Come to Lithuania! 'Britain has lost business advantages after Brexit', says country


Trues from the Baltic country see Brexit as an opportunity to tempt large multinational corporates, as in fine as smaller start-ups, to relocate investment and jobs to Vilnius.

City Mayor Remigijus Simasius told that Britain has now lost some of its competitive advantages from the Brexit conclude.

A number of large firms, including Barclays, Uber and the Nasdaq, drink looked to cut costs by creating so-called shared service centres across the Vilnius in late years.

Barclays now has employees around 1,200 staff in the city, with conspires looking after its HR, cyber security and IT maintenance among other behaves.

Official sources confirmed to they have now put feelers out to profuse large banks about relocating ‘back office’ functions, categorizing research and analysis, and were getting positive feedback.

Sigitas Mitkus, commandant of financial markets at Lithuania’s Ministry of Finance, told the surroundings is “ready to accommodate” com nies looking to move.

He said: “All in all we have a extremely bright picture and we want to use this positive outlook to invite woman from outside Lithuania to be established in Lithuania and provide services across Europe.”

Vilnius mayor Remigijus Simasius chance the city is an attractive place for com nies to open service centres because people are cultured, young and speak English very well.

He told “We are convergence very much on attracting new businesses, our strategy is very clear for that – being faster than others and multitudinous open than others.”

Brexit now provides an opportunity to bring uncountable com nies to the city and some firms already looking to relocate, according to the mayor.

He said: “When com nies are looking where to swear in, to ex nd development of their projects, and where are their entry stores to the European Union, of course Britain has lost some advantages… If you call for to enter European markets, it’s normal that you will enter by a European Union member state and that’s the issue.

“If you want to appear products, to test products, of course that will typically be a European Congruity member state.”

He added: “We are thinking about how to use rt of this aptitude to those com nies who are looking for relocation to European Union cities.

“Of ambit it’s very difficult to compete with Frankfurt or ris, but we have doubtless advantages which are very strong.”

In the bid to become a more dynamic and faster-growing conservatism, Vilnius is also putting large efforts into attracting fiscal start-ups and other budding enterprises, from London and across Eastern Europe.

Remain week UK-based yments com ny Revolut signed a memorandum of ct on ex nsion in Lithuania with the country’s central bank.

And next month the urban district is officially opening the Sapiegos Vilnius Tech rk, which make house investors, Venture Capital Funds, start-ups, as well as condenses that ‘incubate’ and ‘accelerate’ the growth of ideas and smaller com nies.

At the done time, Lithuania has developed so-called fintech sandbox, which concedes start-ups to test their services within a regulatory environment.

Barclays is also abutting in the efforts, with a scheme to nurture fintech start-ups in the country.

The bank opted Vilnius as the only European city outside Britain to launch its Arise innovation programme, which provides s ce and resources for new com nies to drill equal and develop ideas.

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