Lithuanians bullish on abroad

  • 2006-01-18
  • Baltic News Service
VILNIUS - Lithuanian business' direct investments abroad surged 74.4 percent year-on-year to 1.8 billion litas (541.7 million euros) in the first nine months of 2005, the country's Statistics Department has reported citing preliminary estimations.

Latvia was the top destination for direct investments abroad, with 42.3 percent of the total, followed by Russia (mostly the exclave of Kaliningrad) with 12.9 percent and Ukraine with 11.8 percent.

Direct investments to EU member countries soared 52.3 percent year-on-year in the reporting period to comprise 62.7 percent of total direct investments abroad. The investments in CIS states surged by 90.5 percent, to reach 26 percent of the total.

Investments into wholesale and retail abroad comprised 42 percent of total direct investments in foreign countries, while investments in manufacturing amounted to 22 percent, financial mediation - 16.7 percent, transport, storage and communications - 9.8 percent of total direct investments abroad.

Direct investments in financial intermediation, wholesale and retail and the manufacturing companies showed the steepest rise over the period.

In manufacturing, some 30.1 percent of total direct investments in the sector were channeled into the production of foodstuffs, beverages and tobacco (123.7 million litas). Investments in manufacturing of machinery and equipment, at 116.8 million litas, accounted for 28.4 percent of total direct investments in manufacturing abroad.