According to statisticians, Lithuanian business, which employs over 1.112 million people, accounts for about 74% of the country’s gross added value.

On the occasion of the 16th Business Day, the Lithuanian Business Support Agency (LBSA) congratulates its existing and potential partners who are seeking EU funding for advanced projects, to successfully implement them and in this way create added value.

‘Our clients – small, medium and large businesses – do not allow us to break away from practical things, and encourage us to learn to be a fast and efficient partner responsive to productivity and change. We can see from the projects where they are moving, how their needs are changing, therefore being on that path as their advisor and facilitator, we are interested in the success of the business’, says Aurimas Želvys, Director of the LBSA.

According to Želvys, by assisting in the implementation of the EU-funded projects, the LBSA aims to create the capacity for Lithuanian business to be global, competitive and innovative, and to prove itself time and again to be a reliable and professional project management business service centre, whose solutions directly contribute to the Lithuanian economy.

Assistance increases the number of applications

In the 2014−2020 EU financial period, the LBSA received 7,951 applications under the calls for proposals and concluded 3,377 contracts with project promoters. A number of promoters have implemented or are continuing two or more projects.

Based on the Agency’s data, 1,600 business projects have been completed today and another 1,700 are being implemented. Over 1,000 new contracts are expected to be awarded early next year under the ‘Creative Vouchers’ (Kūrybinių čekių), ‘SmartInvest LT+’ and ‘E-Commerce’ (E. komercija) measures, for which a record number of applications have been submitted and are now under intense evaluation.

Želvys notes that for each call, the Agency organises training for business representatives and potential applicants to help them in preparing to apply for EU funding.

This year, remote seminars on EU investment opportunities and prospects for the next financial period were held in all regions of Lithuania together with regional Chambers of Commerce, Industry and Crafts and Regional Development Councils.

One company per ten inhabitants

In the light of discussions in the public space about whether Lithuanians are entrepreneurial, the Lithuanian Statistics Department advises some relevant statistics.

In 2020, there were 278,600 non-financial businesses in the country. Of these, 9,510 were sole proprietorships and 185,824 were natural persons engaged in individual activities. According to the statistics, there is one enterprise per ten inhabitants of Lithuania.

The country is dominated by small enterprises with up to nine employees. In 2020, there were 263,583 such companies. Only 386 companies had more than 250 employees last year.

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