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Executive Report on Strategies in Lithuania
ICON Group International, June 2007, Pages: 383
How to Strategically Evaluate Lithuania
Perhaps the most efficient way of evaluating Lithuania is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Lithuania
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Lithuania. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Lithuania:
Openness to Trade in Lithuania
Openness to Direct Investment in Lithuania
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Lithuania. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Lithuania over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Lithuania when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Lithuania as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for Lithuania. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Lithuania.
As a whole, this report presents a strategic assessment of Lithuania by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN LITHUANIA
Economic Fundamentals and Dynamics
Since 1990, Lithuania has implemented reforms aimed at abolishing the remains of the former socialist system. In 1992, aided by IMF and other international institutions, Lithuania adopted a program to restrain inflation, reduce price control, lower the budget deficit and privatize the economy. Inflation has since dropped dramatically.
Lithuania has a freely convertible national currency, Litas, which until February 2002 was pegged to the U.S. dollar, but is now pegged to the Euro at the rate 1 (EU): 3.45 (Litas). Significant restructuring of the financial sector has improved banking supervision and enforcement.
Structural reform has proceeded rapidly in the privatization of small enterprises and in agriculture. Over 70,000 private farms have been established. However, due to the lack of financial resources and an inefficient credit system, many of the new farmers are operating at subsistence levels. Urban and rural property is being returned to its original owners, but legal mechanisms for title registration, sale and mortgaging of real property are not yet fully developed. The Lithuanian government established a State Property Fund in 1998 to manage and privatize the remaining state assets.
Currently, privatization of the State property is carried out using the following methods:
Public share subscription (large and medium scale enterprises);
Auctions (small enterprises or divisions thereof);
Tenders or auctions for convertible currency;
Direct negotiations;
Lease with the option to purchase; and
A combination of different methods.
Privatization also includes tenders evaluated for the best business plan, i.e. tenders, which take into account both the financial offer and an overall plan for the development of a company. Open tenders were generally used to privatize large industrial enterprises for hard currency.
Lithuania’s current road network is good especially along the main routes. Likewise, the rail links to Russia are strong, though train tracks and grade crossings need upgrading in order to handle higher speeds and heavier loads. The port of Klaipeda is well equipped but in need of modern management techniques. Vilnius International Airport has been brought up to western standards and is preparing to offer expanded services. Lithuania has two other international airports - Kaunas and Palanga and one commercial airport in Siauliai.
Political Risks
Lithuania has very good bilateral relations with the U.S. and the Lithuanian Government and Parliament generally support American business interests. The parliamentary system is vigorous, while the governing coalitions can be quite tenuous resulting in frequent personnel changes at the cabinet level. The United States strongly supports Lithuania’s membership in European and Trans-Atlantic institutions. While the Lithuanian Government and all major political parties support a free-market system, there are still visible traces of the Soviet methodology and regulatory traditions at the lower levels of bureaucracy.
Marketing Strategies
Lithuania has a growing network of grocery and produce stores of Western standard. The first supermarkets were opened several years ago. The choice of goods in grocery stores has improved significantly. Some specific product groups, such as fat-free or imported ethnic products are becoming more popular. Import of foreign goods is increasing. Several of the new private businesses concentrate on importing. The trading companies’ intermediary role in the foreign trade is gradually vanishing as most of the wholesalers and retailers today are undertaking international transactions themselves and work directly with the foreign suppliers and producers.
The market for consumer products in Lithuania is fragmented. Consumer preferences differ among various income, age and social groups. According to recent statistics, 60% of those interviewed claimed that owing to their limited income, price is the most conclusive factor in shopping situations. For people who are satisfied with their income level, product quality and brand names are more important. They consider high price as an indicator for good quality.
Advertising Options
Advertising may be conducted freely in any printed or electronic media. The leading newspapers in Lithuania are “Lietuvos Rytas”, “Respublika”, published in Lithuanian and Russian. The leading business newspapers are “Verslo Zinios” and “Baltic Business News”.
Agents and Distributors
At present, there are no laws regulating the relationship between a foreign company and its distributors or agents in Lithuania. A distributor relationship can be determined according to the provisions of each specific distributor agreement.
Joint Ventures and Licensing Options
A joint venture with the local partner is the best way for a U.S. company to start business in Lithuania. It is advisable to find out as much as possible about the potential partner. The basic data on a Lithuanian company, including credit ratings, is available from local information service companies, although this system is not yet fully developed. Foreign investors can choose between two means of establishment: representative office or incorporated business organization. Establishment of a representative office in Lithuania gives the foreign company a legal presence in the country, but does not permit it to carry on any economic activity, and is thus useful only for assessing business opportunities. In order to pursue economic activity in Lithuania, the foreign investor must incorporate his business organization.
