Retiring Lithuanian Parliament (Seimas) has made a wise decision that will affect the economic development of Lithuania for the upcoming decades. Investors’ Forum welcomes a unified political decision to reject the President’s veto for the new Labour Code and approval of a compromised both for workers and employers’ act, which was adopted in June.

According Rolandas Valiunas, Chairman of the Investors’ Forum Board, “although there are disadvantages in the new Labour Code, it is a big step forward for the whole Lithuania and both its employees and employers. This is also a good news for investors: Lithuanian labor relations will be advanced and formed to increase creation of new jobs and business development in our country. Since it depends on the public welfare, during the last decade Lithuania has felt the benefits brought by foreign investors, the impact of foreign capital to the country’s economic growth, creation of new jobs and the importance of a favorable environment for business development”.

Representatives of International Monetary Fund have also recommended the Seimas to reject the President’s veto. They argue there will be more possibilities to implement needed reforms with the new Labour Code.

Lithuanian Labour Code was adopted back in 2002. During more than a decade the economic situation and business processes have changed significantly. Members of Investors’ Forum said that the companies chose their global investments’ into the countries which can offer a competitive regulatory and fiscal environment. Lithuania in recent years has made significant progress in international competitiveness rankings, but employment regulations was one of the areas suspending country’s progress.

 

For more information:  

Lukas Savickas

Investors’ Forum

Mob.  (+370) 6108 5986

E-mail lukas@investorsforum.lt