Despite the global challenges, Lithuania managed to attract a record amount of foreign direct investments (FDI) in 2022. 57 projects were agreed upon which are expected to create more than 5,000 jobs and attract EUR 134.5 million of investments in fixed assets over three years. 30 new companies are entering Lithuania and 27 existing companies have confirmed expansion plans.
Elijus Čivilis, the CEO of Invest Lithuania, says that due to the difficult circumstances of the past year, it was necessary to find new solutions.
Lithuania’s technology sector continues to grow the fastest
This year has been particularly significant for the technology sector, with as many as 34 projects agreed upon. Software development, financial technology and gaming industries dominate the sector. Lithuania has been selected by 21 new technology companies, including Raydiant, a US artificial intelligence management platform, birkle IT, an international IT consultancy and software development company, GOD, a German IT veteran, and Blis Digital, a Dutch software development company.
The other 13 projects are the plans to expand by companies that are already established in Lithuania: technology company Nortal plans to make its Lithuanian office one of the most strategically important for the group, Dutch financial technology company Hyarchis, which has been operating in Kaunas, has opened a second office in Vilnius, payment processing solutions company Paystrax is also planning to grow its team, and Norwegian weather forecasting service provider StormGeo will strengthen its presence in Vilnius
Unfading trust in Lithuania’s business services sector
Lithuania’s business services industry, which has been growing steadily for years, has remained attractive to international companies this year as well. Companies attracted to Lithuania in 2022 plan to create at least 2,000 jobs. The attractiveness of Lithuania’s business services sector in the region is also reflected by the record number of wins at the Central and Eastern European Business Services Awards.
Leading European kitchen furniture manufacturer Nobia, British roofing manufacturer BMI Group and international healthcare company Mediq have selected Lithuania for their multifunctional competence centres. The centre of Mediq to be established in Lithuania will oversee the company’s business units in Scandinavia.
Yara and Notified, a global provider of digital communications technology services, have announced their expansion plans in Vilnius. The former one plans to employ 130 finance professionals, whereas the latter is planning to hire several hundred new employees.
Expansion of manufacturing veterans
Manufacturing projects approved in 2022 are expected to create over 1,200 jobs. 4 new companies have entered Lithuania: Pon.Bike, a world leader in the bicycle industry, will build a factory in Kėdainiai that will create up to 500 jobs. Finnish interior construction company Maler Oy will also set up in Kėdainiai, fasteners manufacturer Dokka Fasteners will build a factory in Klaipėda, and sound systems manufacturer Amina will set up a research and development base in Kaunas.
This year, Lithuania has been selected for expansion by the country’s manufacturing sector veterans. Ryanair announced plans to build two aircraft maintenance hangars in Kaunas, window and door manufacturer Dovista continues to invest in a factory in Marijampolė Free Economic Zone, Norwegian sheet metal products manufacturer Stansefabrikken will expand in Ukmergė, and PKC Group, which has been operating in Panevėžys since 2014, is opening a new factory in Klaipėda.
Education and talent pool remain the most pressing issue
The pool of highly skilled talent remains a key element to ensure long-term economic growth and attract international companies. “For multinationals, the key location needs depend on the specifics of their business: for some, it is infrastructure, access to export markets, or supply of office space. However, almost all high value-added companies will confirm that the availability of skilled labour is one of the key criteria when choosing a location. Lithuanian talent is highly valued, but it is already critical for us to have as many Industry 4.0, fintech and IT experts as possible: data analysts, AI and cybersecurity specialists, programmers and testers,” said Mr Čivilis.