Invest Lithuania Opens Office in Silicon Valley
7th February 2012Comments Off
In a new effort to highlight emerging economic opportunities and the potential for American companies to take advantage of a growing market in Eastern Europe, Invest Lithuania announces the opening of its office in Silicon Valley, California. Invest Lithuania, the foreign direct investment arm of the Republic of Lithuania, which is responsible for expanding foreign businesses in this European nation, believes the new office will make a variety of new opportunities, particularly for US-based firms looking to establish or strengthen a presence in Lithuania or in the broader European market.
Named the “Best of the Baltics” for companies looking to do business in Eastern Europe by Forbes, Lithuania is a country of 3.2 million people with exceptionally friendly corporate tax structures, political stability, and a host of financial incentives for companies considering locating foreign offices there. It is also one of the most technologically advanced countries in the world with the world´s fastest internet download speed, Europe´s highest fiber optic density and Europe´s densest network of public Internet access points.
Lithuania, which regained independence in 1991, is a member of the European Union and is situated at a critical global crossroads with access to Europe, Russia, Asia and the Middle East. In 2011, Lithuania attained 6% economic growth, the highest rate in the EU.
The greatest benefit to companies doing business in Lithuania may in fact be its exceptionally well-educated workforce. With 92% of the adult population having upper-secondary education and 30% with college or higher education degrees, Lithuania leads the European league and offers one of the most highly-trained labor markets in the world. A survey by the EU agency Eurostat estimates that over 90% of Lithuanians are multilingual (with English the most common second language), among the highest rates in Europe. Moreover, Lithuania boasts a particularly high quality of life and a notably low cost of living. The combination of all these factors provides an additional vital incentive for foreign companies to consider establishing their presence in Lithuania.
Lithuanian Minister of Economy Rimantas Žylius emphasizes the Government´s focus on making an investor-friendly environment, which has been the key factor in attracting dozens of international companies to Lithuania. “Lithuania has very stable macroeconomic policies aimed at making the country the most attractive destination for investors in the region. Foreign companies delight in full support of the Government here.”
Invest Lithuania´s Managing Director Milda Dargužaitė adds that Lithuania, praised for its creative and innovative spirit, offers a broad spectrum of opportunities. “By establishing our office in the Silicon Valley, we aim to facilitate closer cooperation between the global leaders of innovation and technology in the Silicon Valley and talented entrepreneurs in Lithuania,” she said.
By opening the new California office, Invest Lithuania will seek to grow an already-considerable list of North American- and Western European-based companies that have located offices in Lithuania in the last few years, including payment transfer firm Western Union (US), tech giant IBM (US), international banking services provider Barclays (UK), medical device developer Moog (US), IT service provider CSC (US), scientific supply company Thermo Fisher Scientific (Canada), among others.
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