“The Lithuanian economy is highly export-oriented, but SMEs still face a lack of knowledge of foreign markets and exports, a lack of funds for product adaptation and certification, as well as for specialists, and they are not known abroad. All these problems can be addressed by the “Expo Opportunities” measure, which allows businesses to attract additional investment in the development of existing markets and the search for new markets,” says Diana Martinavičė, Head of the Business Promotion Division of the Innovation Agency.
According to her, such export promotion programmes are crucial for businesses as they allow them to increase productivity, innovate, diversify their activities, and reduce potential risks.
Under this call companies will be reimbursed for the costs incurred in participating in and presenting their products or services at international trade shows abroad, as well as for the costs of product certification necessary to export products to specific markets. In addition, businesses will be able to use the funding to cover the creation and upgrading of a website for the search and development of local and foreign markets, and even the salary of an export manager. The maximum amount of funding available for a project is EUR 100 000 and the minimum is EUR 10 000 from the European Regional Development Fund. A maximum of 50 per cent of the costs incurred for the abovementioned activities can be financed.
“One of the most effective ways for Lithuanian companies to expand their exports is through active participation in international trade shows. This is not only a great opportunity to showcase your business potential, but also to get acquainted with the latest trends, establish useful contacts and learn about the competitive environment. Strategic international trade shows bring together all the key players in the sector,” says Simona Buzilauskienė, Head of the Market Development Division of the Innovation Agency.
According to her, the key competences required by a business wishing to export include knowledge of ways of international market access, the ability to assess the market potential of a product and to adapt it appropriately. An export manager could perform these functions.
The latest “Expo Opportunities” call will be open to small and medium-sized enterprises based in Central and Western Lithuania, which have been in operation for at least 1 year and whose revenue structure for the last financial year is at least 51 per cent of their revenue from the sales of own produced goods. The annual sales revenue requirement for micro or small enterprises is at least EUR 50 000 and for medium-sized enterprises at least EUR 145 000.
The Innovation Agency is organising a remote training session for the applicants of this call on 14 September 2023, 10:00 a.m. You can register here.
This call is part of the progress measure of the Economic Transformation and Competitiveness Development Programme “Implementing measures to promote export competitiveness growth”. The call and its terms are described in detail on the European Union Investment website, and the experts of the Innovation Agency are ready to advise on all aspects of the call.
