Best business to start in Lithuania

January 3, 2023
Best business to start in Lithuania

State that we will consider in this article is a Republic country with a growing economy. In the past couple of years, industrial development has played a vital role in the country’s current standing. The large or small businesses for sale in Lithuania have been dependent on development ever since the country’s history.

The profit from industrial activities is the backbone and contributes more than half to the country’s total GDP. Today, business etiquette in Lithuania is the biggest, with the highest GDP per capita among all Baltic states. The economic freedom score of 75.8 is above regional and world averages. In January 2022, industrial production grew by 24.6. In the 2022 Index, the country is also ranked as the 17th freest nation and ranks 12th among 45 EU states. Today we will tell you the five of the best businesses in Lithuania for sale and also several business opportunities in Lithuania.

1. Services Industry

The sphere of services includes a number of segments that make the largest contribution to the country’s economy. The scope of services in country includes:

  • Banking
  • Communications
  • Wholesale and retail trade
  • Professional services – engineering, development of computer software
  • Medicine
  • Non-commercial economic activity
  • Domestic service
  • State services – protection and administration of justice
  • The sphere of services is the basis of every economy, and the financial resources of intelligent countries are dominated by services.

Currently, the business culture in Lithuania is dominated by the favore sector. This industry pays some of the highest salaries in the country. For example, financial services workers earn an average of $517 per month, while general business in Lithuania and real estate workers earn $375. The retail sector is hampered by low wages for Lithuanian workers, as most workers have little extra cash to spend on consumer goods. However, the retail trade sector has already grown by 5% as a result of the recovery in economic growth that began in 2000.

2. Agriculture

Agriculture is one of the oldest branches of business for sale in Lithuania, which occupies most of the country’s rural areas. the country has always been an agrarian country. The agricultural sector fulfills vital economic, social, environmental and ethno-cultural goals, and is considered a key sector of the national economy. It is the second largest sector of the country’s economy, which has played an important economic and social role throughout the country’s history.

As well, business for sale in Lithuania has a better balance of biological resources than most other countries of the EU. In this regard, in addition to increasing the volume of production and the introduction of intensive technologies, it is also necessary to implement measures that stimulate farms to preserve the natural balance and rational and responsible use of biological resources. After all, farmers are the first link in the food production cycle, and their activities are not limited to growing food. Farmers often create and process goods and sell them directly to consumers.

3.Oil Refining

Also, you can start or buy a business in Lithuania of oil refining, because this is one of the leading industries in the country. The oil sector has enormous potential and meets the needs of domestic oil consumers. All petroleum products are mass produced in the country and exported to foreign markets.

It is important to doing business in Lithuania as oil reserves, because they are necessary to protect the country’s economy from supply disruptions. The country is quite capable of exporting oil products to various countries. The main destinations of Lithuanian oil products are Ukraine, Latvia, Estonia, the USA and Poland.

Start a business in Lithuania is profitable, because it is the 33rd largest exporter of oil products in the world. In 2019, Lithuania exported approximately $3.67 billion worth of petroleum products, making it the country’s most exported product. The oil sector consists of a single oil refining and transport company (ORLEN Lietuva). The companies include ORLEN Lietuva Refinery and a single oil transshipment terminal, Butinge, a petroleum products terminal, Klaipedos Nafta, oil production companies and companies engaged in the sale of petroleum products.

ORLEN Lietuva is the only oil refinery in the Baltic States. There are no restrictions or quotas on the import, export, sale and transit of petroleum products. After 2013, the use and consumption of petroleum products increased by 2.5 million tons. This industry is a significant contributor to the country’s economy and plays a vital role in the GDP.

4. Production of food

Open a startup in Lithuania of food production is another significant contributor to the total value received by Lithuanian industry. The leading markets of the food industry are the processing of milk, meat, and grain.

By 2019, the food and beverage industry accounted for approximately 3.8%. In the first months of 2021, more than 39,000 workers worked in the industry. This is almost 4%-4.6% of the total employment in the country. At the beginning of 2021, about 960 enterprises worked in the food industry. 96% of these enterprises were SMEs (small and medium-sized enterprises) with a maximum number of employees of 250 people.

The food industry accounts for about 11% of the country’s total exports. Lithuanian business registration of food produces a wide range of products, including dairy products, meat, fish, fruit, vegetables, grains, herbs, spices and bakery products.

5. Manufacturing

In the manufacturing sector of the country, the leading segments for starting a business in Lithuania are aviation and automobile. Thanks to the price-quality ratio, the country becomes a top favorite. The presence of an abundance of local talent also meets market demand, paving the way for future prospects. According to the World Bank’s compilation of development indicators, in 2020 the percentage of GDP of the manufacturing sector was 15.7%.

One of the enterprises of the Klaipeda Free Economic Zone, which has already firmly established itself, is the NEO Group. In 2004, they registered a  company in Lithuania, and  started its operations in Klaipeda, where it currently operates two PET (polyethylene terephthalate) production lines and serves about 300 packaging companies in more than 30 countries. Since 2002, its country subsidiary Lifosa has been part of the EuroChem Group. It is located in Kdainiai, which is a free economic zone.

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