Vilnius, July 17 (ELTA) – The Ministry of the Economy and Innovation (EIMIN) positively assesses the audit of the business innovation promotion system conducted by the State Audit Office and notes that the challenges identified in the audit are already being addressed through the implementation of the “3i” economic transformation plan – innovation, investment, and institutional modernization.

The Ministry stated in a press release that during the audit it actively cooperated with the State Audit Office, and detailed meetings were held regarding the content of the recommendations.

“We rely on evidence–based policymaking and share the State Audit Office’s assessment of the situation. The challenges identified in the audit are already being addressed through the ‘3i’ economic transformation plan. Our goal aligns with the State Audit Office’s recommendations – to create a functioning innovation system that spans the entire process from idea and research to a competitive product on the market, one that would generate high added value for the Lithuanian economy,” says Edvinas Grikšas, Minister of the Economy and Innovation.

The Ministry notes that the solutions outlined in the “3i” plan directly address the conclusions of the State Audit Office: the plan aims for more effective innovation funding, greater business investment in research and experimental development (R&D), stronger technology commercialization, better evaluation of results, and reduced reliance solely on EU funding sources.

These objectives have also been incorporated into the Innovation Agency’s 2026–2030 strategy.

“The agency has been set clear objectives: to increase business investment in R&D, to promote the creation and export of high–value–added products, to improve business productivity, and to strengthen the innovation ecosystem. The aim is to ensure that innovation policy is evaluated not by the number of measures or the funds allocated, but by the economic return generated,” – says Monika Paulė, who has been leading the Innovation Agency since May and whose expertise and experience in the field of innovation will significantly contribute to strengthening the agency’s activities and developing the innovation ecosystem.

The ministry also highlights the improvement of R&D tax incentives. The goal is to make it easier for companies to take advantage of them: there would be greater clarity regarding the recognition of R&D activities, a reduced administrative burden, simpler justification of expenses, and greater legal certainty for businesses. This would enable more companies to invest in the development of new technologies, products, and processes.

According to Edvinas Grikšas, Minister of the Economy and Innovation, the State Audit Office’s audit confirms that the direction chosen under the “3i” plan is the right one. The focus will now be on ensuring that government investments translate into tangible results – new products, technologies, exports, and greater competitiveness for the Lithuanian economy.

Vilnius, July 17 (ELTA) – In the first half of this year, Urbo Bankas earned EUR 3.4 million in net profit, 17.2 percent more than during the same period last year, when profit totalled EUR 2.9 million. During the first six months of this year, the bank continued to steadily increase its other key performance indicators, seeing growth in its loan portfolio, deposit volumes, net interest income and total assets, Urbo Bankas said in a press release.

As of the last day of June this year, the loan portfolio of Urbo Bankas stood at EUR 593 million, up 23.8 percent compared to the first half of 2025. Deposit volumes rose by 17.8 percent to EUR 719 million during the same period, while net interest income increased by 15.9 percent to EUR 13.5 million.

“The results for the first half of the year show that a consistent focus on financing small and medium-sized businesses and on long-term relationships with clients enables us to maintain sustainable growth. We are seeing active investment by companies, and the growing volume of deposits also confirms retail clients’ confidence in the bank”, says Marius Arlauskas, Head of Administration of Urbo Bankas.

What can we expect in the second half of the year?

According to Mr Arlauskas, when analysing the macroeconomic environment in the near term, the greatest negative impact on both businesses and households could come from accelerating inflation caused by higher energy prices.

“In mid-June, the Bank of Lithuania (BoL) released its latest macroeconomic forecasts, noting that annual inflation in our country could exceed 5 per cent in 2026. If that happens, it could affect both business opportunities and consumer spending”, Mr Arlauskas points out.

That said, this effect should be at least partially offset by an increase in average wages, which is expected to outpace price increases over the next two and a half years. The BoL expects average wages to rise by 8.7 per cent this year, with growth rates of 6.9 percent and 7.2 percent in 2027 and 2028, respectively.

The BoL’s forecasts for Lithuania’s gross domestic product (GDP) in 2026 also remain optimistic; GDP is expected to grow by 2.7 percent this year.

“This indicates that the fundamentals of the Lithuanian economy remain strong. Given the rising levels of investment, increasing household incomes and growing purchasing power, we expect demand for credit to remain strong in the second half of this year. This environment creates the conditions for continued, steady growth in business volume while maintaining responsible risk management”, says Mr Arlauskas.

