AI startups could become the new engine of Lithuania’s economic growth

Lithuania could become one of Europe’s strongest tech centres within just five years, according to the latest study by the association Unicorns Lithuania. The analysis shows that by 2030, the number of startups in the country could triple, the number of specialists employed could double, and the state budget could receive an additional €5 billion in tax revenue.

However, according to the association, such a breakthrough is only possible if the country actively fosters the creation of artificial intelligence (AI) startups. The study estimates that this would require €270 million in state investment by 2030.

Association Chair Mantas Katinas says that Lithuania’s startups have already grown from a small niche to a sector of real economic significance. Last year alone, these companies contributed almost €0.5 billion in taxes to the state budget, and the value they create for Lithuania approaches €2 billion.

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Originally published on 28 Nov

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