Foreign investors may choose the following types of enterprise:
Sole trader
General or limited partnership
Public or closed joint-stock company
State (local government) enterprise
Agricultural company
Cooperative; and
Investment agency
The most typical type of enterprise adopted is a joint-stock company. A closed (private) or public joint-stock company can be either wholly or partially foreign owned. The investor may buy into an existing company or establish a new one. If a foreign investor requires a wholly foreign owned company, the only appropriate type of enterprise is a joint-stock company.
The principal differences between closed and public joint-stock companies are the amount of authorized share capital, the number of shareholders and the circulation of shares. Presently, a public joint-stock company must have a minimum paid up share capital of 100,000 Litas (approx. $25,000), at least 50 shareholders, and its shares must be circulated and traded publicly. A closed joint-stock company must have a minimum paid up share capital of 10,000 Litas (approx. $ 2,500), a minimum of one and a maximum of 50 shareholders, and its shares may not be publicly circulated or traded.
Pre-Incorporation Steps
The investor must secure the premises used as the official address of the new company in the registration process.
The proposed name of the new company must be registered at the patent bureau.
The memorandum/agreement on incorporation and the by-laws of the new company must be prepared and notarized.
A hard currency accumulation account or account in Litas needs to be opened in the name of the new company in a local bank. Current regulations require that funds that meet the minimum capital requirements either be transferred from abroad to the accumulation account or lodged locally subject to compliance with certain procedures. Opening the account is a routine procedure, but before any funds can be withdrawn, the investor must provide evidence of incorporation of the company. A certificate is required in the incorporation process. It will be issued by the bank as conclusive evidence that the minimum capital requirement is held in the account.
Once the pre-incorporation steps have been completed, the investor needs to obtain a consent from the local municipality to establish the new company and, if the new company is in manufacturing, also a permit from the Environmental Department.
In certain cases, depending on the business to be undertaken, further licenses may be required from other appropriate government departments before business can be commenced.
Present regulations prohibit foreign investors from engaging in business activities affecting areas such as national security and defense.
Incorporation Process
Once the name has been registered at the patent bureau, the pre-incorporation steps taken and all necessary additional permits obtained, the company can apply for registration with the Register of Enterprises at the Ministry of Economics.
If the investor is a company incorporated outside of Lithuania, the following must be submitted:
A certified copy (legalized at the Embassy of the Republic of Lithuania) of the registration certificate or other documentation proving that the investor is legally incorporated in its country of incorporation;
A copy of the latest available audited balance sheet of the investor or other acceptable document confirming the investor’s ability to meet the minimum capital requirement;
A board document indicating the decision to incorporate a company in Lithuania and invest the required amount of capital;
A certified copy of the by-laws or memorandum and articles of association of the investor;
If the investor is a natural person, he must produce evidence (for example, in the form of letter from his bank) confirming that he has the financial resources to meet the capital required for investment in the new company.
If translations into Lithuanian are necessary, these must be done through an official translation bureau in Lithuania.
In addition to the documents detailed above, the following further documents must be filed with the registration application:
Agreement/memorandum of incorporation certified by a notary public in Lithuania;
By-laws certified by a notary public in Lithuania;
Certificate from the patent bureau showing registration of the company name;
Documentary evidence confirming the new company’s official address;
Minutes of the shareholders meeting appointing the directors of the new company;
Certificate issued by the bank certifying that it has received the necessary capital for the company from abroad.
Once the application is ready and submitted, the Registrar of Enterprises is legally obliged to issue the registration certificate within 30 days after filing the application and all requisite documents with the Ministry of Economy.
Import and Export Regulation Risks
Lithuania extends MFN treatment to U.S. products, with consumer product tariffs at approximately 15%. Tariffs on agricultural products are relatively higher, based on the inclination of the Lithuanian Government to protect the local farmers. According to the agreement between Lithuania and the EU, tariffs on some agricultural and industrial goods of EU-origin will gradually be lowered.
Lithuania licenses imports of sugar, grain, alcohol and arms. There are no other quantitative constraints on imports. Lithuanian tariff classifications are based on the Harmonized Commodity Description and Coding System. In addition to tariffs, imports are subject to excise taxes and an 18 percent VAT. Fixed investment goods imported to Lithuania are not subject to VAT, provided the importer is a registered VAT-payer and the imported asset does not threaten competitiveness.