At the end of the first half of 2026, the total assets of Urbo Bankas amounted to EUR 808 million, an increase of 17.5 percent compared to a year earlier. The bank’s shareholders’ equity increased by 7.7 percent over the year and amounted to EUR 70.5 million as of 30 June of this year.

In the second quarter of 2026, compared with the same period last year, the bank’s net fee and commission income decreased by 1.6 percent to EUR 1.4 million. Net profit from foreign currency transactions increased by EUR 79,000 over the year and amounted to EUR 0.9 million in the second quarter of this year.

At the end of June 2026, Urbo Bankas had 283 employees and its customer service network consisted of 25 regional branches.

Vilnius, July 17 (ELTA) – On Friday, the start of construction of the second phase of Rūdninkai military campus, where the German brigade will be based, was marked south of Vilnius. Lithuania’s defence minister says the first German troops could be stationed there this autumn.

“Our joint goal is to establish priority infrastructure for the German brigade in Lithuania by the end of the year. […] I would like to thank the contractors […] as the first phase will be completed 10 months ahead of schedule and the first soldiers will move here already this autumn,” Minister of National Defence Robertas Kaunas said during a visit to Rūdninkai military campus construction site on Friday.

He hailed the project as a success story, whereas Lithuania’s new Prime Minister Mindaugas Sinkevičius emphasised unprecedented partnership between Lithuania and Germany in the defence sector.

The defence minister added that a separate railway line to the military area is expected to be built in 2028 for EUR 30 million. The 1,520 mm gauge railway line will be used for transporting heavy military equipment, containers, other equipment and troops.

Meanwhile, State Secretary of the German Defence Ministry Jan Stoess stressed that Germany’s commitment to deploying a brigade in Lithuania marks a new era in the defence of NATO’s eastern flank in Europe.

The state secretary said Germany has been working actively for the brigade to be deployed in Lithuania and it currently consists of 2,000 soldiers. Germany expects around 5,000 troops and civilian personnel to be stationed in Lithuania by the end of 2027.

Rūdninkai military campus development, with an estimated cost of EUR 1 billion, is conducted in two phases. The facility spanning the area of 190 hectares is located around 23 km south of Vilnius and 35 km from Lithuania’s border with Belarus.

One part of the second phase of the project is developed by a consortium of companies Conres, INVL Asset Management and Fegda, which had won a tender.

Conres and Fegda are responsible for the implementation, supervision and management of the project, while INVL Asset Management is the project’s financial partner.

Two other parts of the second phase of the project will be implemented by the construction company Merko statyba, which has secured EUR 369 million funding from the European Investment Bank (EIB), Swedbank and SEB.

Part one of the second phase of the project is value nearly EUR 488 million, whereas the cost of the remaining two parts are estimated at nearly EUR 847 million.

In autumn 2023, Germany committed to deploy a brigade-sized unit in Lithuania, around 5,000 troops, amid Russia’s full-scale invasion of Ukraine.

Vilnius, July 17 (ELTA) – Prime Minister Mindaugas Sinkevičius congratulated the newly sworn-in Government of the Republic of Ukraine, led by Prime Minister Sergii Koretskyi, and extended his best wishes for its success, stated the prime minister’s press service.

“At this pivotal moment for your country, your leadership will play a defining role in advancing reforms, strengthening Ukraine’s resilience, and guiding your country on its path to membership in the European Union,” Sinkevičius said in his congratulatory letter.

The prime minister stressed that Lithuania’s support for Ukraine remains unwavering and Lithuania will continue to stand with Ukraine through political, military, economic, and humanitarian assistance for as long as necessary.

Ukraine’s courageous defence of its sovereignty, freedom, and European future is also a defence of the values and security of Europe as a whole, he added.

“Lithuania will continue to support Ukraine on its path to full membership in the European Union, including during Lithuania’s Presidency of the Council of the European Union in the first half of 2027. We are confident that Ukraine’s continued reform efforts will help advance its accession process,” the prime minister stated in the letter.

Sinkevičius is confident that the Governments of both countries will continue to work hand in hand to strengthen the strategic partnership between Lithuania and Ukraine, support Ukraine’s recovery and reconstruction, while advancing the shared vision of a free, secure, and prosperous Europe.

“We have much to learn from Ukraine’s experience, and I look forward to working closely with you in this endeavour, building on the outcomes of the second Inter-Governmental Consultations held in Vilnius last month,” the prime minister concluded. 

