Vilnius has been ranked among the top 25 Global Cities of the Future by the fDi at the Financial Times, according to a press release by Vilnius municipality.
The cities are ranked based on a number of foreign direct investment indicators. Vilnius has been included in the top 25 list for the first time.
“We all [...] see the growth of Vilnius and that creative people seem to be increasingly falling in love with and choosing [to live in] this city,” Vilnius Mayor Remigijus Šimašius said in a press release.
Having evaluated the recent foreign investment attracted to the city, various economic indicators and overall business development, the financial newspaper ranked Lithuania’s capital 24th alongside Singapore, London, Dubai, Amsterdam, New York, and other cities.
Even in light of global uncertainty and challenges related to the pandemic and Brexit, Vilnius has managed to recognise and take advantage of opportunities while promoting business development and building its image as an open city, according to the press release.
Stronger international positions like this help Vilnius attract more attention from foreign investors, resulting in a higher number of well-paid jobs and increased tax collection, as well as a bigger number of higher quality services offered to the residents of Vilnius.
“The number of international companies and talented professionals from abroad has been increasing in Vilnius, and they are choosing this city for its hospitality as well as its open and creative atmosphere,” said Inga Romanovskienė, head of Go Vilnius, the city’s business promotion agency.
“Our task is to keep working to make the experience of foreigners in Vilnius as smooth and positive as possible, from their arrival until integration, and to attract even more top-class specialists and businesses that will create both high-added value products and jobs,” she aded.
Vilnius has also progressed from seventh to fourth place on the fDi’s Mid/Small Cities category, ahead of cities like Rotterdam, Luxembourg and Edinburgh.
Moreover, Vilnius also rose from the second to the first position in the Cost Effectiveness category; from sixth to second in the Business Friendliness category; and from ninth to sixth in the Human Capital and Lifestyle category.
fDi experts compile the Global Cities of the Future ranking to identify the most promising locations worldwide in terms of investments and business development.
The cities are ranked based on their economic, financial and business strengths. Beyond the overall ranking, cities are also acknowledged in six distinct categories: Economic Potential, Cost Effectiveness, Connectivity, FDI Strategy, Human Capital and Lifestyle, Business Friendliness.