Chinese businessmen plan investment in the Vilnius IT sector
Chinese businessmen in cooperation with their Lithuanian partners intend to establish an investment fund worth up to 10 million euros; the purpose of the fund is to invest in Lithuanian IT and high-tech start-ups, biotechnology and laser industries.
That was the subject-matter of discussion at the meeting in Vilnius with a group of highly influential investors, ‘business angels’ from China. As part of the Chinese delegation, Sun Dongsheng, President of one of the strongest Chinese venture capital companies Shenzhen Capital Group came to visit Vilnius. The guests were particularly interested in the Vilnius IT sector, inquiring the numbers of qualified specialists working and the working environment in the sector.
‘This visit of Chinese businessmen and their investment idea is just another sign that Vilnius is establishing itself as an attractive European city conducive to developing IT businesses and generating new ideas’, said Remigijus Šimašius, the Mayor of Vilnius after the meeting with the Chinese delegation. ‘We have all it takes: talented and ambitious young people, open business environment, flexible regulation’.
Darius Udrys, CEO of the Vilnius Tourism and Business Development Agency Go Vilnius, who in May visited China together with a delegation of Lithuanian local government and business delegation, assured that currently the Chinese are specifically looking for innovative IT and other high added-value projects.
‘Some completely new opportunities may open to Vilnius IT that attracted the attention of our Chinese guests. Vilnius is fully prepared for their investment: our start-ups are already fairly experienced in attracting large-scale investment’, said Darius Udrys. – Some IT projects that were originally conceived in Vilnius, such as Vinted, Trafi, Pixelmator, attracted more than 60 million euros, and currently operate in quite a number of countries, such as the USA, India, Turkey, Brazil, Germany and other countries’.
The visit of the Chinese delegation to Vilnius was organised by a Lithuanian company ‘Zabolis Partners’ together with their partners from a Chinese BG Link. According to them investors are most of all interested in the Lithuanian companies’ growth potential in the Chinese market. Due to the size of its market and as a result of the rapid growth of the national economy in the past years China currently does not experience any shortage of investment capital. What the country lacks is innovations and new technologies that could make a successful investment target, therefore is looking for it elsewhere.
The investors from China specifically focus on start-ups and recently incorporated companies whose ideas and products could potentially make a success story in the Chinese market in the future. As the business environment and the needs in China are largely different from those in Western countries, sometimes the ideas that are not necessarily valued by Western investors may seem rather attractive or promising to the Chinese.
More information: Gintarė Kavaliūnaitė, Go Vilnius Public relations project manager
Tel. +370 617 45202, e-mail: firstname.lastname@example.org