The new names, if approved by the Seimas, will be effective from next January.
"The changing of the name of the Ministry of Economy will help to develop a modern approach by the state and draw attention to the modern regulation of economic processes and, first of all, innovation," an explanatory note to the draft amendment says.
"By changing the name of the Ministry of Education and Science, preconditions will be created to significantly increase the prestige of sport in society and in state and municipal institutions and agencies," it says.
The Seimas last June passed a resolution calling on the government to add the word "sports" to the Education and Science Ministry's name after the ministry took over control of the Physical Education and Sports Department.
The Economy Ministry itself asked for its name to be changed.