3 things to know about Lithuanian IT sector
One of the main countries where Lithuania exports its IT knowledge and products is Germany. Germans choose Lithuanian companies as their partners quite often, and there are reasons for that. Let’s have a look at 3 main things to know about the Lithuanian IT sector.
Lithuania isn’t cheap, it’s quality
The experience of foreign companies that Lithuanian IT specialists are just a cheap workforce is long gone, and now foreign companies are often cooperating with Lithuanians due to their quality IT talent pool. Lithuanians are also known for having a very similar work culture to Germans, which makes it easy to communicate and achieve results faster.
Entering this market isn’t too difficult
According to World Bank’s Doing business report, Lithuania is the 11th country in the world by the ease of starting and growing a business. Registering a business in Lithuania can take just a few days, the procedure of filing tax reports recently changed due to a new and vastly improved system. All these things can be done remotely as the usage of e-signature in the country is over 75%. Bureaucracy is useful to prevent fraud, but in the digital world, it often gets in the way, and Lithuania realizes that by allowing foreign businesses to enter more easily.
It’s the new hub of fintech
Lithuania is especially strong in the fintech sector. The country now hosts over 230 fintechs, and the numbers are increasing, as Brexit made Vilnius one of the most important locations for fintechs. That’s not surprising as Lithuania is one of the first countries in the world to use IMF’s and World Bank’s guiding principles for fintech regulation. This is why the Bank of Lithuania can issue licenses for financial companies 2-3 times faster than other jurisdictions.
Lithuania is a perfect place for women to join tech industries as the country is one of the fastest-growing centres of life sciences in Europe and has a vibrant ICT, financial technologies, video game, and laser sectors. The start-up community, which has already exceeded one thousand companies, attracts talents from all over the world to innovate and think about solutions that can contribute to a global change for the better in many spheres, ranging from gene editing to solving circular economy challenges.
In implementing the Strategy for the Presentation of Lithuania Abroad 2020-2030 and ensuring the country’s overall positioning as “open for co-creation”, the entrepreneurship and export development agency Enterprise Lithuania presented the Co-created in Lithuania country of origin brand and unified national export stand concept at the Lithuanian Business Forum.