Lithuania hopes to attract new biotechnology investment

The agency plans to commission a study to asses the country's investment environment.

"The study should look into the weaknesses of Lithuanian biotechnology sector's value proposal for investment we could amend and thus increase the success probability for attracting investment," Gediminas Koryzna, director of the investment development department at Investuok Lietuvoje, told BNS Lithuania.

In his words, the red technology sector has been chosen because of the competence of people in Lithuania, infrastructure and the input that's been already done in the pharmaceutical and medical sectors.

According to Koryzna, there are now some 10 red biotechnology companies operating in Lithuania, creating news medicines and medical diagnostic instruments and treatments.

Investok Lietuvoje has recently called a tender of the market assessment of the red biotechnology market with a preliminary value of 230,000 euros. The winner will be required to carry out a global tendency and greenfield investment analysis and a feasibility study on the biotechnology investment environment and possibilities in Lithuania.