3 things to know about Lithuanian IT sector
One of the main countries where Lithuania exports its IT knowledge and products is Germany. Germans choose Lithuanian companies as their partners quite often, and there are reasons for that. Let’s have a look at 3 main things to know about the Lithuanian IT sector.
Lithuania isn’t cheap, it’s quality
The experience of foreign companies that Lithuanian IT specialists are just a cheap workforce is long gone, and now foreign companies are often cooperating with Lithuanians due to their quality IT talent pool. Lithuanians are also known for having a very similar work culture to Germans, which makes it easy to communicate and achieve results faster.
Entering this market isn’t too difficult
According to World Bank’s Doing business report, Lithuania is the 11th country in the world by the ease of starting and growing a business. Registering a business in Lithuania can take just a few days, the procedure of filing tax reports recently changed due to a new and vastly improved system. All these things can be done remotely as the usage of e-signature in the country is over 75%. Bureaucracy is useful to prevent fraud, but in the digital world, it often gets in the way, and Lithuania realizes that by allowing foreign businesses to enter more easily.
It’s the new hub of fintech
Lithuania is especially strong in the fintech sector. The country now hosts over 230 fintechs, and the numbers are increasing, as Brexit made Vilnius one of the most important locations for fintechs. That’s not surprising as Lithuania is one of the first countries in the world to use IMF’s and World Bank’s guiding principles for fintech regulation. This is why the Bank of Lithuania can issue licenses for financial companies 2-3 times faster than other jurisdictions.
Lithuania rebounded to its former highest place in the world competitiveness index published by the Swiss Institute of International Management (IMD). In 2022, it ranks 29th among 63 countries.
Lithuanian life science innovation will again be on display at the 2022 BIO International convention in San Diego. Innovation Agency Lithuania will showcase 8 leading Lithuanian biotech stars on the Lithuanian pavilion demonstrating why Lithuania is one of Europe’s fastest-growing life science hubs. All are looking to build stronger links with the US which is already the country’s biggest market accounting for 28% of its life science exports in 2021.