Vilnius, July 17 (ELTA) – ELTA Brief provides a concise overview of the key events of Friday, 17 July, in Lithuania and around the world.

Friday marked the official start of the second phase of construction of a military campus south of Vilnius, where the German brigade will be based. Lithuania’s defence minister says first German troops will move there already this autumn. As waste crisis continues in Vilnius region, waste sorting company Energesman has asked the court to revoke Vilnius County Waste Management Centre’s (VAATC) decision to terminate the contract for the operation of mechanical biological treatment equipment.

LITHUANIAN POLITICAL NEWS

The Lithuanian head of Government hopes that Latvia will treat the issue of secondary migration more seriously. Prime Minister Mindaugas Sinkevičius says a temporary reintroduction of checkpoints at the border with Latvia would be a drastic move that may not be necessary. Latvian Interior Minister Janis Dombrava meanwhile told Lithuania’s public broadcaster LRT that Lithuania should provide more assistance to Latvia and send at least 100 border guards. The Lithuanian prime minister doubts that so many could sent to help the neighbouring country. Lithuanian President Gitanas Nausėda, who met with Latvian President Edgars Rinkēvičs this week, stated that reintroduction of temporary border checkpoints in the Schengen area would be seen as defeat in tackling irregular migration. According to him, it is more important to strengthen the security of the European Union’s external border.

The opposition’s Liberal Movement and Homeland Union-Lithuanian Christian Democrats (TS-LKD) next week intend to draft an appeal to the Constitutional Court regarding the legality of the new Government. TS-LKD leader Laurynas Kasčiūnas expects to collect the required number of lawmakers’ signatures by the end of July. Opposition MPs believe that the programme of the Government led by Social Democratic Prime Minister Mindaugas Sinkevičius was submitted in violation of the Constitution – sooner than the president approved the Cabinet of Ministers. The TS-LKD leader says it is important that the Constitutional Court would clarify the situation and provide answers to questions that have emerged.

Minister of Foreign Affairs Kęstutis Budrys has completed forming his political team, which will consist of four deputy ministers. Sigitas Mitkus and Vidmantas Verbickas will continue serving as Deputy Foreign Ministers. Whereas new deputies include Lina Rukštelienė and Kristupas Vaitiekūnas. The latter was the finance minister in the previous Government. Aistė Stakėnienė will continue in her role as Chancellor of the Ministry of Foreign Affairs.

Prime Minister Mindaugas Sinkevičius has reacted to an incident in Marijampolė, where one minor girl beat another as a group of other teenagers watched. He described the assault as shocking. In addition, the prime minister said the situation needs to be discussed with representatives of authorities and ways should be explored to prevent similar occurrences from happening again in the future. “There can be no justification for such incidents in our country, and I will find a way to sit down with colleagues, heads of institutions, to discuss what we can do additionally to prevent such incidents from happening in the future,” commented Sinkevičius.

LITHUANIAN BUSINESS NEWS

Friday marked the start of the second phase of construction of Rūdninkai military campus where the German brigade will be deployed. The first phase is planned to be completed ahead of schedule and Minister of National Defence Robertas Kaunas expects the first German troops to move to the military campus this autumn. According to the minister, Lithuania has all the available resources, the urgency and ambition that the project needs, as well as a firm commitment to national security and to German allies. Prime Minister Mindaugas Sinkevičius highlighted the unprecedented cooperation between Lithuania and Germany in the area of defence. He expressed hope that the construction of the military campus would proceed rapidly and effectively. The defence minister added that a new railway line leading to the military facility is planned to be laid in 2028 for an estimated cost of EUR 30 million. The project of the military campus is being implemented through a public–private partnership (PPP), and the state will begin making payments only after the contractors have completed construction.

