Finance

Lithuania’s business people are discovering new markets not only in Asia but also in a distant continent of Africa. Lithuanians intend to build bridges, apartment houses, engage in other projects in Nigeria, one of the largest African states. Lithuanian builders and designers can already be seen in Nigeria. The country that is rich in oil attracts business people from all over the world by its prospects. When Chuka Odom, Minister of State for the Federal Capital Territory (FCT) of Abuja, the capital city of Nigeria, arrived in Vilnius in May, he said that Lithuanians should not miss the opportunity to break into the market of the developing country.

Lithuania is a transit country. This is determined by a favourable geographical position and Lithuania’s effort to rapidly develop its road infrastructure, to modernise Klaipėda Seaport, and airports in Vilnius, Kaunas and Palanga. Tremendous work is being carried out on Lithuanian railways. The Minister of Transport and Communications of the Republic of Lithuania, Eligijus Masiulis, answers the questions put to him by the Made in Lithuania about the prospects of Lithuania as a transit country.

If you plan to start business in the Baltic States, Central and Eastern Europe, Lithuania’s exhibition and congress centre Litexpo is an ideal place to make the first step. Litexpo has the most modern exposition and conference spaces and attracts the most important exhibitions of the Baltic region. Upon arriving at Litexpo you will find yourself among the leaders.

Several years ago commercial banks in Lithuania did not trust farmers. The conviction that agriculture was the most risky branch of economy prevailed; therefore it was not worth paying attention to. Statistics, however, show that the amount of loans granted to Lithuania’s agriculture is rapidly ...

Commerzbank, Germany’s second largest bank, presented Ūkio bankas with the STP award. It is awarded for the excellent quality in processing international payment orders. Ūkio bankas was evaluated by this award together with other world’s banks that make international payments through one ...

Seimas of the Republic of Lithuania has approved the adjusted State and municipal budgets for 2009. Having regard to macroeconomic projections, where a greater economic recession than expected is envisaged, total reduction in expenditure on all the budgets (State, municipal, Sodra and CHIF budgets) is ...

Minister of Finance Algirdas Šemeta and Vice-President of the European Investment Bank (EIB) Eva Srejber have signed the Finance Contract regarding the long-term loan in the amount of EUR 1.132 billion (LTL 3.9 billion) designed for co-financing investment projects by the EU Structural Funds.   “By ...

Within January-February of this year, the revenue from excise duties on alcoholic beverages collected to the state budget totals 112.1 million litas, i.e. by 64.7 million litas, or 36.6 percent less than it was during January-February 2008. However, comparison of revenue from excise duties on alcoholic ...

The Government approved the Economy Stimulation Plan (ESP) prepared by the Ministry of Economy providing for 5.7 billion litas support for business. The Plan is expected to slow down the decline in the Lithuanian economy and help to preserve businesses and jobs. Within two weeks, a detailed list of the ...

The Minister of Economy Dainius Kreivys by his order designated 8 million litas for funding of the two state-planned projects, intended to stimulate the competitiveness of enterprises. These projects will be implemented from the 2007-2013 EU structural support funds according to the Facility ‘Assistant-3’ ...

According to the data from the Ministry of Finance, during January and February the state budget collected 2 billion 441.8 million litas of revenue, and the forecast was 2 billion 822.9 million litas. During January and February 2009 the state budget revenue was 381.1 million litas, or 13.5 percent less ...

After the country’s economic situation had worsened, problems and shortcomings of the tax system of Lithuania came to light. At the present time enterprises are faced not only with faint possibilities of borrowing from banks, growing debts that enterprises owe one another and other problems related ...