Lithuania – one more step closer to becoming an OECD member
On 29 March, the OECD Investment Committee in Paris approved a formal opinion, acknowledging that Lithuania met the OECD investment requirements. The Committee’s positive opinion affirms Lithuania’s openness to investment and increases the country’s attractiveness for Foreign Direct Investments.
To improve the investment environment and to make use of the OECD countries’ best practices, the Ministry of Foreign Affairs of Lithuania, in close cooperation with eleven Lithuanian institutions, initiated nine amendments to the law over the past year, including the amendments to the Constitutional law on the acquisition of land plots, financial services liberalization, and the law on enterprises of strategic importance to national security.
Lithuania has created a new precedent within the OECD Investment Committee. The OECD experts have positively evaluated Lithuania’s reforms and preparations of institutions for the OECD membership already during the first airing. This has happened for the first time in the history of the OECD Investment Committee.
“The experts of the OECD Investment Committee made important recommendations, which helped to successfully improve the investment climate. Therefore, the OECD Committee’s positive assessment sends an important signal that Lithuania is a good country to invest,” said the Foreign Vice-Minister of Foreign Affairs of Lithuania, the chief negotiator in Lithuania’s accession to the OECD Albinas Zananavičius.
After the accession to the OECD, Lithuania will be able to use the most recent anti-corruption research to help make the economy more transparent, guidelines on corporate governance, and the 35 OECD member countries’ best practices to address specific economic policy issues.
The OECD Investment Committee is the 19th Committee out of 21 that have completed the reviews of Lithuania’s accession to the OECD. After an approval of formal opinions by all OECD Committees, the final decision on Lithuania’s membership will be taken at the OECD Council meeting in mid-April. Lithuania is expected to receive an invitation to become an OECD member at the next OECD Ministerial Council meeting in May 2018.