”This year, we plan to publish invitations for the total value of around EUR 500 million. This way we will promote businesses to modernise their production, introduce innovations, carry out scientific research, and also to attract even more foreign investments to Lithuania. Last year, we managed to achieve truly excellent results in the field of foreign investments: over 50 projects were approved, more than 4,000 jobs are expected to be created in three years. Therefore, by growing direct foreign investments, we create more opportunities for the country’s business and population,” says Aušrinė Armonaitė, Minister of Economy and Innovation. According to Inga Lukošiūnaitė, the Head of Science and Innovation Division of the Innovation Agency, the attracting direct foreign investment is a significant strategic step that creates high value added.
“Our goal is to increase investment into the research and development sector, since it makes highly significant contribution to the birth of new technologies and innovations, and is one of the key factors promoting economic development and competitiveness at the international scale. However, sustaining and improving Lithuania’s position in the competitive environment that has become highly proactive in recent years requires also foreign investment: innovative products and services providing access to state-of-the-art technologies, practices and knowledges of global leader companies,” says Ms. Lukošiūnaitė.
According to the specialist, financing can be assigned to investments directly related to development of a new or materially improved product. For example, to cover the expenses of acquisition of technical knowledge and invention patents or rights under a licence agreement, to cover salary, business trip expenses of the project implementing staff, to buy necessary materials or components, to cover lease or wear expenses of premises, equipment. Besides, financing for patenting of a product developed during the project is also available. Eligible applicants for TUI Invest measure – companies of any size registered in foreign countries or their affiliates in Lithuania, also, foreign capital companies registered in Lithuania. However, if large company plans to submit a project implementation plan (PIP), it necessarily has to cooperate with a very small, small or medium enterprise. When PIP is submitted together with a partner, it must have a copy of the effective partnership agreement or signed letter of intent to cooperate must enclosed. Under this invitation, the Ministry of Economy and Innovation will distribute EUR 6 million from the European Union fund investments 2021-2027 for RD activity by foreign investors. The smallest possible financing amount per project is EUR 140,000, the biggest – EUR 2 million. Project implementation plans will be accepted until 12 June 2024. When applying, businesses must justify the necessity of their project, state the goals, objectives, describe the activity and planned results.
“It must be noted that only one PIP will be accepted from one applicant. Upon receipt of applications, we will consider the following evaluation criteria: project effectiveness (i.e., the ratio of revenue from the product developed during the project and project expenses), the level of significance of products or technologies planned to be developed, the potential of their commercialisation, and of course, sustainability, environmentally friendliness of the product and whether it is produced with the high impact technology applied,” says Ms. Lukošiūnaitė. Once financing is secured, the successful applicants will have to launch their project activities within three months from signing the agreement, while the whole plan of project activities will have to be implemented within 36 months. Comprehensive invitation terms and conditions are published on the website of the European Union investments. The invitation is financed from the EU fund investment programme 2021-2027.
Training for potential submitters of project implementation plans (PIP) under this measure will be provided on 29 February 2024, 10:00 online, on Zoom platform. Register here.
