EIMIN: Lithuanians abroad contribute to Lithuania's efforts to attract investors
The Lithuanian diaspora is increasingly contributing to promoting the Lithuanian name and attracting foreign investment, talent and exports to the country. To support this process, the Ministry of the Economy and Innovation (EIMIN) has developed a special tool to accelerate the implementation of diaspora projects abroad and strengthen the country's competitiveness. Last year, similar projects were implemented in Latvia, the Netherlands, the UK, Norway and Spain, and this year they will be extended beyond Europe.
"There are Lithuanians all over the world. We want to unite them around a common goal - to promote Lithuania and investment opportunities more actively. That is why we are developing various measures to give foreign Lithuanians the opportunity to engage in joint projects with Lithuanian companies, to use their knowledge and contacts to increase Lithuania's competitiveness. Already, Lithuanians and professional clubs from all over the world have joined the projects," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
Over two years, EIMIN has provided almost €90,000 for project activities aimed at attracting investment and talent to Lithuania, promoting exports and inbound tourism. The initiative will be repeated next year.
"We fund projects of diaspora professional clubs and other organisations that help attract investment and talent to Lithuania, expand export markets and increase inbound tourism. We give priority to events organised in priority sectors such as information and communication technologies, life sciences and engineering," says Neringa Morozaitė-Rasmussen, Vice-Minister of the Economy and Innovation.
Last year, 5 Lithuanian diaspora organisations participated in the competition and implemented economic diplomacy projects. EIMIN funded an event to present Lithuania's investment environment to Dutch business executives, a presentation of Lithuania's fintech sector and opportunities to UK companies and investors, and a project on digitalisation in life sciences with international partners.
In addition, the geographical scope of the projects has expanded this year, with two of the seven projects being implemented in the US and Canada. The Lithuanian business event in North America, known as the NALB Forum, was also organised, during which Lithuanian companies participated in educational seminars on market entry, a presentation of the Lithuanian venture capital ecosystem was made to US investors, the Lithuanian investment environment was presented, and opportunities to invest in start-ups in Lithuania were showcased.
Also this year, a career fair was organised in the UK to attract talent to Lithuania. The aim of the event was to encourage young people from the Lithuanian diaspora to return to work in Lithuania after completing their studies abroad, to introduce young people from the Lithuanian diaspora to the most promising companies and organisations operating in Lithuania, to introduce them to the process of returning to Lithuania and to help them make contacts with potential employers and colleagues.
The network of commercial attachés around the world, which EIMIN has expanded to a team of 22 commercial attachés and sales representatives, also works with diaspora organisations. One of the eligibility criteria for projects is active cooperation with a diplomatic mission and a commercial attaché.