News

2015.09.08 13:45

Lithuania’s ICT sector amongst the most attractive in Central and Eastern Europe

DELFI.lt2015.09.08 13:45

  The Information and Communication Technology (ICT) sector is currently the fastest growing industry in the world. Investment in the ICT sector accounts for 50 per cent of total productivity growth in the European Union, Invest Lithuania informs.

The Information and Communication Technology (ICT) sector is currently the fastest growing industry in the world. Investment in the ICT sector accounts for 50 per cent of total productivity growth in the European Union, Invest Lithuania informs.

Furthermore, the European Commission predicts that by 2015 the shortage of ICT professionals in the EU will increase to 900,000 people. The increasing demand for human resources in the ICT sector leads to higher investment flows. Therefore, Lithuania is in an excellent position to attract more foreign investors, since it can offer an abundance of industry professionals and well-developed infrastructure.

Since 2008, foreign investment in the Lithuanian ICT sector has grown by more than 70 per cent. Although the Lithuanian ICT sector accounts for 1.6 per cent of the country’s total employment, with industry-created added value the figure amounts to 2.5 per cent. This is promising news for Lithuanian growth potential, given its abundance of ICT talent, world leading telecommunications infrastructure and business-friendly environment.

Invest Lithuania attracted 22 new foreign investment projects in 2013, nine of which were in the ICT sector. There are three areas where the Lithuanian ICT sector demonstrates the greatest potential for investment, namely software development, online data storage and processing, and ICT service centres. It is important to mention that foreign investors in the ICT sector attracted by Invest Lithuania in 2013 will create 740 new jobs in the field.

According to the executives of international companies which have already invested in Lithuania, such as Barclays and CSC, the Lithuanian ICT sector is attractive for five key reasons: young, well-motivated professionals, a telecommunications network with incredible bandwidth, a viable environment for start-ups, good value for money and a friendly business environment.

Lithuanian ICT infrastructure is well known for its quality and high level of development. Lithuania has the most extensive fiber network in the EU, and is first in the European Union for the state’s use of e-services. Furthermore, the ability to start a business in just two days indicates that it has created a business-friendly environment.

Lithuania is the EU leader for the numbers of graduates in mathematics, technology and science. Meanwhile, almost all young professionals in Lithuania speak English. Therefore, Lithuania is a popular destination for foreign investors in the field of ICT. In addition to this, the success of Lithuanian ICT projects such as GetJar, Pixelmator, Exacaster and others demonstrates the quality of its ICT talent pool.

All the key features of the Lithuanian ICT sector are explained in the newly-published Invest Lithuania brochure on ICT.

This detailed brochure is designed to provide the latest information on the Lithuanian ICT sector for potential foreign investors. It also gives some success stories of foreign companies which already have a presence in Lithuania. Additionally, the brochure outlines the best examples of Lithuanian ICT success, as well as key figures and data showing Lithuania‘s attractiveness as an investment location in the field of ICT.

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