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Ambition of the new Minister of Economy: Lithuania – start-up paradise

Ambition of the new Minister of Economy: Lithuania – start-up paradise

Minister of Economy Mr. Mindaugas Sinkevicius does not hide his ambitions. As the new minister noted in his interview for the News Portal 15min.lt, he will do everything that Lithuania would be not only Baltic, but also European start-up paradise.

He also pointed out that even though the fiscal environment should remain tough, money for areas that create long term value would still be found. „We will find money for things, which bring additional value. The state is capable to invest in what creates jobs, generates taxes”, – said Mr. Sinkevicius.

He also said in the editorial studio that he will promote foreign direct investment coming to Lithuania, will invite even giant companies.

Lithuanian start-up arena has been heating up in recent years. Friendly business environment, relatively low taxes, advanced IT infrastructure, favourable relocation conditions have mightily influenced the increasing number of start-ups, foreign investment and community events.

Lithuanian start-up arena has been heating up in recent years.

Few weeks ago the head of Bank of Lithuania Mr. Vidas Vasiliauskas stated, that Lithuania is being geared towards becoming an international centre for payment services and FinTech start-ups and implied that “this process is progressing rather well”.

Over the past years, Lithuania has made a considerable progress in creating a proper environment for the development of the Fintech industry in the country: simplified procedures for obtaining licences for the activities of e-money and payment institutions have been approved, legal acts regulating peer-to-peer lending platforms have been adopted, and the Law on Crowdfunding has been adopted as well.

Simplified procedures for obtaining licences for the activities of e-money and payment institutions have been approved, legal acts regulating peer-to-peer lending platforms have been adopted

“We indeed are putting a lot of investment into this area, we want our payment system to be based on the 24/7 model. We are already connecting payment institutions directly to Central Bank, rather than through a some kind of intermediate link, and of course, for us it is very important that a tablespoon of tar would not spoil a honey barrel”, – the head of Bank of Lithuania noted for the media.

The efforts of Lithuania to attract new investors to the country were already noticed in the international context. Prestigious business publication Forbes has newly ranked Lithuania 15th globally in its annual Best Countries for Business list. The Baltic country has climbed two places since last year and now sits above the likes of Switzerland, Germany, the USA and Israel.

Loreta Andziulytė