G3-247 Report LITHUANIAN MARKET REPORT
economy with emphasis on biotechnology plus mecha- tronics and information technology.
In 2009 Barclays established the Technology Centre Lithuania, which is one of four strategic engineering centres supporting Barclay’s Retail Banking business around the globe whilst in 2011 Western Union opened their new European Regional Operating Centre in Vilnius. There is a list of other international companies who are based here.
Tourism is growing. Back in 2009 the number of airlines operating in Lithuania dropped after FlyLal went bank- rupt and the country was left with limited direct con- nections to other nations. However Ryanair entered the market whilst AirBaltic Corporation also expanded its direct air routes from Vilnius in 2010.
Meanwhile the VAT for accommodation which was raised to 21 per cent during the economic downturn was dropped to nine per cent in 2011 allowing hotels to offer better deals and prices.
There are some 1,217 holiday establishments of which there are 382 hotels, 32 motels, 35 hostels and 21 camp-
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01 Lithuania is a nation with high average income. It is a member country of the European Union and is the largest economy among three Baltic countries. In 2011, the gross domestic product (PPP) was estimated at $59.825 billion, while the per capita stood at $18,278. Major industries include biotechnology, tourism, wood processing, paper industry, construction, real estate, and food processing. The country exports minerals, machinery, and chemical products, while the major imports include machinery, mineral products, and chemical or allied industry products. Russia, Poland, Germany, and Latvia are the principal trading partners.
02 Lithuania is the only country in the world with its own official scent, called the Scent of Lithuania.
sites in Lithuania and last year a total of 2.1 million tourists, of which 1.2 million were foreigners, visited the country. Russian tourists account for the biggest number of visitors in all markets
THE GAMING INDUSTRY Despite independence after 1990 gambling in Lithuania
remained illegal until 2001 when the country became one of the last countries to legalise gambling and the Gaming Act was introduced in 2001. This act regulated table games, slots, bingo, lottery and sports betting.
The sector is governed by the State Gaming Control Commission (LPT) which is independent of supervision and controlled by the state and carries out its work under the supervision of the government’s Finance Ministry and is financed by state funds.
The Gaming Control Authority issues the licences for lot- teries, slot machines, bingo or casinos and betting sta- tions and controls and regulates the market. The Gaming Act 2001 includes the following:
l Licences are for an indefinite period and are issued to organise:
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