Lithuania is allocating 300 million euros in state funding to enhance the capacity, innovation and competitiveness of its defence industry.
On Wednesday, the Economy and Innovation Ministry, together with the Innovation Agency, unveiled the Vytis initiative, which will provide support to businesses through loans, grants, and other forms.
According to Economy Minister Lukas Savickas, Lithuania aims to become a regional hub for the defence and security industry.
"The initiative is designed to bring together all existing and new defence industry incentive schemes, to create a one-stop shop for the industry, and to reduce bureaucratic barriers in a sector that is vital for Lithuania," he said in a press release.
The funding will support all major stages of defence innovation, including participation in exhibitions, business missions, and international research and development projects.
Nearly 100 firms are currently operating in Lithuania's defence and security sector, an increase of 18 percent over the past three years.
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