According to data from global greenfield investment monitor fDi Markets, Lithuania has seen a 31% increase in FDI between 2017 and 2018, rising from 61 projects in 2017 to 80 projects in 2018. The number of jobs created in 2018 is up 8.9% on the previous year. Total capital expenditure (capex) into the country amounted to $1.89bn, an 53.9% increase on 2017 figures.

Vilnius, the capital city of Lithuania, has seen the most investment, with a total of 43 projects tracked in 2018 with a capex total of $860.2m, compared to 32 projects in 2017 with a capex total of $562.9m. The major investors into Lithuania in 2018 were the US, the UK, and Germany, followed by Sweden and Denmark.

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In recent years, the country has become an attractive location for FDI due to the government’s focus on support for IT companies. The software and IT sector accounts for 47.5% of FDI projects in 2018 (a total of 38 projects). Vilnius, in particular, is home to a thriving IT start-up culture, and boasts 84% English proficiency among its young professionals.

Additional incentives for business include some of the lowest corporate taxes in the region and fast-tracked applications, which make it possible to open a company in as little as three days.