E. Grikšas urges M.Draghi to include Lithuania among Europe’s decision-makers on competitiveness
The Minister of the Economy and Innovation has approached the former President of the European Central Bank, Mario Draghi; the founder of Stripe, Patrick Collison; and the economist Luis Garicano. Together, they have established a new high-level initiative called the ‘Rhine Group’, which is dedicated to developing measures to strengthen European competitiveness. The group comprises leaders from the business, political, and academic communities, and aims to propose actionable solutions to promote economic growth, innovation, and productivity in Europe.
In his letter, the Minister expressed his support for the initiative, emphasising that Europe is currently facing fundamental economic and technological changes. This is why assessments of competitiveness challenges and tangible actions are both required.
According to the minister, Lithuania agrees with the Rhine Group's objectives and can contribute to them.
‘It is important to us that the contribution of small states to the European economy is recognised, as well as our flexibility, and that the specific characteristics of our region are taken into account when deciding on measures to promote the competitiveness of the EU economy. I welcome the idea of seeking solutions to strengthen Europe’s competitiveness and, in expressing my support, propose that Lithuania contribute its expertise to the Rhine Group’s agenda,” said E. Grikšas.
Over the past decade, the country’s economy has undergone a significant transformation: Lithuanian companies have strengthened their competitiveness and successfully expanded their operations in international markets. The minister noted that, since 2010, Lithuania’s overall economic growth has been the third highest among EU countries, reaching almost 70 per cent — the highest among Member States in the region. The latest competitiveness analysis carried out by the European Commission confirms this progress, identifying Lithuania as the Baltic country with the highest level of competitiveness convergence, particularly in the manufacturing sector.
The letter also highlights Lithuania’s progress in innovation. Since 2014, the value of the country’s start-up ecosystem has grown 39-fold to reach €16.4 billion by 2025.
The minister also noted that there are currently more than 1,100 start-ups operating in Lithuania and that six local unicorns have emerged in the country. The Lithuanian ecosystem has also contributed to the growth of several other international unicorns. According to global innovation indicators, the value of Lithuanian unicorns accounts for 9.55 per cent of the country’s gross domestic product — the highest figure in the world.
The minister highlighted the country's financial technology sector as one of its most striking success stories. With around 300 fintech companies and over 130 licensed electronic money and payment institutions operating within its borders, Lithuania has established one of the strongest fintech ecosystems in Europe.
The letter emphasises that Lithuania is consistently investing in boosting productivity, innovation, talent development, and the ability of European companies to grow on a global scale. The minister also noted that competitiveness would be one of the key priorities of Lithuania’s forthcoming presidency of the Council of the EU.
Building on this experience, the minister proposed to Mr Draghi that Lithuania be included in the activities of the ‘Rhine Group’ through a high-level Lithuanian representative. He believes that Lithuania’s experience in economic transformation, technology development and the growth of start-up ecosystems could offer valuable insights into shaping European competitiveness policy.