As the waste management crisis in Vilnius region continues, the company Energesman has asked the court to revoke the decision of Vilnius County Waste Management Centre (VAATC) to terminate the contract for the operation of mechanical biological treatment facilities. Meanwhile, the VAATC turned to the Vilnius Regional Prosecutor’s Office regarding the company’s activities. According to the Centre, it suspects that Energesman is systematically violating the provisions of the laws on environmental protection and waste management, the General Rules on Fire Safety and Waste Management in the territory of the plant, and that the operator’s activities also pose a risk of a large-scale fire in Vilnius. Energesman denies the risk of a fire and claims that together with firefighters it has measured the temperature of the stored waste. The company stated that the sorting of waste continues and a conveyor belt is operational, which is used to move sorted waste for incineration at the adjacent Vilnius combined heat and power plant. Vilnius Mayor Valdas Benkunskas said that the contract with the private operator was terminated last week due to substantial violations, yet Energesman refuses to hand over the facility to the VAATC and continues to accept waste, thus increasing its quantities and the risk of fire. According to him, instead of solving the situation, the company publicly defends itself, allegedly spreading unsubstantiated statements and putting pressure on the parties involved in the situation. The mayor says it is now crucial for the VAATC to take over the management of the waste sorting facility. Prime Minister Mindaugas Sinkevičius also weighed in on the issue. According to him, due to the protracted waste crisis in Vilnius region, the state may have to intervene in the solution of the situation, and a meeting of the responsible authorities will be convened on Monday. 

FOREIGN NEWS

Andy Burnham has been confirmed as the new leader of the United Kingdom’s ruling Labour Party. Burnham is expected to become the prime minister on Monday, replacing Keir Starmer in the position, who resigned as party leader in June after several months of political turmoil, scandals and setbacks. The centre-left Labour Party has a majority in parliament after the 2024 election. Therefore, the party leader will become the country’s prime minister without a new election. Burnham promises to restore hope to the British people after his election as leader of the Labour Party. He advocates for greater public control of services and reindustrialisation. Labour lawmakers believe he has the best chance of curbing Nigel Farage’s anti-immigration Reform UK party, which hopes to win the next general election in 2029.

US forces carried out strikes on targets in Iran for the sixth night in a row. Seven people were killed in the strikes, Press TV reported. According to Iran’s state news agency Tasnim, one person was killed in an attack on a telecommunications tower in the coastal city of Bandar Abbas. Bridges, a railway line, an airport and a maritime traffic observation tower were attacked, separate Iranian media reports said. According to a US official who spoke to The Wall Street Journal, the strikes on bridges are intended to cut off supply routes to an Iranian military base near the Strait of Hormuz. Kuwait on Friday reported an Iranian attack on a power plant and water desalination plants, while Bahrain and Qatar also said they had intercepted Iranian missiles.

US President Donald Trump has again made unsubstantiated claims about voter fraud and alleged Chinese interference in the 2020 election. In his address to the nation ahead of the midterm elections, Trump said the US electoral system was dangerously fragile and votes were rigged and called on lawmakers to adopt new voting restrictions. Trump also said he intends to declassify intelligence information, including that shows that China has illegally acquired data of 220 million US voters. Beijing reacted to the claims on Friday, calling them “pure fabrications”. Meanwhile, Democrats accused Trump of trying to undermine confidence in the election process ahead of November’s race, in which Republicans fear his unpopularity could cost them control of Congress.

Vilnius, July 17 (ELTA) – Lithuanian Prime Minister Mindaugas Sinkevičius hopes that Latvia will treat the issue of secondary migration “much more seriously”, whereas reinstating temporary control of the border with Latvia would be a “radical” move.

“I personally said to the president of Latvia, to the interior minister that the situation is escalating. We have so-called secondary migration. It seems that individuals who illegally cross the Belarusian-Latvian border then cross the Latvian-Lithuanian border as they move from Latvia towards Central Europe. They later probably attempt to cross the Lithuanian-Polish border,” Sinkevičius told reporters while on a visit to Rūdninkai Military Training Area on Friday.

“One option, of course very radical, is to begin border control, to restore the operation of border checkpoints. We had raised this as an issue with the Latvian side. We hope that the Latvian side has heard us. Until then, we can strengthen state border protection, to cooperate with the Latvian side, with the officers, to help the, technologically. And I am aware that this is already happening. I think we could intensify this further,” said Sinkevičius.

Meanwhile, Latvian Interior Minister Janis Dombrava told Lithuania’s public broadcaster LRT that he would expect more help from the neighbouring country and that Lithuania would send at least 100 border guards.

However, the Lithuanian prime minister doubts that sending so many border officers is possible, reiterating that Latvia should take the issue of secondary migration more seriously.

The State Border Guard Service (VSAT) announced Monday that a new rotation of 9 border guards would be sent to Latvia to replace Lithuanian border guards already stationed in the country.

Earlier this week, Latvian President Edgars Rinkēvičs paid a state visit to Lithuania. President Gitanas Nausėda said that reintroducing temporary border controls within the Schengen area would be seen as defeat in tackling irregular migration. According to him, it is more important to strengthen the security of the European Union’s external border.

