“Through these investments, we give an opportunity to businesses to make their way to international markets with their high value added products. We estimate that our secured financing will make it possible for the companies to take part in over 550 international exhibitions and to have around 40 products or groups of products certified. It will help them grow and consolidate their positions on foreign markets,” says Aušrinė Armonaitė, Minister of Economy and Innovation.
Financing attributed to the EU de minimis aid was proactively sought by companies working in the fields of software programming, research and applied activity of natural sciences and engineering, manufacturing of optical devices and photographic equipment. All projects recognised as eligible to financing stipulate participation in international exhibitions. 16 applicants seek financing for certification of their products.
“Participation in international exhibitions is one of the ways to introduce high value added products to the world, and to find the way to foreign markets for Lithuanian companies developing those products. Necessary certification, without which certain markets and clients can be unreachable even for supreme products, is of no less importance. Participation in exhibitions and certification of products and services can involve substantial expenses, to cover which financing of the Expo Opportunities for the Advanced invitation is actually intended. It is nice to see the business of the Capital city region taking the chance to seize the opportunity,” says Diana Martinavičė, Head of Business Promotion Division of the Innovation Agency.
According to Ms. Martinavičė, most applicants plan to introduce their products at 6-7 different exhibitions, however, some companies are determined to represent Lithuania in over twenty international events of this kind. With the use of the financing, companies plan to have more than one innovative product or solution certified, including such as: energy storage device, photoelectric module, GPS trackers, laser viewer, tower verticality monitoring system, low-floor bus, etc.
Financing within the framework of the Expo Opportunities for the Advanced invitation was open to very small, small and medium enterprises operating in the Capital city region and attributed to the high value added sector. Great majority of the successful offers of project implementation (42) were received from businesses operating in Vilnius City. Seven projects that were granted financing are planned to be implemented in Vilnius District, and one by enterprises established in Širvintos District. The requirements for the applicants included minimum one year of operation, minimum EUR 145,000 sale revenues in the last financial year, and minimum 51 per cent in the total sale structure held by own manufactured products.
Most companies that submitted project implementation offers targeted the maximum possible financing amount, which according to the invitation conditions is ERU 150,000. EU funds can cover up to 50 per cent of the eligible project expenses.
The Expo Opportunities for the Advanced measure is implemented from the EU fund investment programme 2021-2027.