A zero percent tax rate is levied on export services, international transportation and services related to export of goods. Excise taxes are applied to alcoholic beverages, tobacco, jewelry, cars and gasoline, at rates varying from 10% to 100%. The Import documentation required by Lithuanian customs authorities are a copy of the contract, an invoice, a bill of lading indicating the amount, weight and value of goods, and the certificate of origin. At the border, an importer or his agent must complete a customs declaration and a customs freight delivery note.
For meat imports, the State Veterinary Department provides border inspection controls for bovine spongiform, encephalopathy (BSE), classical swine fever, salmonella, FMD etc. Imported food products are required to have conformity certificates to guarantee quality and wholesomeness. A producer’s declaration is required for cosmetics and toys.
Investment Climate
Openness to Foreign Investment
Lithuania actively encourages foreign companies and investors to explore investment opportunities. The main principles of the foreign investment policy are as follows:
Equality
The law provides that equal protection is provided to both foreign and domestic investors. No special permit is required from Government authorities to invest foreign capital in Lithuania and there are no prohibitions or limitations provided the investor carries on business in accordance with the Lithuanian laws. Foreign investors have free access to all sectors of economy with some limited exceptions. According to the Law on Investment (Article 8) investment of capital of foreign origin is prohibited in sectors related to the security and defense of the State. The law also lists some areas in which commercial activity may be undertaken only with prior permission or license: activities related with the increased danger to human life, health, environment; manufacturing or trade in weapons.
The amendments to the law enacted in 2000 eliminated the provision of the Article 13 establishing a list of commercial activities which were exclusively permitted to either State or municipal enterprises. Mass media enterprises were also made open for foreign investment.
Investment Forms
The Law on Investment allows the following forms of investment in Lithuania:
Establishment of an enterprise or acquisition of a part or whole of the authorized capital of an operating enterprise registered in Lithuania;
Acquisition of securities of any type;
Creation, acquisition and increase of the value of long-term assets;
Lending of funds or other assets to business entities in which the investor owns a stake, allowing control or considerable influence over the company;
Performance of concession or leasing agreements;
Foreign entities are also allowed to establish branches or representative offices which do not have the rights of legal persons. Branches may engage in commercial activities, representative offices may not.
Under the law, investments are considered to be monetary funds and other financial assets which are invested for the purpose generating profit, achieving social results or assurance of State functions.
Concept of Origin of Foreign Capital
Only foreign capital, i.e. capital created or obtained legally outside the territory of the Republic of Lithuania, and owned by foreign nationals, may be invested in Lithuania from abroad. Foreign investors can contribute capital in the form of money, movable or immovable assets or intellectual or industrial property.
Guarantees
Foreign investments and investors’ rights are well protected by enforcement mechanisms of the law. After tax payments, foreign investors have the right to repatriate profits, income, or dividends, in cash or otherwise, or reinvest the income without any limitation. State institutions have no right to interfere with the legal possession of foreign investors’ property. In the event of justified expropriation, investors are entitled to compensation equivalent to the market value of the property expropriated. State institutions and officials are obliged to keep confidential commercial secrets and must pay compensation for any loss or damage caused by illegal disclosure. Foreign investors are entitled to enforce their rights by applying to the courts of Lithuania or directly to the International Center for Settlement of Investment Disputes under the Washington Convention of 1965.
Public Sector Marketing
Foreign investors are treated equitably in privatization programs. Most of the enterprises and state property included in the initial privatization program have been privatized. The Lithuanian Government established the State Property Fund to manage and privatize state assets. The major remaining assets to be privatized include the Lithuanian electric power company Lietuvos Energija, the airline Lietuvos Avialinijos, railway company Lietuvos Gelezinkeliai and alcoholic beverage producing companies.
Privatization of the state property is carried out by the following methods:
Public share subscription (large and medium scale enterprises);
Auctions (small enterprises or divisions thereof);
Tenders or auctions for convertible currency;
Direct negotiations;
Lease with the option to purchase; and
A combination of different methods.
Privatization also includes tenders evaluated for the best business plan, i.e. tenders, which take into account both the financial offer and an overall plan for the development of a company. Open tenders were generally used to privatize large industrial enterprises for hard currency.
