Vilnius is the capital of Lithuania; the country’s administrative, cultural and economic centre. The city is home to major companies and key financial institutions. Highly developed infrastructure, high-quality services, and increased spending power of inhabitants all attract large foreign investments. The improving quality of life, organised city development, and intensive cultural life all contribute to creation of a welcoming and appealing environment. Foreign Direct Investment magazine of the Financial Times Group has named Vilnius the “City of Eastern Europe’s future” and the “Baltic city of the future.” The future is just round the corner. Vilnius’ credit rating was established in 2002 and is now annually updated by Standard & Poor’s. In 2006, the long-term issuer credit rating on Vilnius was set at BBB+, stable outlook.
In 2009, Vilnius will become the European Capital of Culture. This is an excellent opportunity to enhance the role of culture in Lithuania and European life, to make our culture known in the world, and to rev up contacts with artists of other countries. Lithuania was first among the new EU members to be named European Capital of Culture. Vilnius is a city of rich European experience, a city within which different architectural styles are intertwined, and where the spirit of East and West meets. This creates the city’s unique ambience. The Vilnius Old Town is included in UNESCO’s World Heritage List. The capital remains open to different cultures and ideas, just as it has been throughout its history. The dynamic city is renewing everyday. Vilnius preserves the old tradition of European culture, reinterpreting it and turning it into a new creative force. Vilnius is home to 553,000 inhabitants and this number is growing every year. Approx. 1.2 mln. Tourists visited Vilnius last year – double the number two years ago. More and more people are discovering and falling in love with the capital of Lithuania.
In 2009, Vilnius will become the European Capital of Culture. This is an excellent opportunity to enhance the role of culture in Lithuania and European life, to make our culture known in the world, and to rev up contacts with artists of other countries. Lithuania was first among the new EU members to be named European Capital of Culture. Vilnius is a city of rich European experience, a city within which different architectural styles are intertwined, and where the spirit of East and West meets. This creates the city’s unique ambience. The Vilnius Old Town is included in UNESCO’s World Heritage List. The capital remains open to different cultures and ideas, just as it has been throughout its history. The dynamic city is renewing everyday. Vilnius preserves the old tradition of European culture, reinterpreting it and turning it into a new creative force. Vilnius is home to 553,000 inhabitants and this number is growing every year. Approx. 1.2 mln. Tourists visited Vilnius last year – double the number two years ago. More and more people are discovering and falling in love with the capital of Lithuania.
Economic Environment and Key Investment Directions
Of all Lithuanian cities Vilnius is developing and renewing the most rapidly. Vilnius County generates one-third of the country’s GDP. The unemployment level in the capital is almost two times lower than the country average. The majority of people work in service and industrial sectors.
In 2005, Vilnius accumulated € 3,858 mln. in foreign direct investments (FDI). The city receives more than half of the investments that reach the country. For several years in a row, Vilnius has been the hot spot in Eastern Europe in terms of investments attracted. The city’s huge economic potential is being acknowledged.
Of all Lithuanian cities Vilnius is developing and renewing the most rapidly. Vilnius County generates one-third of the country’s GDP. The unemployment level in the capital is almost two times lower than the country average. The majority of people work in service and industrial sectors.
In 2005, Vilnius accumulated € 3,858 mln. in foreign direct investments (FDI). The city receives more than half of the investments that reach the country. For several years in a row, Vilnius has been the hot spot in Eastern Europe in terms of investments attracted. The city’s huge economic potential is being acknowledged.
Vilnius has seen rapid growth of modern commercial and business centres known throughout the Baltic region; a new city centre is forming in the fastest growing part of the city. € 151 mln. was invested in this area from 2000 to 2005. Plans are to invest € 130 mln. more. Total investments will reach € 812 mln. Real estate prices are rising. Demand for new residential areas exceeds supply.
The title European Capital of Culture 2009 is encouraging intense development of the city. There are plans to establish a new centre with a classical music concert hall “Tautos namai” (“National Palace”) on Tauras Hill and a congress centre near the Parliament building. In cooperation with Guggenheim and Hermitage managers the city plans a multifunctional cultural centre with an Hermitage-
The title European Capital of Culture 2009 is encouraging intense development of the city. There are plans to establish a new centre with a classical music concert hall “Tautos namai” (“National Palace”) on Tauras Hill and a congress centre near the Parliament building. In cooperation with Guggenheim and Hermitage managers the city plans a multifunctional cultural centre with an Hermitage-
