Lithuania in top five EU countries with most improved innovation ecosystem

Lithuania has retained its 19th place in the European Union in the European Innovation Scoreboard 2022 published by the European Commission, and has reached its highest level in terms of innovation ecosystem development since 2015. Latvia remained in 25th place, while Estonia lost two positions to drop to 12th, said the Ministry of Economy and Innovation.

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Minister: real-time public transport information must be available for regular long-distance and international transport

On 22 September, to mark World Car-Free Day, an innovation was presented in the Lithuania’s major cities: real-time public transport information is now available to passengers in Vilnius, Kaunas and Klaipėda when planning a trip through the Google Maps app, stated the Ministry of Transport and Communications.

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As trade relations grow, Lithuania seeks to attract more cargoes from Kazakhstan

Lithuania is actively seeking to attract more cargoes from Kazakhstan, offering this country logistics services and transit options by rail and through the seaport of Klaipėda. On 19-21 September, in the largest city of Kazakhstan, Almaty, the Lithuanian delegation led by the Vice-Minister of Transport and Communications Julius Skačkauskas presented the potential of our country’s transport system to the heads of the Ministry of Industry and Infrastructure Development of Kazakhstan, authorities of the city of Almaty and business representatives. The issues of carriage of goods by road were discussed at the meeting of the Lithuanian-Kazakhstan Integrated Commission.

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European Commission approves new aid facility for Lithuanian businesses

The European Commission has approved another aid instrument to help Lithuanian businesses affected by the war in Ukraine – loans for working capital and investment – prepared by the Ministry of Economy and Innovation, the Ministry announced.

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President: continued expansion of AmerisourceBergen demonstrates attractiveness of Lithuanian business environment

As part of his visit to New York, President Gitanas Nausėda met on Wednesday with Steven H. Collis, CEO of AmerisourceBergen, the eighth largest company in the US, said the Office of the President.

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Volume of goods transport decreased in Q2

In Q2 2022, goods transport by all modes of transport amounted to 35.6 million tonnes, which is by 21.8% less than in the same period of 2021, reports Statistics Lithuania.

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Minister: catering establishments to lose VAT relief

The existing VAT relief for catering establishments in Lithuania will not be extended, but businesses may be offered a tax deferral if their energy bills exceed 10 percent of their total costs, Finance Minister Gintare Skaiste says.

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Isolated operation test of Kaliningrad electricity system to be held over weekend

Litgrid, the Lithuanian electricity transmission system operator, informs that a planned isolated operation test of the Kaliningrad power system will take place on Saturday, 24 September.

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Minimum monthly salary is proposed to be raised to EUR 840

The Ministry of Finance and the Ministry of Social Security and Labour suggest raising the minimum monthly salary from EUR 730 to EUR 840 in 2023.

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Sources: ministries propose increasing minimum wage to EUR 840

Lithuania’s ministries of finance and social security and labor have proposed to the government to increase the minimum monthly wage by 110 euros, to 840 euros (before tax), and the non-taxable income threshold – by 85 euros, to 625 euros, from January 1, government sources confirmed to BNS on Tuesday.

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Ignitis Renewables starts cooperation with Södra Group

International green energy company Ignitis Renewables and international forest industry concern Södra signed their first construction right agreement for the development of wind farms in Latvia. With this agreement Ignitis Renewables and Södra start their cooperation, Ignitis said in a statement.

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Bank of Lithuania: deficit on current account balance widened by 13.6%

The Bank of Lithuania has released the balance of payments data for Q2 2022, which shows that, compared to Q1 2022, the deficit on the current account balance (CAB) widened by 13.6% to €1.0 billion, or 6.4% of the gross domestic product (GDP), the central bank reports.

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Armonaitė: Lithuanian businesses would like to work with Polish defence sector

On Friday, Minister of Economy and Innovation Aušrinė Armonaitė and Polish Minister of Economic Development and Technology Waldemar Buda met in Vilnius to discuss ways to deepen cooperation in the defence and energy sectors in order for the countries to effectively address the challenges posed by Russia’s war in Ukraine together, reports the Ministry of Economy and Innovation.

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Commercial attaché in Chicago started service

In order to strengthen the representation of Lithuania’s economic interests in the strategically important market of the United States of America, the network of Lithuania’s commercial attachés in the country is being expanded. Sergejus Tikhomirovas takes up the post of Commercial Attaché at the Consulate General of Lithuania in Chicago, reports the Ministry of Economy and Innovation.

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Bankruptcy of a natural person: why (dis)honesty is important when you face financial hardship

The purpose of the Personal Bankruptcy Institute is to help a natural person get out of a difficult financial situation and help him return to life by restoring the person's economic capacity. In Lithuania, the bankruptcy institute of a natural person has been applied since 2013 March 1st, when the Law on Bankruptcy of Natural Persons of the Republic of Lithuania (hereinafter - LBNP) regulating its activities came into force. This law creates conditions for restoring the solvency of an honest natural person and ensuring the satisfaction of creditors' claims to achieve a fair balance between the interests of the debtor and his creditors.

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US opens market for Lithuanian egg products

Lithuania can now export egg products to the United States. The country’s Food Safety and Inspection Service announced the news on 15 September. Lithuania became the second EU country after the Netherlands to obtain such a permit, said the State Food and Veterinary Service (VMVT).

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Amber Grid to connect largest biomethane power plant to transmission grid

Amber Grid has signed a contract for the connection of a biomethane power plant to the gas transmission system. It is planned that the plant in Pasvalys district, operated by Tube Green UAB, will be able to supply biomethane to the gas transmission network in mid-2023, reports AB Amber Grid, the operator of Lithuania’s natural gas transmission system.

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Annual inflation at 22.4% in August

In August 2022, annual (August 2022, against August 2021) inflation stood at 22.4%.

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First autonomous delivery car circulated streets of Vilnius

On Friday, the parcel of Minister of Transport and Communications Marius Skuodis was delivered to the Mayor of the capital Remigijus Šimašius by an autonomous (self-driving) delivery car that circulated the streets of the capital for the first time. For this occasion, the innovative and environmentally friendly transport technology in Lithuania was launched by the Ministry of Transport and Communications together with the Estonian technology company Clevon, the Ministry reported.

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Earnings in Lithuania up by 13.7% in Q2 2022

In Q2 2022, average gross (before employee tax) monthly earnings (individual enterprises excluded) in the whole economy amounted to EUR 1,780. Year-on-year, average gross monthly earnings rose by 13.7%, while quarter-on-quarter, by 2.9%. The biggest difference in average earnings between counties stood at EUR 577.

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