Latvia shares a 172-kilometre border with Belarus, a close ally of Russia, compared with the 679 km long Lithuanian-Belarusian border.

The Baltic States have accused Belarus of deliberately directing irregular migrants through its borders with the EU countries since 2021 in order to pressure the European Union.

Latvia, Lithuania and Poland have therefore stepped up their border security and built fences at their borders with Belarus.

So far this year, the VSAT has prevented 905 migrants from illegally entering Lithuania from Belarus.

Since the start of the migrant crisis orchestrated by Belarus in 2021, Lithuania has thwarted nearly 26 thousand illegal border crossing attempts.

The VSAT stated that secondary migration from Latvia to Lithuania has quadrupled. From 1 January to 19 June this year, 1,288 migrants have been detained after illegally crossing from Latvia to Lithuania. The figure stood at 310 in the same period of 2025.

Vilnius, July 17 (ELTA) – The Board of AB Telia Lietuva has approved unaudited Interim Financial Statements, prepared according to International Financial Reporting Standards as adopted by the European Union, for 6 months’ period ended 30 June 2026.

The company said in a press release that in the second quarter of 2026, compared with the same period a year ago, its revenue grew by 6.9% and amounted to EUR 130.3 million (EUR 121.9 million).

Adjusted EBITDA up by 12.1% to EUR 54.7 million (EUR 48.7 million). EBITDA increased by 11.9% and amounted to EUR 54.3 million (EUR 48.5 million).

Profit for the period went up by 20.6% to EUR 26.7 million (EUR 22.1 million).

Capital investments up by 83.7% and amounted to EUR 26.1 million (EUR 14.2 million).

EUR 81.6 million of dividends were paid for the year 2025 (EUR 0.14 per share) (EUR 64.1 million or EUR 0.11 per share for the year 2024).

In the first half of 2026, compared with the same period a year ago, revenue grew by 7.2% and amounted to EUR 259.1 million (EUR 241.7 million).

Adjusted EBITDA up by 10.2% to EUR 106.9 million (EUR 97 million). EBITDA increased by 9.5% and amounted to EUR 105.5 million (EUR 96.3 million).

Profit for the period went up by 14.7% to EUR 51.3 million (EUR 44.7 million).

Capital investments up by 57.9% and amounted to EUR 37.5 million (EUR 23.7 million).

Free cash flow went up by 12.5% and amounted to EUR 64.1 million (EUR 57 million).

Comment by Giedrė Kaminskaitė-Salters, CEO of Telia Lietuva:

“We are closing the first half of 2026 with an impressive result. Interim service revenue grew by 6.7 per cent, equipment sales revenue increased by 7.2 per cent and interim EBITDA exceeded the threshold of EUR 100 million for the first time while EBITDA margin stood above 40 per cent.

During January-June of 2026, free cash flow generated from our activities was 12.5 per cent higher than a year ago.

The end of June 2026 was marked with two milestones related to the continuous development of our mobile network.

In June, we acquired two 1,500 MHz frequency blocks for almost EUR 8 million and stood out as the largest investor in the 1,500 MHz frequency band in an auction organized by the Communications Regulatory Authority (CRA). The Company received the largest share of these frequencies sold – 40 MHz, which will be used for further development of the 5G network.

Along with this achievement, Telia Lietuva also extended its right to use the 2,100 MHz frequency band in another auction, committing to pay another EUR 2 million for this right.

The 1,500 MHz frequency band is used to increase the capacity of mobile communication networks and ensure more efficient data transmission. This specific frequency, according to the standard, is exclusively focused on data downloading.

Additional frequencies become especially important with the growth of video content consumption, the use of cloud services and other activities generating large data flows. In addition, the frequency will enable higher download speeds in remote areas.

In addition, we announced that during 2026 we will invest EUR 7.1 million in expanding our mobile network. The investment will fund the construction of 50 new base stations, the modernization of 300 existing sites and the upgrade of around 130 additional locations with new radio equipment.

As part of this investment, Telia Lietuva will also install around 30 new base stations in 2027 on towers built under the state-funded RAIN broadband infrastructure programme. These sites will improve mobile coverage in so-called "white areas" – locations where mobile connectivity has previously been limited.

Mobile data traffic in Lithuania is growing by around 25 per cent annually, one of the fastest growth rates in Europe. This consistently increases the load and requires continuous investment in capacity and quality of the network, which customers experience every day when using communication services.

