News

On September 20, 2001, a letter of Lithuanian adherence to the OECD Declaration on International Investment and Multinational Enterprises was presented to the Secretary General of the OECD. The regulations of the Declaration will come into force after fulfilling all the necessary internal legal procedures. The invitation for Lithuania to adhere to the Declaration marks the recognition of its successful Foreign Direct Investment (FDI) policy and other efforts to establish a sound and non-discriminatory business environment. Lithuania's adherence to the Declaration will consolidate past reform achievements and increase business confidence in the country. The Declaration on International Investment and Multinational Enterprises promotes treatment of foreign investors by host countries' governments no less favourable to that applied to domestic enterprises. It also promotes a set of voluntary standards of appropriate business conduct for multinational enterprises whose observance is encouraged and facilitated by OECD National Contact Points, reads the recent news release of the OECD regarding adherence of Lithuania and Estonia to the above- mentioned OECD Declaration. As adherent to the Declaration, Lithuania will participate in OECD work related to the instrument. It will share experience with the 30 member countries of the OECD as well as with the other adherents to the Declaration. The OECD encourages countries non-members of the OECD to adhere to the Declaration.