The southernmost of the three Baltic states, Lithuania shares borders with Latvia to the north, Poland and Belarus to the south, and the Russian enclave of Kaliningrad to the west. The country enjoys the highest GDP per capita in the Baltic States. Lithuania adopted the Euro in 2015.
The first state to declare independence from the Soviet Union in 1990, Lithuania transitioned rapidly to a market economy. The rapid growth the country experienced after joining the European Union – led to it being nicknamed the ‘Baltic Tiger’.
Lithuania is well-regarded by the international business community. The country is ranked 14th in the world in the World Bank’s Ease of Doing Business Index and 19th out of 178 countries in the Index of Economic Freedom.
Lithuania’s main industries include petroleum refining, food processing, energy, chemicals, furniture, wood and textiles.
Lithuania boasts one of the best educated workforces in the world. It is among the top five countries in the world by tertiary education attainment, and a remarkable number of Lithuanians hold degree level qualifications in IT or related subjects. It’s no surprise, then, that foreign firms have invested heavily in Lithuania’s tech sector.
In recent years, the share of Lithuanian goods exported to the EU has increased enormously, and today around two-thirds of exports are destined for EU markets, with Poland, Germany, Estonia and Sweden all being key export partners.
Based in Vilnius, Lithuania’s capital, HLB Provisus offer a range of first-rate services to domestic and foreign clients.
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