About 30% of investments went into manufacturing projects, although sizeable investments also flowed into companies involved in finance, trade and communications. As with the other Baltic countries of Estonia and Latvia, most investment comes from Denmark and Sweden – approximately 32%. About 10% of investment comes from Estonia although, according to the Lithuanian Development Agency, some Scandinavian investment comes via Estonia and could show up in the figures in this way.

FDI inflows into Estonia were down one-third from 2001 but as Adam Breeze, director of Techlocate, emphasises, investment in the biggest economy in the Baltics is levelling off and increased investment in Lithuania means the economy is catching up. “Investments are still relatively small. High levels over the last year are probably caused by one or two big deals,” he says.