The global tourism and travel industry needs novel ways of solving pressing challenges – from reinvigorating traffic to making the field more sustainable. Such solutions can only be developed, if the conditions of Talent, Innovation and Government Support are met. Lithuania, a country that prides itself on the notion of co-creation, is ready to welcome innovators to its growing TravelTech ecosystem, providing all the right conditions for sandboxing ideas that can potentially change the market.
Lithuania – a Northern European country by the Baltic Sea
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Area
65.286 km²
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Population
2.8 million
-
GDP per capita (in PPS)
25 878, 2020
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Currency
Euro
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Capital
Vilnius
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Memberships
EU, NATO, WTO, Schengen, OECD
Lithuania's economy is growing fast
€49 bn in
GDP
Lithuania is the largest
economy among
the Baltic States
Eurostat, 2020
€25 878 GDP
per capita (in PPS)
The highest value
in the Baltic States
Eurostat, 2020
-0.9% GDP
growth in 2020
Eurostat, 2020
+7.1% real wage
growth
The most significant growth
in real wage among the OECD
countries in 2020
OECD data, 2020
What gives Lithuania it's edge?
Open data initiative: Travel Data Lab
- Tourist mobility
data - Country-wide tourist traffic data updated daily
- Comprehensive tourism object database (14K tourism objects)
- Available data includes expenses, visited sites, tourist personas
- Research data accumulated from multiple sources
- Tourism infrastructure quality assessment
Young and highly qualified talents
of population with higher education
English proficiency among young professionals
of the population speak at least two foreign languages
Students by study field in higher education institutions (2019-2020)
Business, Administration and Law
Engineering, Manufacturing and Construction
Health and Welfare
Lithuania is 5th by digital / technological skills availability
From regulators to accelerators
GovTech
Connecting the public sector with startups to solve the most pressing technological challenges
Fintech
1st Largest Fintech hub in the EU in terms of licensed companies.
Lithuania is home to over 230 Fintechs. They mainly focus on: payments, financial software, digital banking and lending.
7-fold GDP growth in the last 25 years
World Bank, 2021
11th globally ease of doing business
World Bank, 2020
Vilnius – leading sharing economy hub
2nd globally in sharing
economy index, 2021
Mature Fintech and GovTech sandboxes
Ministry of Economy and
Innovation, 2021
Already here
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