Minister for the Economy Evaldas Gustas: EUR 10 million will be allocated to attract foreign investors

‘To attract foreign investments to Lithuania the Ministry of Economy will allocate EUR 10 million of the European Union (EU) investment funds under the ‘SmartInvest Lt’ measure. We will allocate the EU investments to foreign investors who carry out R&D activities, create or develop the company’s infrastructure in this area and introduce innovation. Also, the project operators will have to dedicate at least 20 percent of the created new jobs to research jobs and keep them for a period of at least five years. Foreign investors may submit applications until 11 April of the current year,’ Minister for the Economy Evaldas Gustas says.

According to the Minister for the Economy, more possibilities to receive the funding are available to those projects which plan to attract more private investments to R&D&I field based on the smart specialisation trends during the project implementation period and three years following the completion of the project activities. Only projects which belong to the same specialisation trend category may compete for the funding.

Under the ‘SmartInvest Lt+’ measure, only the expenditure which covers R&D facilities, the implementation of R&D activities, staff-related expenses, the acquisition of required materials, patents and licenses will be financed.

Undertakings have to submit applications for funding to  public institution Lithuanian Business Support Agency (LBSA) before 11 April 2016, 4:00 p.m. The application form and the measure description are available on the EU structural funds webpage

The Ministry of Economy will allocate EUR 28.96 million investments under the ‘SmartInvest Lt+’ measure before 2020.