LITHUANIA EXPANDING TECH SECTOR - DEVSPARK IS A PART OF THIS TALENT
"Foreign investment in the ICT sector has grown by 70 percent between 2008 and 2013. The number of businesses has grown by 10.5 percent over the same period.
In recent years, the country has become more and more attractive to both technology companies and other businesses that need tech expertise. Google has recently established a sales office in Lithuanian capital Vilnius, while Nasdaq has opened a center of excellence in the same city. In addition, Devbridge, a Chicago-based software, web, and mobile development company, plans to expand its two offices in Lithuania to 150 employees.
After the fall of communism, many of Bulgaria's IT experts left the country and headed to Western Europe. Today, a new breed of developers wants to prove that ambition is more important than money.
The "business environment, talent pool, and highly developed ICT infrastructure" among the benefits the country offers for foreign companies. "We're seeking to improve our business conditions even further, with a focus on ICT and R&D,".
TALENT POOL AND SALARIES
The abundance of IT professionals is part of the country's appeal. According to Invest Lithuania, there are currently 26,000 residents employed in the ICT industry, with an additional 1,600 future experts graduating every year. "46 percent of foreign investors choose Lithuania in particular for its talent pool,".
Lithuania's ICT sector is evolving, full steam ahead. An increasing number of companies have arrived in the country, drawn by its infrastructure, people, and business-friendly mindset. With some of the fastest and most affordable internet connections in Europe and a tech-savvy population ranking 16th in the world for ICT skills, Lithuania has recently attracted giants such as Google, exchange group Nasdaq, and AIG to set up shop. The country hosts 13 of the 20 largest IT companies in the Baltic States, while local estimates predict IT, laser technologies, biotechnology, nanotechnology, and materials science will account for 25 percent of the country's GDP this year, and 80 percent of the country's exports. Lithuania's economy grew by 2.9 percent in 2014 and is expected to experience a 3.6 percent increase in 2015, consultancy EY estimates. What's more, in January this year, Lithuania became part of the Eurozone.
"For some, IT is not their main business, but due to the talent pool and cost-to-quality ratio, they choose Lithuania for IT development. Mantas Katinas, general manager at Invest Lithuania, a government agency for attracting foreign investment, highlights one such example: healthcare and emergency response systems provider Intermedix, which last year selected the country's second largest city, Kaunas, for its first office. The company currently has more than 200 IT staff.
Other companies expanding in Lithuania include Bentley Systems, which established its first office in Vilnius but opened an additional office in Kaunas, and AIG, which has chosen Vilnius for its service center for Eastern and Northern Europe. Another financial services name, Western Union, has long been operating in Lithuania.
TAKE AN ACTION! THE FIRST STEP IS CONNECTING. info@devspark.lt