Lithuania has been ranked 10th in the latest IBM Global Location Trends report. The ranking, which represents a jump of eight places from last year’s index, is directly related to the number of jobs created thanks to foreign direct investment.
Mantas Katinas, General Director of foreign investment development agency Invest Lithuania, explains that this high level of job creation shows foreign investment is having a tangible impact on improving the economy:
“The authors of the report argue that job creation is the best indicator to use when assessing foreign direct investment. Most organisations tend to assess investments in terms of fixed assets, with job creation underemphasised as a factor. The authors of the report note that up to 70-80% of foreign investments are spent on equipment and supplies sourced elsewhere, which have little effect on the economy of the country. In contrast, job creation measures the immediate economic impact since these jobs are filled by people living in the location,” Mr Katinas explains.
The report reveals that Lithuania is leading among Baltic States, with Estonia ranked 12th and Latvia 17th. Lithuania is also ranked 10th for the added value created by new jobs from investment projects, a category which takes into account factors such as knowledge and skills transfer. Ireland, Singapore and Switzerland are also among the leaders in this field in 2016. Additionally, the report singles out Lithuania as a top location for investments in financial services.
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