Four Legislative Projects Submitted to the Seimas to Promote Economic Growth
Minister of Economy and Innovation Edvinas Grikšas (the Ministry of the Economy and Innovation, EIMIN) has submitted four draft legislative amendments to the Seimas aimed at improving Lithuania’s investment environment, strengthening the data economy, and expanding capital market opportunities. During its spring session, the Seimas agreed to consider amendments to the Law on Investment and the Law on Land, the implementation of the EU Data Act, and amendments to the Law on Companies.
“We are initiating changes that will strengthen the competitiveness of Lithuania’s economy, with some of the most important developments related to the amendments to the Law on Investment and the Law on Land. These changes will create more flexible conditions for attracting major Lithuanian and foreign investors, accelerate the implementation of investment projects, and create opportunities for high value-added jobs. We have also submitted amendments implementing the EU Data Act, which will contribute to the development of innovation and the strengthening of the data economy, as well as amendments to the Law on Companies, which will help create a more modern and business-friendly capital market environment,” says Minister of Economy and Innovation Edvinas Grikšas.
The amendments to the Law on Investment and the Law on Land aim to create more flexible conditions for very large investors (those investing more than EUR 250 million, or EUR 20 million in the regions), accelerate the implementation of investment projects, and strengthen the regions’ potential to attract investment. The proposal would allow major investors to lease not only state-owned land, but also land managed by state-owned companies without an auction.
The national draft law prepared on the basis of the EU Data Act and submitted to the Seimas for consideration will ensure the alignment of national legislation with the EU Data Act and the proper implementation of rules regarding the use of data generated by internet-connected devices. This will create better conditions for innovation, the development of the data economy, and the competitiveness of small and medium-sized enterprises.
Amendments to the Law on Companies have also been submitted, proposing the introduction of multiple-vote shares in Lithuania. This would allow companies to attract investment more easily while enabling key shareholders to retain decision-making control. These changes are expected to strengthen the capital market environment and improve opportunities for business growth.
These legislative initiatives proposed by the Ministry of the Economy and Innovation will contribute to the implementation of Lithuania’s economic transformation plan “3i”. The plan focuses on strengthening investment and innovation in order to accelerate the growth of a high value-added economy. One of the key objectives is to ensure that at least 30 percent of investments reach Lithuania’s regions, creating new jobs and increasing economic activity throughout the country.