Conversion and Transfer Policies
Lithuania’s local currency is the Litas (LTL), equal to 100 Lithuanian cents. There are no restrictions on its transfer or conversion. Under the Lithuanian law, all transactions in Lithuania must be made in Litas. Since February 1, 2002 the Litas is pegged (under the currency board system) to the Euro at a rate 3.45:1. The amount of currency in circulation is tied to the reserves of the Bank of Lithuania. Lithuania has expressed an interest in joining the EMU after achieving European Union membership.
Expropriation and Compensation
Since regaining independence, the Lithuanian Government has been de-nationalizing private property seized by Soviet authorities during the occupation. Lithuanian law allows expropriation for compensation under the right of eminent domain, but since 1990 there have been no cases of expropriation of private property by the Lithuanian Government.
Dispute Settlement
There have been no investment disputes with the Lithuanian Government involving either U.S. or other foreign investors. Foreign investments in Lithuania are protected by:
The Constitution and other laws regulating economic-commercial activities. These measures protect the investor’s property against nationalization or requisition:
International agreements;
Bilateral contracts on the encouragement of investments and on mutual investment protection;
The law on capital investment in Lithuania and other lawful acts regulating customs duties, taxes and relationship with financial and inspection authorities. This law also establishes the order of dispute settlement.
The Lithuanian state power authorities and institutions have no legal rights to create obstacles to an investor in using or disposing of his property unless he violates the laws of Lithuania.
Performance Requirements and Incentives
There are no laws establishing special incentives for foreign investments, although significant tax incentives apply to foreign investments made before 1997. Lithuania provides special incentives to investors designated by the Government as strategic investors. The investment must be $50 million or more, and meet other criteria such as number of jobs created, for example. Incentives may include favorable tax consideration (for a period of up to 10 years), special consideration of property and regulatory issues, and special business conditions. Investments into municipal infrastructure, manufacturing, and services, may also be granted certain incentives by municipalities.
Right to Private Ownership and Establishment
Private property was reintroduced in Lithuania in 1990. The Constitution of Lithuania and the law on foreign capital investment protect all forms of private property. According to the Constitution foreigners are allowed to buy non-agricultural land.
Intellectual Property Risks
In the area of intellectual property, Lithuanian policy has been to observe international standards and to consider subscribing to international conventions beyond those accepted by the Lithuanian Government before World War II. In 1990 Lithuania joined the World Intellectual Property Organization (WIPO) and signed the Paris Convention for the Protection of Industrial Property. Pirated recordings and software, both widely available, are regularly confiscated and destroyed by the police. Although Lithuania has a good legal system for protecting Intellectual property rights, enforcement of the laws still remains a week point. In May 31, 2001 Lithuania became a member of the World Trade Organization (WTO).
Transparency of the Regulatory System
Lithuania introduced a law on restriction of monopolies in 1993 and on competition in 1999. Businesses are precluded from manipulating prices or quantities of goods offered for sale and may not create artificial shortages in order to boost prices. The Lithuanian anti-monopoly committee oversees the implementation of the law.
Capital Market Risks
Government policies do not interfere in the free flow of financial resources or the allocation of credit. Commercial credit and short-term trade related loans are available but, in practice, not always attractive.
The underlying weakness of the banking system became apparent in late December 1995 when several smaller banks collapsed, and the Government imposed a moratorium on the two largest commercial banks (Litimpex and Akcinis Inovacinis Bankas). Unsustainable deposit interest payments, inadequate banking laws and regulations as well as risky lending practices and insider trading were the causes of the crisis. Since then, conditions have improved considerably, and all Lithuanian banks weathered the 1998 Russian financial crisis successfully. In 2002 privatization of all state owned banks was completed.
Political Violence
There have been no reports of political violence or politically motivated damage to property since 1991. Civil disturbances are unlikely and there are no signs of any nascent insurrection movement.
Corruption
Business in Lithuania is still fairly heavily regulated. Most investors and lawyers complain about many laws and regulations in the country, which are vague, confusing, and often contradictory. New legislation or amendments have been frequent, and there has been little advance notice to the business community of new legislation, much less opportunity for input.
Although lower-level bureaucrats might be rigid and unhelpful or display an anti-business attitude, most large investors note that higher-level officials are often very helpful in solving problems. In general, foreign investors say that corruption is not a significant obstacle to doing business in Lithuania and describe most of the bureaucrats they deal with in Lithuania as quite reasonable and flexible. Many of the local companies, however, indicate that they routinely pay bribes (e.g., to customs officials). It appears that many service providers such as customs brokers routinely pay small bribes to officials, and incorporate those costs in their fees to their clients (who in turn can claim they don’t ever pay bribes).
