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The strategic economic objective of Lithuania is transformation fr om exporting labour force and low value added products to creation and exporting high value added products. This objective will be pursued in line with implementing major investment projects laying strong foundation for economic welfare of Lithuania.

In the period of 2007-2013, the Ministry of Economy allotted LTL 918.9 million under Priority 1: Research and development for competitiveness and growth of the economy of the Operational Programme on Economic Growth. Until 24 October 2011, LTL 500 million has been allotted to 447 companies.

Besides, in the application verifying process under other priorities of the Operational Programme on Economic Growth, higher score is given to companies operating in the field of high-tech, especially under measures like “Leader LT“, „New opportunities“, „E-business“, „Invest Lt“, etc.

“The statements about all talk and no action with regards to high-tech projects have nothing to do with reality. A considerable number of large projects have been implemented with factories constructed and high-tech product manufacturing launched. A great deal of effort has been made to transform the Lithuanian economy into the high-value-added scheme. Biotechnologies, manufacture of solar batteries, information and telecommunication technologies constitute just several strategic trends wh ere the Government sees the growth potential for the Lithuanian economy,” Minister of Economy Rimantas Žylius said.

According to Minister Žylius, supporting innovation to the high-tech sector helps build one of the pillars to support the Lithuanian economy ten years later. It enhances business productivity, improves the business environment and contributes to boosting export growth; it also offers a possibility to Lithuania to be flexible in the global competition.

The Ministry of Economy points out that the decisions concerning the EU structural support funds allocation to particular projects are taken by the verifiers from the Lithuanian Business Support Agency and depend on administrative conformity, suitability and quality and benefit-related criteria set in the support measure description which has been made public. The support is allotted to the projects with the highest score.

Source: ukmin.lt