Lithuanian president signs amendments allowing arms makers to set up in FEZs

VILNIUS – Lithuanian President Gitanas Nauseda on Monday signed amendments to the Law on the Fundamentals of Free Economic Zones, which will allow defense and security industry companies to operate in free economic zones, lifting a ban that has been in place since 1995.

This will encourage domestic and foreign investment in higher value-added sectors and increase the diversification and competitiveness of the Lithuanian economy, the president says.

"The decision to lift the almost three-decade restriction on the development of defense and security industries in free economic zones unlocks new economic potential," Nauseda was quoted as saying in a statement released by the presidential press service.

The president hopes that the Seimas will draft a law regulating the defense industry and innovation, and the licensing and certification procedures will be revised and improved by the fall session.