Reference rates23.04.2018 / 1.2238 / 7.7208
Lithuania is a country in Northern Europe. One of the three Baltic States, it is situated along the southeastern shore of the Baltic Sea, to the east of Sweden and Denmark. It is bordered by Latvia to the north, Belarus to the east and south, Poland to the south, and Kaliningrad Oblast (a Russian exclave) to the southwest. Lithuania has an estimated population of 2.89 million people as of 2016, and its capital and largest city is Vilnius.
Lithuania is a member of the European Union, the Council of Europe, a full member of the Schengen Agreement. It is also a member of the Nordic Investment Bank, and part of Nordic-Baltic cooperation of Northern European countries.
Lithuania is among the top five EU countries with the highest ratio of young people (data of 2013). Over the last twenty years, Lithuania has invested heavily in its people to create a top talent pool that speaks fluent business. Lithuania has the leading upload broadband speed in the EU and 5th highest worldwide, and with fibre-to-home penetration that is 1st in the EU, it makes a perfect location for businesses that need to be globally connected 24/7. In 2014 Lithuania was voted 4th globally for fulfilling business requirements for ICT in the World Competitiveness Yearbook. As far as cost competitiveness is concerned, Lithuania offers some of the lowest broadband costs in the CEE region.
Positioned at the heart of Europe, Lithuania is only 3 hours or less by air from all the major European capitals, and its two main airports, in Vilnius and Kaunas, offer regular direct or connecting flights to the world’s major business destinations.
With labour costs four times lower than the EU average, Lithuania offers the best staff for less. On top of that, office rentals are some of the lowest in the region, suggesting that Lithuania can provide a truly cost competitive environment for business growth.
Lithuania has gone up by eight slots since 2013 in the rankings on the ease of starting a business to 11th place in the World Bank’s Doing Business Report. Lithuania is ranked 1st in the EU for the use of eGovernment solutions.
According to the data of 2014, the Agri-Food sector in Lithuania employed about 166.000 persons and contributed about 7,9 % of its GDP, with agricultural land covering an area of about 3467.600 ha. The strongest sectors of agriculture are crops, milk sector and livestock and poultry. Organic farming in Lithuania accounts for up to 6 percent of the total farming area. In 2016, there were about 2.662 farms certified as organic in Lithuania.