The Ministry of Economy has summarised the accomplishments of Lithuanian institutions in September in an attempt to mitigate the impact of Russia's sanctions on businesses.
Ministry of Economy
Ministry of Economy
© DELFI / Tomas Vinickas

According to the government's report which was announced on Monday, the Ministry of Economy has increased financing of the instrument New Opportunities by LTL 12.3 million (EUR 3.5 million). 253 enterprises were allocated LTL 27.7 million (EUR 8.0 million) for participation in exhibitions, business missions and other export promotion events. The supported companies expect to visit more than 1,200 exhibitions.

Following the economy minister's order, preferential loan, loan guarantee and interest compensation arrangements were approved for businesses affected by the Russian sanctions. Companies will be compensated 95 percent of yearly interest irrespective of whether they operate in the regions.

Private storage of butter, skimmed milk powder and cheeses was authorised for Lithuanian agricultural producers on 8 September seeking to mitigate the consequences of the Russian embargo. Meanwhile, intervention buying of butter and skimmed milk powder was extended to 31 December 2014.

The Government confirmed LTL 117 million (EUR 34 million) for 2014 transitional period national support to agricultural enterprises for milk, livestock and crops. LTL 62 million (EUR 18 million) will be paid additionally in 2014.

Business promotion agency Enterprise Lithuania has started providing special advice and market research services. It also prepared and sent out new agreement and application forms regarding free search of business partners.

Making use of diplomatic measures the Ministry of Foreign Affairs has invoked Lithuanian Embassies to actively work with potential export partners regarding agricultural and food product export, as well as regarding issuance of necessary certificates and import permits.

The Government has expanded the territory covered by Lithuanian commercial attaché to China. The attaché now oversees Korea, Mongolia and Vietnam. The Lithuanian commercial attaché in the United Kingdom has been appointed to work with Oman as well.

Elta EN
It is forbidden to copy the text of this publication without a written permission from ELTA.

Finance minister: coronavirus to affect economy

The widening coronavirus outbreak will have implications for the Lithuanian economy , Finance...

Lithuanian businesses might feel coronavirus effect in spring

The coronavirus outbreak in China is already affecting Lithuanian businesses as some companies...

Leader in gaming and VR platforms to undergo major expansion in Lithuania

Unity Technologies , creator of the world’s most widely used real-time development platform for...

German polymer specialist establishing microduct systems production unit in Klaipeda

REHAU , a family-owned polymer specialist with annual sales of around EUR 3.5 billion, is...

Five cities may get another EUR 30 mln to buy electric buses

Lithuania's authorities are considering providing another 30 million euros in EU money to Vilnius,...

Top news

Finance minister: coronavirus to affect economy

The widening coronavirus outbreak will have implications for the Lithuanian economy , Finance...

German who moved to live in Kaunas: I did not expect so much cultural life here

Jörgen Kipp , Purchasing Manager at HELLA Lithuania, came to Kaunas two years ago to live and...

Foreing ministry asks people to refrain from trips to Tenerife city

Lithuania's Ministry of Foreign Affairs has asked people to refrain from trips to the Tenerife...

Defense ministry moves to introduce 'official use' label in defense system

The Lithuanian Defense Ministry proposes to introduce the " official use " label for sensitive...

Lithuanian model Ieva hits the London Fashion Week catwalk

A Lithuanian student from Kėdainiai swapped designing clothes for modelling them at one of the...