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In 2014, 33 new SMEs founded in Lithuania every day

Staff writer ▼ | October 16, 2015
The country's growing economy, increase in people's social mobility and widely advertised success stories of business novices have had a strong impulse on the entrepreneurship breakthrough in Lithuania.
Small country, big economy   According to Swedbank:
In 2014, 33 new small and medium-sized enterprises (SMEs) were established every day in Lithuania, claims a public opinion survey carried out by Swedbank.

According to Antanas Sagatauskas, head of Swedbank Corporate Banking department, the establishment of SMEs is the most sustainable way to solve the employment issues in Lithuania and step up the country's economy.

Statistical data shows that majority of new SMEs are opened in the retail trade sector.

Novices are attracted to this sector by relatively low entrance threshold and small initial investments. However, such businesses most of the times focus on domestic market, which in Lithuania is rather shallow.

"Small business should grow their customer who would appreciate the opportunity to interact with the business owner and who would be interested how and where from their goods come. Now the time to do this in Lithuania is very favourable," Sagatauskas says.