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The smart FDI measure aimed at attracting foreign investment in research, experimental development and innovation (R&D) activities in Lithuania has been known to investors since 2017 and its conditions have not changed substantially. However, in 2020 the third call for measures was launched in a record time of around 80 minutes and the measure’s budget was suspended at 1.5 times. The Ministry of Economy and Innovation had serious doubts about whether the equality of applicants and a transparent technical process were guaranteed in the selection process for this measure. As a result, the relevant authorities were contacted.
“Taking into account the conclusion of the Special Investigation Service, we decided to suspend the Smart FDI measure and transfer the funds allocated to the previously valid Smart Invest LT + measure, according to which projects are selected not by continuous selection but by tender project. In this way, we strive so that the selection of important investment projects is carried out in a transparent manner and that the funds are allocated to those projects that would be the most significant and would provide the greatest benefits, ”says Aušrinė Armonaitė, Minister of Economy. and Innovation.
The conclusion of the STT showed that the situation in the acceptance of the applications of the third call of Smart FDI presents flaws both in terms of anti-corruption and of rationality and transparency in the use of the funds allocated to this measure. In STT’s view, this does not guarantee that the innovations that best meet the objectives of smart FDI and are most beneficial to the country’s economy have been selected.
Therefore, in this sense, the Ministry of Economy and Innovation 20 million. With the approval of the Ministry of Finance, it plans to transfer 1,000 million euros allocated to the Smart FDI measure to the Smart Invest LT + measure, which also focuses on attracting foreign investment. The projects included in the Smart Invest LT + measure will be selected by tender. The invitation to investors under the Smart Invest LT + measure is expected to be published in August this year.
None of the applications submitted during the third SmartFDI call was funded. Companies that submitted applications under the third SmartFDI will be able to participate in the future measure.
Delphi Remember that in the queue in front of the millions distributed for research by foreign investors, there were companies without staff and without experience offering dark materials or a robotic parrot for 1.6 million euros. You can read more about it here.
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