Increasing defence spending by the Lithuanian government will increase the size of the defence subcontracting market up to €150 million over the coming years.
Gintaris Satkus, director of the Lithuanian Defence and Security Industry association, said the value of subcontracting work may reach up to €150 million over the next 7-10 years.
The Lithuanian government plans to spend €110 million this year on new weapons and military equipment, with expenditure of €126 million next year.
Deividas Soloveičikas, a partner at Glimstedt Law, said there were major opportunities for Lithuanian companies and that it could give a substantial boost to the country’s economy.
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