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Lithuania: Country and Foreign Investment

Business Environment

Telecommunication services are described as adequate. There are submarine cable connections to Denmark, Sweden and Norway, and landline connections to Latvia and Poland. Mobile phones have been edging out fixed lines. In 2008 there were more than 5m cellular phones, 1.4 per person; and more than 1.7 million Internet users.

There are three international airports, two of them in Vilnius. Most flights are to other European capitals and there are few direct intercontinental connections.

There are international train services connecting Lithuania with Russia, Germany and Poland, but buses are often preferred by local travellers, despite long delays at border crossings.

Klaipeda is a major port of call for international commercial ship traffic, but there are few passenger ferries.

The commercial property market has thrived since independence, but Lithuania has suffered along with other European capitals during the recent recession. Rental levels dropped sharply in 2009. The supply of modern offices in Vilnius increased by 65% in two years, prior to 2009. Current prices in Vilnius for modern space are between EUR12 and EUR15 per square metre per month.

Banking is moderately well developed. There are 10 locally-licensed commercial banks, and a number of foreign bank branches.

 

 

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