Over the last 20 years, Lithuania has proved to have one of the best educated, hardworking, motivated, ambitious and multilingual workforces in Europe. Due to a diversified economy, rapidly growing start-up ecosystem, high work performance and excellent infrastructure, it offers a vibrant business environment, that is ideal for young entrepreneurs and highly skilled professionals. It is also trusted by widely known companies, such as Barclays, IBM, Nasdaq, AIG, Western Union, Adform, Danske Bank, Lindorff, and many others. In fact, Lithuania hosts 13 of the 20 largest IT companies in the Baltic States.
In recent years, Lithuania has established itself as a highly attractive country for both technology companies and many other businesses, that require highly knowledgeable and experienced professionals to help them reach long-term financial goals.
“Lithuania has a broad range of talent, from raw engineering skills to self-starters, to experienced entrepreneurs. Lithuania has all the ingredients to be a crucial hub in Europe for technology talent.”– Mike Buther, the editor for TechCrunch.
What is more, Lithuania is recognized as the 2nd most favorable country for investment in Europe, as well as, the 16th in the world, according to Foreign Policy’s Baseline Profitability Index 2015, Centre of Registers. In addition to this, such start-ups as Trafi, Vinted, TransferGo, and Vittamed have raised over €42M, not to name several modest injections of up to €0,5M into other young and ambitious start-ups. Therefore, it is no surprise, that Lithuania is recognized as the 4th in the world for its entrepreneurship skills, based IMD World Competitiveness Yearbook.
According to ZDNet, foreign investment in Lithuania, particularly the ICT sector, has increased by 70% between 2009 and 2013, with the recent investments coming from such giants like Google and Nasdaq. Google has established a sales office in Vilnius, while Nasdaq opened its ‘center of excellence’ in the same city, as well. Also, a Chicago-based web, software, and mobile development company Devbridge are planning to expand the two offices in Lithuania to up to 150 employees.
However, while these are the tech giants, there are numerous other players, who already are outsourcing their workforce and taking advantage of all the obvious benefits, which Lithuania has to offer. Therefore, Baltic Assist team has decided to share with you the 7 Reasons Why Should You Work With Virtual Assistant From/In Lithuania (7 Reasons Why Should You Outsource In Lithuania).
7 REASONS WHY SHOULD YOU WORK WITH VIRTUAL ASSISTANT FROM LITHUANIA
1. Significant economic growth & development
According to Eurostat 2014, Lithuania is ranked as one of the fastest developing countries in the European Union, with established growth between 2012 and 2014 averaged around 3,3% per annum, that means 30 times higher than the overall average in Europe. Besides, based on the World Bank’s ranking Doing Business 2015, Lithuania’s economy takes the 21st place according to the most business-friendly regulations and due to the world-class ICT infrastructure, significant GDP growth, low corporate taxes, low inflation rate, and labor cost.
2. A High ratio of educated & talented people
A recent Eurostat report shows that Lithuania is among the most educated countries on the continent, demonstrating the highest proportion of university graduates among people from age 30 to 34. In fact, 53.30% of Lithuanians have a higher education, while 91.40% have a secondary education. What is more, the country is ranked first in the CEE for science, technology and mathematics graduates per capita, and has the highest high school ICT literacy in Europe. It means Lithuania has a pool of talents, working in technology, accountancy, and the finance sector.
3. Proficient in English
Almost 100% of the young generation are proficient in English, and more than half of all population is fluent in at least two foreign languages, such as Russian, German, Polish, etc. Besides, more and more young, educated professionals are returning from prestigious international universities and applying their knowledge and skills to assure further development and significant economic growth in their country.
4. Labor cost is 4 times lower than the EU average
Due to low labor cost, profit taxes and office rental expenses, Lithuania offers a genuinely perfect environment for any business growth and financial prosperity. Besides, the country can provide its best specialists and highly experienced professionals for a lower price level, compared with such countries as Denmark, Norway, Sweden, Switzerland or the USA.
5. Lithuania has one of the fastest Internet in the world
In fact, for six years in a row, the country has maintained its leading position regarding the fastest Internet speed in Europe and the fastest public Wi-Fi in the world. Based on the annual report of FTTH Council Europe, the country occupies the 8th place in the global ranking. What is more, Lithuania is also known for taking the advantages of new technologies and expanding the deployment of the fiber-optic Internet network, that has been a result of low prices of Internet services and active competition in the domestic market.
6. Perfect location at the heart of Europe
As a matter of fact, Lithuania can be easily accessed by convenient railway connections, a port in Klaipeda, and it only takes 3 hours or less to reach the country by plane from most business hubs in Europe. Therefore, if you are working with specialists from Lithuania, you can be sure, that an outsourced professional can easily participate in your training session, get familiar with your staff and business culture or even work from your location when it is necessary.
7. Years of experience & high work ethic
It is well-known that Lithuania is recognized as one of the most determined, talented, motivated and ambitious nations in the whole world. Thus as a vibrant young nation, over the last 20 years, we have learned the value of creativity, hard work, competence, acquired expertise, and most importantly, an understanding the specifics of the multicultural environment. Therefore, now Lithuania can offer a pool of the most talented and skilled professionals, that speaks fluent business.
Baltic Assist is a trusted partner for small and medium-sized enterprises, that want to relocate their business operations to a lower-cost environment. Contact us to have a free consultation on outsourcing opportunities for your business.