Lithuania Economic Summary
Lithuania exports mostly mineral products; Mineral fuels, mineral oils and products of their distillation. Others include bituminous substances; mineral waxes, foodstuffs, machinery and mechanical appliances, electrical equipment and chemicals. Lithuania's main export partners are Russia, Latvia, Germany and Poland.
Our country’s Import mineral products include; machinery and mechanical appliances, electrical equipment. Its main import partners are Russia, Germany, Poland and Latvia. Structurally, there is a gradual but consistent shift towards a knowledge-based economy with special emphasis on biotechnology (industrial and diagnostic). The major biotechnology companies and laser manufacturers (Ekspla, Šviesos Konversija) of the Baltics are concentrated in Lithuania. Also mechatronics and information technology (IT) are seen as prospective knowledge-based economy directions.
Among the biggest private owned Lithuanian companies are: ORLEN Lietuva, Maxima Group, Achema Group, Lukoil Baltija, Linas Agro Group, Indorama Polymers Europe, Palink, Sanitex. Corporate tax rate in Lithuania is 15% and 5% for small businesses. The government offers special incentives for investments into the high-technology sectors and high value-added products. Most of the trade Lithuania conducts is within the European Union and Russia.
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