The US is interested in cooperation opportunities with Lithuania

Date

2019 09 11

Rating
0
IMG_20190910_135020_1.jpg

Successful financial technology (Fintech) in Lithuania, potential US investment opportunities and Lithuania‘s investments lead by cooperation — the issues discussed at a high level meeting yesterday by Minister of Finance Vilius Šapoka and Governor of the US State of Pennsylvania Tom Wolf.

“Lithuania is known worldwide  as the Fintech Hub. Therefore, we are the gateway for the US to the European Union. A potential partnership between the countries in terms of investment, joint business models and financial technology could bring also global success to Lithuania", said Minister of Finance Vilius Šapoka.

Since 2016 Lithuania attaches great importance to financial technology. The Government, after announcement of the development of Fintech as one of its priorities, focuses on opening up new opportunities for innovation and ensuring security.

As regards financial technology, Lithuania has become the Fintech Hub not only in the region, but also in the European Union’s single market with available supporting infrastructure, programmes for promotion of innovative financial services. Lithuania ranked first in Europe last year with regard to the number of licensed electronic money institutions. Only during the year 2018,  the number of Fintech companies in our country grew from 117 to  170, while the number of employees in this sector  increased by seven hundred per year – up to 2.6 thousand. The US Fintech companies such as Shift4 Payments, Verimarker Baltic SIA Lithuanian branch, EIS Group, REVEL Systems, Arxan as well as Nasdaq, Western Union, Moody’s, etc. operate in Lithuania.

„Well, it is not a potential country to invest, it is an existing country to invest. We have a good relationship with Lithuania. Our National Guard has been a partner with Lithuania for 26 years. We have Lithuanian companies in Pennsylvania, we have Pennsylvanian companies in Lithuania. I think Pennsylvania is the second largest state with Lithuanian ethnic centre of immigrants from Lithuania. So, Pennsylvania has a nice and long relationship  with Lithuania. I am proud to come and make sure we are doing everything we can to make this relationship better", said Governor of the US State of Pennsylvania Tom Wolf.

Regulatory environment for business and investors is being continuously improved in Lithuania with a particular attention to innovation. The tax system applies a corporate income tax credit for companies investing in technological renewal, and  additional measures in favour of undertakings carrying out research and experimental development (R & D) activities. Lithuania has an advanced regulatory environment for investment funds, removed excessive restrictions on investment funds, the clearest and one of the fastest licensing systems.

Over the past 10 years, Lithuania has invested around EUR 2 billion through the financial instruments dedicated to business financing, energy efficiency and agricultural funding projects and has attracted EUR 2.5 billion of private investment. National investors, national development bodies are also supported, a strategic State budget planning is implemented and an investment approach to public finances is applied.

A great expertise and potential in such fields and sectors as innovative energy, cyber security, green investments, global business services, industry, data centres and sectors are outward in Lithuania.