Foreign investors to benefit from new R&D funding initiative

New financial support packages for foreign investors who invest in research activities in Lithuania have been unveiled this week by the Ministry of Economy. The new initiative will channel EU funding to international companies who are focused on innovation and development. The Ministry is accepting applications from foreign investors for the new funding until 11 April 2016.

As Lithuania’s Economy Minister Evaldas Gustas explains, a broad range of foreign companies will be eligible for the new support package. “We will distribute EU funds to foreign investors who are engaged in scientific research and experimental development,” says the minister. The funding is also available to companies who are implementing innovations, or for expanding or developing the infrastructure of a company working in the R&D field.

The new initiative is aimed both at attracting international investors and at creating new opportunities for Lithuania’s pool of skilled researchers. To achieve this aim, the Minister explains, “applicants will be asked to reserve at least 20 percent of new jobs for researchers, and to commit to keeping them for at least five years.”

The funds will be distributed through the SmartInvest LT+ mechanism. Successful applicants will be able to use the funds for a wide range of purposes, including buying scientific research equipment, performing scientific research, hiring personnel, and purchasing materials, patents and licences.