The Lithuanian Parliament (Seimas) has established an “Investment Highway” which seeks to make the country one of the most investor-friendly nations in the region.
The policy is being pursued by the Ministry of Economy and Innovation (EIMIN).
As of today, all inbound investments into the country will be tracked by a publicly accessible investment calculator on the ministry’s website. The goal is to enable at least €10 billion in investments by 2030.
Lukas Savickas, Minister of Economy and Innovation, said they want Lithuania to become a more advanced economy where major projects are launched within a few months. They also want to contribute further to defense spending.
Part of the goal is to eliminate or reduce bureaucratic red tape that can delay projects. Reportedly, in some cases, permitting can take up to three years.
The Investment Highway model adopted by Seimas aims to ensure faster decisions.
Corporate taxes are expected to be updated to increase incentives once a projects goals are acheived.
The national investment agency “Invest Lithuania” will become the main coordinator for large-scale projects.
The legislative amendments will take effect on November 1 of this year.