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Record number of foreign companies established in Lithuania in 2014

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Record number of foreign companies established in Lithuania in 2014 Empty Record number of foreign companies established in Lithuania in 2014

Post by asadkhan122002 on Thu Mar 26, 2015 5:09 pm

2014 proved to be a record year for Invest Lithuania, the nation’s foreign investment development agency, with 29 foreign companies deciding to establish or develop their businesses in Lithuania. Altogether almost 2,000 new jobs are planned over the next three years.

In comparison to 2013, 2014 saw an increase of one third in the number of new projects created, while the number of planned jobs rose by one fifth. Add to this the fact that the amount of capital investments (CAPEX) more than doubled; making 2014 the agency’s strongest year yet.
According to the Lithuanian Economy Minister Evaldas Gustas, Invest Lithuania is a sterling example of a public sector company: ‘Foreign companies attracted by Invest Lithuania in the last five years have already created more than 7,000 jobs. The outstanding results of the agency only prove its goal oriented approach, and increase it the effectiveness of its performance.’
Newly established workplaces generate more than EUR 11 million a year in the form of taxes

Total agency operation expenditures decreased by 11 % in 2014. According to calculations, each of the 1,860 jobs provided by the attracted companies will bring, on average, EUR 6,000 a year in social insurance and income taxes. This means that within a company’s first year of operation, the costs of the agency will be paid off more than six times through the provision of one job.

And it is not only favourable working conditions that these companies are providing to the domestic workforce, they are also offering higher than average wages: data of the Department of Statistics and Invest Lithuania show that the average wage in a foreign company operating in Lithuania is more than 34 % higher than the general wage in Lithuania.


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