Minister Sinkevičius: US investors trust Lithuania and we have to take advantage of this

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2018 04 04

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Despite its global decline direct investment from the US keeps consistently growing in Lithuania. Minister of Economy Virginijus Sinkevičius, who is visiting Washington this week, is introducing Lithuania’s investment environment and  the country’s contribution to success stories of US companies  in their global operation chains in bilateral discussions, meetings with US representatives, business consultants and analysts.

‘The spirit of innovation which was brought to Lithuania by US companies like Western Union, the Nasdaq Intermedix, Revel Systems and others has encouraged Lithuanian companies to offer their own solutions and products to US companies, to accelerate innovation and increase exports to the US market. The meetings and positive US business attitude towards Lithuania means that we need to continue raising awareness about Lithuania and the business environment in Lithuania’, said the Minister Virginijus Sinkevičius.

According to Minister of Economy Sinkevičius high cooperation potential is visible in the field of innovation and technology: two thirds of US investment in Lithuania go to companies operating in the field of information technology, service centres, financial services, while the US is the second largest market for Lithuania’s high technology industry. Last year, exports to the US of high value added products made the sum of EUR 84,1 million, which corresponds to 9.4 per cent of all exports of Lithuanian high-tech goods. Compared to 2016, the value of these product exports almost doubled.

The number of US-based FDI projects is decreasing around the world but the number of US projects is growing in Lithuania. The US was the leading investor in Lithuania in 2010–2017 both in terms of foreign direct investment projects and jobs created. ‘It is obvious that US investors are confidence about the Lithuanian business environment, staff qualifications and partnerships with our universities. We need to make use of this’, said Mr Sinkevičius.

Following the data of Statistics Lithuania, at the end of the third quarter of 2017, US direct investment in Lithuania amounted to EUR 250,9 million (1.7 per cent of the total foreign direct investment in Lithuania).

Over the past years,  Virtustream, which is a Google cloud computing giant and Nasdaq, an international financial technology company, have set up their units in Lithuania. American companies like Hollister, manufacturing healthcare products,  Harbourtouch, offering IT solutions, Arxan Technologies, specialising in cyber security, have entered the market of Lithuania.  Intemedix, which is a health services and technology company, and health insurance company Michigan Delivery Systems and Support are also interested in development possibilities in Lithuania.