Almost half of Lithuanian SMEs to launch new products this year

The survey shows that the focus on innovations among small and mid-size Lithuanian companies has been growing gradually over the last three years. In both Lithuania and Estonia, 39 percent of companies surveyed indicated new products and services as a priority.

Compared to similar surveys carried out in the other Baltic countries, however, Lithuanian companies stood out for their focus on new, innovative human resource measures to develop their staff and maintain their loyalty. 19 percent of Lithuanian companies indicated human resource management and innovations as a priority.

Virginijus Doveika, the SEB bank president’s deputy and director of the bank’s retail banking service, said that companies are investing in innovations and new products and services in an attempt to stay competitive despite the situations in neighbouring countries, as well as to find new consumers in the country’s domestic market. “Also, the focus on innovative human resource management also shows that business success relies foremost on workers’ experience and their loyalty,” said Doveika.