Considering the solid financial position of the Company and following the Annual General Meeting’s decision, in May 2026, we have distributed EUR 86.1 million as dividends to the shareholders of Telia Lietuva for the year 2025. It was a record high EUR 0.14 dividend per share payout.

Andreas Ekström, Head of Telia Asset Management at Telia Company, has joined the Telia Lietuva’s Board following the shareholders decision to substitute Hannu-Matti Mäkinen, who has resigned from the Board to purse his new responsibilities within Telia Company Group.

A further change in the Company’s management took effect on 1 July 2026. Vaidas Dominauskas was appointed Head of Enterprise, succeeding Aurimas Žlibinas. Mr. Dominauskas rejoined the Company after serving as CEO of Regitra and having previously worked at the Company until the end of 2021.”

Vilnius, July 17 (ELTA) – The euro area annual inflation rate was 2.8% in June 2026, down from 3.2% in May. A year earlier, the rate was 2.0%. European Union annual inflation was 2.9% in June 2026, down from 3.3% in May. A year earlier, the rate was 2.3%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Sweden (1.0%), Czechia (1.1%) and Denmark (1.8%). The highest annual rates were recorded in Romania (9.2%), Lithuania (5.4%) and Bulgaria (5.2%). Compared with May 2026, annual inflation fell in twenty-two Member States, remained stable in three and rose in two.

The annual inflation rate in Latvia was 3.3%, in Estonia it stood at 2.0% and in Poland it was 3.0%.

In June 2026, services (+1.51 percentage points, pp), energy (+0.77 percentage points, pp), food, alcohol & tobacco (+0.29 percentage points, pp) and non-energy industrial goods (+0.18 percentage points, pp) contributed positively to the annual euro area inflation rate.

Vilnius, July 17 (ELTA) – On Friday, before noon, a bomb threat was made against Teltonika company’s offices in Vilnius and Kaunas. The high‑technology company group specialises in Internet of Things (IoT) solutions.

The police received a report at 11:40 am about an email sent to the company claiming that its buildings located on Baršauskas and Chemijos Streets in Kaunas had been rigged with explosives, the news agency ELTA has learned from Kaunas County Police Headquarters.

The employees were evacuated and law enforcement searched the buildings and the company’s grounds.

No explosives or suspicious objects were found.

Spokesman of the Police Department Ramūnas Matonis told ELTA that a bomb threat was also made against Teltonika offices in Vilnius, but explosives were not discovered there either.

The police are investigating the circumstances of the incident.

Vilnius, July 17 (ELTA) – The Ministry of the Economy and Innovation, together with the Ministry of Finance and the National Development Bank (ILTE), signed an agreement to increase funding for the “Perspektyva” incentive financial instrument by EUR 30 million. A total of EUR 183.5 million will be allocated to this instrument. 

“Investments in research, experimental development, and innovation are one of the most important drivers of Lithuania’s economic competitiveness. Additional funding for the ‘Perspektyva’ instrument will provide businesses with more opportunities to invest in R&D activities, develop innovative products and technologies, and bring their results to market more quickly. This will help strengthen a high-value-added economy and promote the country’s long–term growth,” says Edvinas Grikšas, minister of the economy and innovation.

The “Perspektyva” financial instrument is designed to promote applied research, experimental development, and innovation (R&D&I) activities by providing businesses with more favorable financing terms. 

Since the launch of the “Perspektyva” program, dozens of business-led R&D&I projects have been funded across a wide range of fields – from biotechnology, medicine, and laser technology to artificial intelligence, energy, digital solutions, the circular economy, and smart manufacturing. 

“An additional 30 million euros means more opportunities for companies to implement innovation projects, which often require long-term investments. Our goal is to ensure that as many promising ideas as possible are transformed into competitive products and solutions that successfully establish themselves in Lithuanian and foreign markets,” says Tadas Gudaitis, head of the Business Development Department and Member of the Board at ILTE.

Among the funded projects are the development of femtosecond lasers and microscopes, smart energy storage systems, medical diagnostic solutions, cables for electric vehicles, blockchain-based platforms, and other innovations that generate high added value. The additional funding will enable an even greater number of companies to carry out ambitious research and experimental development projects and to commercialize their results more quickly.

The increase in funding will directly contribute to the implementation of Lithuania’s “3i” economic transformation plan – it will strengthen the investment focus by increasing the availability of funding for innovation, R&D&I activities, and the development of high-value-added businesses.