Photo: Darya Tryfanana

The amount is almost identical in size to Finland! Green transition and digital transformation will be the target areas for investing these funds in Lithuania like in all EU member countries. The Lithuanian government will be implementing EU’s Economic Recovery and Resilience Facility (ERRF) effectively in the country.  This fiscal package is offering a major opportunity for Finnish businesses to join in and contribute to the Lithuanian development with Finnish knowhow in ICT, Cleantech and green technology sectors.

Save the date – September 8th!

Suomi – Liettua Kauppayhdistys (SULI – Finland-Lithuania Business Association), its counterpart FLCC in Lithuania and the Embassy of Lithuania in Helsinki will organize a webinar on the 8th of September 2021 to discuss the funds, how to apply funds and practical advice on these topics. The event will be steered by top experts from both Lithuania and Finland.

Lithuanian economy will grow fast in the coming years

Lithuania is the biggest economy of the Baltic countries. Lithuanian economy has been relatively resilient to the pandemic, namely GDP contraction in 2020 was one of the lowest in the EU – only 0.9 per cent according to the European Commission.    GDP is projected to grow by 2.9 – 3.9 per cent per annum in 2021 and 2022. Brisk demand and strengthening investment activities will support the recovery, as confidence improves with the rollout of vaccines.

44 percent of the population have received one dose and 32 per cent are fully vaccinated in June 2021. Every week there are fewer restrictions in Lithuania which is already open for vaccinated business travelers and tourists.  Lithuania accepts the EU Digital COVID Certificate.

The European Economic Recovery and Resilience Facility foresees grants of EUR 2,225 billion for Lithuania which will be used for seven pillars: green transition, digital transformation, health, social affairs, research and innovation, education, public governance. Green transition and digital transformation are the priorities of the entire European Union and Lithuania.

Finnish companies have solutions for Lithuanian companies and communities

Finland can offer effective solutions and technologies in energy, forestry, industry, and transport sectors and these can help Lithuania to achieve their green transition targets.  And obviously, being a global leader of digitalization, Finnish expertise and success can be interesting for Lithuania and Lithuanian companies.  For more information, please contact anne.hatanpaa@chamber.fi