Digitisation and reorientation of industry, the attraction of new investment, retraining of the employed in high value-added areas, biotechnology, medical services, deployment of renewable energy sources. These are just a few of the long-term investment proposed by Lithuania’s Ministry of Finance to help the national economy recover after the pandemic and to change it substantially over time.
“We need to use it as quickly and efficiently as possible by stepping up already planned investment and attracting new ones in strategically important areas,” said the Minister of Finance, Vilius Šapoka. “The short-term measures imposed at the beginning of the COVID-19 crisis are not sufficient, it is vital to find solutions for our country to move on. To get back and outpace other countries. […] We have a chance to change the DNA of the Lithuanian economy.”
The plan of the Ministry of Finance identifies five priorities which are proposed to focus on, including climate change and energy.
In this regard, the priorities focus on an increased use of renewable energy sources (RES), enhancement of energy efficiency and competitiveness of the energy sector.
This includes such measures as the development of offshore wind infrastructure; installation of RES in households, industrial and public buildings of private and legal persons; modernisation and development of heat supply networks; renovation of buildings; replacement of petroleum gas appliances in multi-apartment buildings by other energy sources; electricity generation by using liquefied natural gas (LNG) evaporation in Klaipėda LNG Terminal.
According to the estimates by the Ministry of Finance, one euro invested according to the plan will bring a return of 1.88 euros in the long term and generate a nominal GDP of 11.8 billion euros. Moreover, since the plan as a whole is focused on high value-added jobs, this means that in the long term such jobs will be better paid.