MyFondia VirtualLawyer
June 10, 2020

The new normal in doing business in Lithuania after COVID-19

On the 4th of June Fondia and Finish Lithuanian Trade Association SULI hosted a Doing business in Lithuania during and after COVID-19 webinar for Finnish companies that have business or are interested in doing business in Lithuania. The webinar’s topic was Lithuania‘s approach to managing the COVID-19 pandemic and how the nearest future regarding the exceptional situation looks like from an economic and legal perspective?

The speakers, all experts in their own area, provided answers and information on best practices and changes in doing business, what kind of state aid is available and expected as well as opportunities and requirements in employment law in Lithuania. Here is a summary on the topics addressed.

Audrius Masiulionis, Attaché for Commercial Affairs in Finland, provided an overview on how Finland and Lithuania have been dealing with the challenges of COVID-19 and what opportunities may be found for cooperation. IT, cleantech and greentech, shipyards industry, construction of summer houses, farming and forest industries, food sector, packaging and subcontracting in the light of the need to review supply chains  are the top priorities for cooperation.

Tomas Paulauskas, Fondia Senior Legal Counsel, looked at possible solutions the Lithuanian law provides when performance of the legal contracts and company’s usual life are disrupted by pandemic or other challenges and what can be done to tackle such situations better in the future. Some solutions are for example amendments of contracts noting expressly pandemic or virus, usage of digital signature, insurance and financial instruments.

According to Jurgita Vaičiulionienė, Managing Director of Fondia Lithuania, “the new normal” in employment law is flexibility. Although employment law is rather strictly regulated, flexibility may be achieved in mutually beneficial ways for both employees and employers if long-term perspective is considered and the parties communicate openly and respectfully. There is also state aid to retain jobs that is available until the end of 2020.

When providing employment market outlook MPS Baltic partners Ina Skiauterienė and Regina Laimikienė noted that crisis puts things in place. People seem to be reluctant for changes and companies attempt to maintain stability. Right kind of talent in right place are needed even more and domestic companies start playing new role in the market.

Want to know more about doing business in Lithuania under the exceptional situation? Watch the whole webinar from this recording: Doing business in Lithuania during and after COVID-19 (A. Masiulionis: from the start, T. Paulauskas: from 33 min, J. Vaičiulionienė: from 49 min., I. Skiauterienė and R. Laimikienė: from 1 h 1 min.)