In the first half of 2012, UAB Visagino Atominė Elektrinė (VAE) paid the dividends of LTL 275 million to the national budget. Before 1 October, the total dividends assigned by the state-owned enterprises (SOEs) reached LTL 488 million. Following the Government Resolution, the expected profit contribution of LTL 34 million still has to be allotted by VĮ Klaipėda State Seaport Authority.

A new and innovative investment initiative dedicated to boosting equity investments made into Baltic enterprises has today been launched by the European Investment Fund (EIF) and Lithuania, Latvia and Estonia. The Baltic Innovation Fund will invest EUR 100 million into private equity and venture capital funds focussed on the Baltic States over the next four years through a ‘fund of funds’ process to further developing equity investment into Small and Medium sized enterprises (SMEs)  to boost growth.

UAB “Investicijų ir verslo garantijos” (hereinafter “INVEGA”) has launched a tendering procedure for the selection of the financial intermediary in order to promote commercialisation of ideas generated in education institutions and implement a risk capital measure entitled Creative Innovation Development (CID).

On 5 September 2012, Minister of Economy Rimantas Žylius, who is visiting China with a working visit, met with Vice-Governor of the Shandong Province Xie Geng. In the meeting, commercial-economic cooperation possibilities between Lithuania and the Shandong Province which has a population of 96 million inhabitants were discussed.

The Ministry of Economy invites companies and individuals to participate in international tenders aimed to develop the best business plans for the Akmenė, Kėdainiai, Marijampolė, Panevėžys and Šiauliai free economic zones (FEZ) as well as to select the groups of founders in the zones.

The Ministry of Economy nominated the project “Gates: Corporate Social and Environmental Business Innovations” implemented under the United Nations Development Programme in Lithuania and the project “Centre of Competitiveness” implemented by the public institution Enterprise Lithuania for the European Entrepreneurship Awards. These projects will compete with projects of other European countries for the award.

Revenues of state-owned enterprises (SOEs) portfolio increased by 1.7 percent (to LTL 1 667 million) during the first quarter of 2012 compared to the corresponding period of the previous year. Companies in energy sector experienced the sharpest growth of revenues (4.7 percent) while sales of forest sector companies decreased the most – by 8 percent.

Following the decree of the Prime Minister and seeking to ensure continuity and transparency of the reform of state-owned enterprises (SOEs) a panel, which includes representatives from the public and which will be headed by Arūnas Šikšta, the CEO of AB TEO LT, has been established today. The panel members will supervise the reform of SOEs and share their experience by making proposals and recommendations on further steps of the reform.

On 6 June 2012, the Government adopted the resolution, drafted by the Ministry of Economy, to approve the Guidelines for Implementation of Right of Ownership (Ownership Guidelines).

The fivefold increased working efficiency of the Guarantee Fund administrator is acknowledged one of the best success stories of recent years among the projects implemented in the public sector. With improved quality of the working processes and no increase in the number of staff members, no extra funding and negative effects on the checking quality the success story of the Guarantee Fund has received international response and recognition – the Ministry of Economy has been invited to present the success of the project in the TOCICO Conference in Chicago.  

Since 12 April 2012, business control agencies use 39 control questionnaires in 17 areas when they carry out inspections. Control questionnaires have already been used in 23% of all inspections performed.