2019.07.09 10:00

Digital economy to become a business card of Lithuania – Economy Minister Sinkevičius 2019.07.09 10:00

The legal environment that allows experimentation with new ideas, technologies and business models must become a key tool for promoting digital entrepreneurship in Europe, said Minister of the Economy and Innovation Virginijus Sinkevičius at the EU’s informal Competitiveness Council in Helsinki, according to a press release.

Digital economy is "the fourth largest, and the fastest growing sector in Lithuania with an annual turnover of almost 2 billion euros," said the minister.

"Lithuania aims to be among the world’s first to legalise the virtual office, which has now become a necessity. Thus, we have all the opportunities to become a political leader in the area of digital policy and to compete globally."

The promotion of digital businesses in Europe and the principles of data policy are key issues in the EU’s informal Competitiveness Council, which is organised by the incoming Finnish Presidency of the Council of the EU during this half of the year.

According to the minister, the path to the digital future is based primarily on digital skills, the opening of public sector data, access to public electronic services and the development of safe and secure infrastructure.

With regard to the data policy, the Minister stated that EU guidance on data policy should ensure a harmonised legal framework for the secure exchange of data. It is particularly important to open anonymised data so that businesses that create new business models and products could benefit from them.

The digital economy is growing at a much faster rate than other economic sectors worldwide, according to the press release. In 2016, only 15.5 percent of the global economy was digital, and it is planned that in 2025 it will make grow to 24%.