive, we need to remove barriers that prevent businesses from growing and taking advantage of the green and digital transition. The EU currently accounts for 18% of global GDP, which shows that we are still not making the most of our economic potential, so we need to increase investment in technology and promote the transition to a climate-neutral economy," said the Minister of the Economy and Innovation A. Armonaitė. 

A. Armonaitė said that the focus should be on sectors with particularly high growth potential, such as digitalisation, biotechnology and financial technology. 

Lithuania also calls for facilitating the free movement of services within the EU, i.e. simplifying administrative procedures. Improving access to information and creating opportunities for retraining are also essential. 

One of Lithuania's key objectives is to ensure the growth of the defence industry. Lithuania already successfully supplies military equipment and more than half of its products and services to the markets of NATO and EU member states. Our country also has extensive experience in the development of dual-use technologies, including advanced laser technologies, the semiconductor industry and cybersecurity.

E. Letta is working for the European Commission on a report on the EU's internal market, the results of which will be relevant to the next European Commission as it plans major measures to improve the EU's internal market. 

The former Italian Prime Minister will also meet the Prime Minister Ingrida Šimonyte and visit the Presidency.