The Lithuanian Finance Ministry has unveiled a 6.3-billion-euro stimulus plan to revive the country’s economy after the Covid-19 crisis.
“The main goal of the plan is to invest into economic recovery and growth, [with a focus on] sustainable and value-added-generating economy,” Finance Minister Vilius Šapoka said during a televised media conference on Tuesday.
The total sum of the programme, 6.3 billion, is equal to about 13 percent of the country’s annual GDP and is 1.8 billion more than previously planned.
The minister said the extra funding would come from the national budget and EU funds. The money will be spent over a year and a half starting in July.
“It is important to look at what return this will bring to Lithuania. One invested euro […] will bring a return of almost two euros,” according to the minister.
The plan, entitled The DNA of the Future Economy, suggests deploying the funds to five main areas: human capital, digital business and economy, innovation, infrastructure, and climate change and energy.
Investment into human capital – 610 million
– Innovative education and training of key specialists
– Retraining of workers
– Horizon Europe programme and scientific research
Digital economy and business – 1.896 billion
– Digitisation of industry and circular economy
– New e-business and design products
– Developing export markets and attracting foreign direct investment
– Investment into 5G and eSIM development
Innovations and research – 711 million
– Product development for Covid-19 pandemic, startup acceleration programmes, scientific research
– Investment into crisis resilience of the agriculture sector
– Life science and biotechnology incubators
– Competence centres for life sciences, information and communications technology, fintech, etc.
– Medical research and infrastructure
Economic infrastructure – 1.931 billion
– Relaunching international flights and airport development
– Free economic zones and industry parks
– A new conference centre in Vilnius
– Investment into Klaipėda Port, Via Baltica highway, railways, etc.
Climate change and energy – 932 million
– Upgrading energy-inefficient buildings
– Investment into renewable energy
– Electricity generation from LNG
Financial reserve – 190 million