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Foreign Ambassadors, who reside in Lithuania and are accredited to this country, were invited to the Ministry of Foreign Affairs on 18 January, were they had the opportunity to get acquainted with Lithuania’s favourable environment for young and innovative technology companies (startups) to emerge and develop their business.

More than 30 high-ranking diplomats from Europe, Asia, North and South American countries visited Vilnius Tech Park – the biggest technology hub for startups and other businesses within ICT sector. Diplomats were briefed that Lithuania’s ambition was to become the region’s leading centre of financial technology – or FinTech. For this purpose, a progressive regulatory framework for the financial sector will be created. The Ambassadors also had the opportunity to see the already existing infrastructure model.

Marius Jurgilas, member of the Board of the Bank of Lithuania, told foreign representatives that Lithuania saw the benefits of attracting financial technology companies to the country: high value-added jobs were being created, possibilities for the country’s companies to borrow from alternative sources of funding were opening up, and advanced technology solutions were being made available to consumers. Moreover, despite today’s good achievements, the country will aim to continue to enhance legal regulation of this field.

The biggest technology hub for startups and other businesses within ICT sector in the Baltics and Nordics – Vilnius Tech Park – was presented by its Director Darius Žakaitis. The hub with entrepreneurs from 40 different startups, venture capital and consulting firms is situated in the Sapiegos Park.