EIMIN: Even More Attractive Conditions Being Created for Major Investors
The Ministry of the Economy and Innovation (EIMIN) is improving conditions for major investors and creating more favourable conditions for large-scale project implementation in the country. On Wednesday, the government also approved the draft amendments to the Investment and Land Laws proposed by EIMIN.
'These amendments will enable Lithuania to offer investors greater flexibility and accelerate the investment process. We will help investors launch their operations more quickly, making Lithuania an even more attractive choice for them. At the same time, this means that the state will also reap the direct benefits sooner — through future investments, job creation, and taxes collected for the budget,' says the Minister of the Economy and Innovation, Edvinas Grikšas.
The Ministry proposes that the state should be able to encourage large-scale private investment not only through state funds, but also by utilising state-owned land. Additionally, large investors will be permitted to lease state-owned land and land belonging to state-controlled companies without an auction or tender. If necessary, they will also be able to transfer ownership of such land if it can be used to effectively attract new large-scale investments.
These legislative amendments will directly contribute to the implementation of Lithuania’s economic transformation plan, '3i'. They reinforce the investment strategy by creating more favourable conditions for attracting large-scale projects, thereby promoting an innovation-driven, high-value-added economy.
The '3i' plan stipulates that at least 30 per cent of investments should reach Lithuania’s regions.
'In the projects approved by the government, we also foresee more opportunities for municipalities to actively compete for investments in the regions. By creating more favourable conditions for investors to establish themselves outside major cities, we aim to ensure that economic growth is balanced across Lithuania as a whole, so that high-value jobs and investments reach not only major centres, but also the regions,' says E. Grikšas.
It is estimated that a single large investment project can, on average, create hundreds of jobs and generate significant added value for the economy. Therefore, it is expected that the proposed amendments to the laws will have a positive long-term impact on investment attraction and the country's overall economic growth.
The draft amendments to the Investment and Land Laws still need to be approved by the Seimas.