Market Update: Economy Ministry allocates EUR 12.6mn to business promote exports – Full Analysis

„By allocating funding to businesses throughout Lithuania, we aim to help them establish themselves more quickly and easily in international markets. We also aim to help companies in the defence and security industries export high-value products by integrating them into international supply chains. In addition, we will create highly skilled jobs in the regions, and the expansion of these companies’ exports will significantly strengthen both the companies themselves and the entire Lithuanian economy,“ Minister of the Economy and Innovation Edvinas Grikšas said.

Thanks to these investments, companies will be able to present their products and services at exhibitions abroad, obtain the necessary certificates, discover new export markets, increase their internationalisation and compete successfully in a changing international environment.

The ministry allocated EUR 5.37 million in funding to 55 SMEs in the capital region to certify and present high-value products and services in foreign markets. Thirty-one companies plan to participate in international exhibitions, while 23 companies plan to present their products and services at such exhibitions and carry out their certification.

With EUR 7.3 million in investments allocated by the ministry, 100 companies in the Central and Western Lithuania region will increase their international activities and identify new export markets. Some companies will also be able to take advantage of electronic marketing and export manager services.

Most of the projects in Central and Western Lithuania will be implemented by companies in the Kaunas region (59), followed by the Klaipėda region (14), the Šiauliai region (8), the Utena region (7), the Panevėžys region (5), the Alytus region and the Telšiai region (3 each), and one company in the Tauragė region.

Under the European Union’s ‘Choose to Export’ investment measure, the selection process was conducted separately in the capital region and in Central and Western Lithuania, with companies competing at the regional rather than national level.