About Lithuania

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Lithuania – the country on the eastern coast of Baltic Sea, became the member of European Union in 2004 and since that time yearly shows high indexes of economic and social development.

Economy of Lithuania is considered one of the most developed among Central and Eastern European countries. It is situated on the cross of transport and trade ways in the center of European continent. The provement is the fact that the geographical center of Europe is located only 24 km away from the capital of Lithuanian Republic – Vilnius.

On the West Lithuania has access to the Baltic sea, where in Klaipeda large port with contemporary container terminal is situated and where the goods come not only from all the European countries but from all over the world. And developed road infrastructure gives the possibilities for transporting goods to other cities of Lithuania or to other countries, including those that are not in the European Union.

The Lithuanian government is interested in foreign investment and is loyal to all investors, giving guarantee of freedom and stable law system for them. A

One of the main purposes of Lithuania – to become the most important innovative center of Baltic region till 2020 year. And the membership in such world organizations as UN (since September 1991), EU (since 1 May 2004), The North Atlantic Alliance (since 29 May 2004) and WTO (2001 year) created the background for the rapid development of different sectors of the economy, economic restrictions removal and GDP growth.

5Moreover, since 2008 after Shengen agreement joining, Lithuanian citizens got the possibility to move to any country of this agreement without any restrictions. This allowed also to eliminate barriers for opening and doing business in Lithuania and simplified for companies to expand to other European countries. Loyal tax system in Lithuania gave the possibilities for faster development, paying less to the budget but using the profits for its expansion and opening new markets.

According to the European Commission forecast, it is assumed the GDP growth in the end of 2013 to be 3,1 %, while in 2014 – 3,6 %. The main strategic sectors of economy will be energy, metal and wood processing, construction, production of construction materials, transport and logistics, gas supply, food production and agriculture.

Useful links

 

The Ministry of Economy in Lithuania – www.ukmin.lt

The Bank of Lithuania – www.lb.lt

Department of Statistics – www.stat.gov.lt

Association of Lithuanian Chambers of Commerce, Industry and Crafts – www.chambers.lt

Confederation of Lithuanian Industrialists – www.lpk.lt


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