Prime Minister Butkevičius: Lithuanian economy has proven its resilience


2015 03 27


On Thursday, Prime Minister Algirdas Butkevičius met with one of the leading Scandinavian investors, Marcus Wallenberg to discuss Swedish investments in Lithuania, possibilities for development and the current investment ambiance in Lithuania.

“In the context of current geopolitical uncertainties, Lithuanian economy has proven its resilience: our country has succeeded to remain among the fastest growing economies in the European Union”, said the Prime Minister, adding that the World Bank's annual Doing Business report 2015 has ranked Lithuania 11th as regards conditions for business.

“In the face of the Russian aggression and the embargo, Lithuania has succeeded to keep its GDP growing, with 2.5 per cent growth projections in 2015, and over 3 per cent in 2016”, said the Prime Minister, pointing out the safe environment for the foreign capital in Lithuania, as last year the country attracted two and a half times more investments than any other country in Central and Eastern European region. “This only confirms the investor confidence”, said the Head of Government.

The Prime Minister noted that Russia, which is difficult to predict politically and economically, provided the businesses with an opportunity to diversify their export destinations. “Only 5 per cent of Lithuanian exports are directed to Russia”, said the Prime Minister, noting Lithuania’s further efforts to look for new markets.

Mr. Wallenberg said that Lithuania's ability to redirect its exports is impressive, adding that he sees good prospects for a long-standing cooperation with Lithuania.

The Wallenberg family controls a huge business empire in Sweden, based with capital in the majority of largest international companies in this country. Foundations established by the family have control of or are major shareholders in Saab, Electrolux, Ericsson and AstraZeneca.