EIMIN: Large project contracts attracted almost half a billion euros of investment to Lithuania

In almost four years, large investment project contracts concluded by the Ministry of the Economy and Innovation (EIMIN) in Lithuania have already helped to create around 650 jobs and attract EUR 462.2 million of investment. EIMIN continues to make significant changes to attract more investors creating added value to the country.

“We have adopted important changes and from today investors will be able to physically apply for large investment projects according to the new criteria. Exclusive businesses that create fewer jobs but focus on highly skilled professionals and plan large investments will also have the opportunity to qualify for the status of a large investment project,” said Aušrinė Armonaitė, Minister of the Economy and Innovation.

Under the new requirements, a large company will have to create between 20 and 149 new jobs, or between 20 and 199 jobs if the investment is made in Vilnius, and ensure that the salaries of the 20 new jobs created by the investment project are at least 1.25 times the average salary of the municipality in which the investment is made. The minimum investment in Vilnius will have to be EUR 30 million, while in other municipalities it will have to comprise EUR 20 million. These amendments were approved by the Seimas in December last year.  

“We are consistently facilitating the conditions for the implementation of large investment projects in Lithuania, which help strengthen the country’s regions and Lithuania’s economic competitiveness. This year, we have shortened the timeframe for project implementation to six months for those projects that are designed to meet urgent state and security needs. Until now, the process would take around 2 to 2.5 years,” said Karolis Žemaitis, Vice-Minister of the Economy and Innovation. 

Since the launch of the green corridor initiative, EIMIN has already signed 17 contracts for large investment projects. They will create more than 4,600 jobs and attract more than EUR 1.49 billion in investment.

The green corridor initiative, developed by the Ministry of the Economy and Innovation and launched in 2021, makes it much easier and faster to get started, while also granting the status of a project of national importance and a 0% corporate tax rate for up to 20 years. 

Last updated: 09-09-2024

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