Lithuania is now the 16th most business-friendly country in the world, according to the World Bank's Doing Business 2018 index. Lithuania has risen 5 positions in the annual ranking – which rates 190 countries on their business environment – and now sits ahead of the likes of Ireland (ranked 17th) and Germany (20th).
Furthermore, Lithuania is the only country in the Central and Eastern European region to have improved its position in the Doing Business index this year. Every other country in region saw its ranking slip, with the exception of Estonia which was a non-mover.
For the index, the World Bank assesses the progress of countries across ten criteria. It recognized that since the last Doing Business index, Lithuania has made positive reforms in four key areas: obtaining construction permits, connecting to electricity networks, protecting minority investors, and paying taxes. Lithuania was 2nd in the whole of Europe and Central Asia for the number of reforms leading to an improvement in the conditions for business.
Foreign companies considering potential investment locations pay close attention international rankings when compiling their so-called long lists of possible countries. And the Doing Business index is the most well-regarded of these rankings. So, Lithuania's considerable rise this year should ensure it features on the long lists of many companies looking for investment locations.