Lithuanian export forecasts: from simplistic joy to shock models
Although the Lithuanian export growth rate slowed down in 2019, the country’s exporters still had something to enjoy. All of us have a different mood this spring – the coronavirus COVID-19 pandemic is disrupting business plans and destroying even the most cautious forecasts.
“Enterprise Lithuania” focuses on boosting the businesses suffering from the effects of coronavirus
Entrepreneurship and export development agency “Enterprise Lithuania” is launching an initiative to support businesses “No quarantine on the Internet” and will advise anyone who wants to transfer their activities/businesses to the virtual space quickly and easily. Entrepreneurs who are already using virtual space for their businesses are encouraged to register their online stores and we will seek to share information about them with as many people in the country as it is possible. “Enterprise Lithuania” has also decided to integrate into this program the unified e-commerce solution which was developed during this weekend’s hackathon “Hack the Crisis”.
Only responsible business cooperation and openness to the employees will help to survive the crisis
Neither our state nor businesses have ever faced this kind of crisis – it has touched all companies and organizations to a greater or lesser extent, and people were forced to review contracts and make changes. For many, it has become unclear how to act when the business activities are suspended or limited, how to deal with the questions related to labor law, what to do if you are unable to fulfill your contractual obligations and whether quarantine allows applying force majeure. All experts agree that now the most important thing for the businesses is to communicate, negotiate a win-win situation, and make decisions while feeling responsibility and solidarity.
Measures are planned to help the tourism business to overcome the crisis
Inbound tourism in Lithuania generates about 1 billion EUR of revenue per year, while outbound tourism – 300 million EUR. In our country, about 80 percent of the tourism business sector is made up of small and medium-sized businesses. It employs about 48 thousand people. Various restrictions due to the coronavirus have seriously affected the sector – this industry was facing a crisis as early as mid-February, and the crisis keeps getting worse. Experts in various fields confirm that measures are being sought in Lithuania and worldwide to help businesses and consumers in the tourism and other sectors.
“Enterprise Lithuania“ – communicating with business remotely
After Lithuania has been put under quarantine from 16 March, which will last until 30 March or until otherwise decided, the Public Institution “Enterprise Lithuania” and all it units (“Startup Lithuania” and “Spiečius” Co-Working Spaces) as well as the participants of the export leaders programme “Sparnai” (Wings) will work remotely and will ensure the smooth contactless provision of services.
Can the coronavirus be considered as a force majeure?
The coronavirus that has been lately spreading worldwide presents a number of challenges for business. To reduce the spread of the virus, Chinese and Italian companies have temporarily suspended their operations. This resulted in the termination of a large part of contracts. These countries are very important business partners of Lithuania. Therefore, a question that many entrepreneurs are asking is: “Does the coronavirus can be considered as a force majeure?”
The conversation with an old acquaintance has given rise to the international project of global significance
Ingrida Olendraitė, a doctoral student at Cambridge University, an alumnus of Vilnius University, had little expectations that her meeting with an old acquaintance during Life Sciences Baltics will evolve to an international project together with the greatest minds in the field of virus research.
Lithuanian scientists aim to be at the forefront of the new breakthrough in medicine
Lithuania has more than enough potential to become one of the leaders in the biotechnology field. This is the conviction of Agnė Vaitkevičienė, the head and the co-founder of the first and so far the only producer of individualised advanced therapy medicinal products (ATMPs) in the Baltic countries. According to her, medicines developed according to the needs of each patient are the future of medicine, to which Lithuania also contributes.
Business has more than one Everest
Origins of Lithuanian kids wear brand Mummymoon should be traced in Norwegian fjords, Vėjūnė Unikauskienė, Director of Trinity time UAB, company that owns this brand, joked.
Lithuanian experience of private medicine for Irish patients
The Medical Diagnostic and Treatment Centre operating in the capital of Lithuania for 22 years by now and boasting the good reputation is consistently assuring quality and improving it, it is an ongoing journey on the way of unconventional thinking, different approach, improvement of actions by creating the best value added for customers.
March Design Studio: how Lithuanian minimalism conquered one fourth of the world
Abroad, in particular in Scandinavia, France, Italy, and even Japan, the March brand is considered to be the guarantee of aesthetics and quality.
Why Lithuania becomes a meeting place for science, business, education and research
Established in 2008, Santara Valley is now a rapidly expanding area of business intelligence, medical and research institutions where highly qualified employees and scientists create knowledge and products of the highest quality and are able to offer them to their partners all over the world.