There is a striking difference in attitude from the small and medium enterprise (SME) sector, who describe the bulk of the Lithuanian bureaucracy as corrupt, and often abusive. Even the large investors acknowledge that SMEs probably have a harder time than they do. Many companies, both in the public and the private sector, agree that the Government of Lithuania appears to be biased in favor of big business, in spite of the existence of several official “SME programs.” Many Government officials will devote time and resources to meet the needs of relatively large and/or prominent enterprises (including foreign investors), but seem to be less responsive to the needs of SMEs. Large businesses are seen as sources of capital and employment opportunities; while the importance of SME sector (especially in terms of employment generation and value-added) doesn’t seem to be fully appreciated. Lithuanian press has many stories of tax inspectors, economic police, or customs officials who would make unreasonable demands on small business people. Finally, many Government officials view SMEs as likely tax-cheats and purveyors of contraband (which may be true in many cases, but certainly does not warrant the presumption of guilt), and treat them accordingly. This in turn tends to drive otherwise legitimate small enterprises underground or push them to paying bribes for survival. There are more than 50 governmental institutions in Lithuania, which control and can close down a business. In 1997 the Special Investigation Service (Specialiuju Tyrimu Tarnyba) was established under the auspices of the President of Lithuania to fight corruption in the country.
Bilateral Investment Agreements
Lithuania has established commercial relations with more than 160 countries. Free trade agreements have been signed with 20 countries. Additionally, agreements on the Most Favored Nation’s trade status have been signed with 22 countries, including the U.S. The United States and Lithuania have signed and ratified the following agreements:
A charter of partnership between the U.S.A., Estonia, Latvia, Lithuania.
Agreement on reciprocal investment protection and encouragement;
Treaty on avoidance of double taxation;
Treaty on legal assistance in criminal matters;
Extradition treaty;
Treaty on mutual assistance in Customs matters.
Under preparation are the following agreements:
Agreement on cooperation in protecting cultural heritage of the U.S.A. and Lithuania;
Agreement on social security;
Agreement on cooperation in preventing proliferation of weapons of mass destruction and promotion of defense and military relations.
Trade and Project Financing
Medium-term Exim Bank financing is available in Lithuania for credits that are backed by the full faith and credit of the Lithuanian government or guaranteed by a proven, reputable financial entity. EBRD financing is also available for both private and public sector projects.
Travel Risks
U.S citizens are allowed visa-free entry for a period of 90 days.
Phone, cellular phone, fax and e-mail communications are excellent, though the connectivity can be limited in rural areas.
Major hotels, quality restaurants, and most of the stores accept credit cards. MasterCard and Visa are the most widely accepted credit cards; Diners Club and American Express are also accepted at a number of hotels and some restaurants and service stations. Budget accommodations, fast-food restaurants, smaller retail establishments and outdoor markets operate on a cash-only basis. A few commercial banks cash traveler’s checks or provide cash advances against credit cards but the service charges are high. Lithuanian currency, the Litas, may be bought and sold at numerous currency exchange offices. In rural areas travelers should be prepared to pay cash for most of their expenses.
Lithuania is easily reached by air from Western Europe and, with connecting flights, from the United States. Travel by car is generally the fastest and most convenient mode of transportation within Lithuania and to the other two Baltic States.
Today there are numerous restaurants in the major cities with first class cuisine and service. Supply and diversity of imported food, household supplies, common medications and personal items are excellent. Unleaded gas is available in every gasoline station in the country.
Key Contacts
Lithuanian Contacts
Lithuanian Embassy
2622 16th Street N.W. Washington D.C. 20009
Tel: 202-2345860
Fax: 202-3280466
Web site: http://www.ltembassy.org
Lithuanian Development Agency
Sv Jono str. 3, 2001 Vilnius, Lithuania
Tel: 370-5 2627438
Fax: 370-5 2120160
Web site: http://www.lda.lt
Customs Department
A. Jaksto str. 1/25, LT-2600 Vilnius, Lithuania
Tel: 370-5 2126415
Fax: 370-5 2124948
Web site: http://www.cust.lt
State Competition and Consumer Protection Office
Vienuolio str. 8, LT-2600 Vilnius, Lithuania
Tel: 370-5 2126492
Fax: 370-5 2126412
Web site: http://www.konkuren.lt
Lithuanian Standardiza
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