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The World Lithuanian Economic Forum (WLEF) is an annual event organized by the Lithuanian Business Confederation | ICC Lithuania since 2009, reuniting Lithuanian entrepreneurs and businesses from all over the world.  The purpose of the event is to create a global network of business contacts between successful Lithuanian emigrants and locals.  The Lithuanian Business Confederation | ICC Lithuania understands that getting Lithuanians all over the world to cooperate is essential for Lithuania’s economic recovery, as the small nation was hit hard by the global financial crisis.  This year’s two-day event was held at the LITEXPO Exhibition Center in Vilnius, Lithuania, on July 4-5.

Valdas Sutkus, President of the Lithuanian Business Confederation | ICC Lithuania, gave the commencement speech for the event.  After he welcomed the panellists, speakers, and guests, Dalia Grybauskaite, President of Lithuania, gave a speech highlighting Lithuania’s optimistic future.  She claimed that a major component to Lithuania’s economic recovery must involve fostering creativity in science and business.  She briefly touched upon the hot-button topic of Lithuanian emigration, stressing the fact that the skyrocketing unemployment rate is forcing talented young minds to leave Lithuania, with most emigrants moving to the UK or US.  The consequences of emigration were a recurring topic throughout the forum, and many passionate opinions on the issue were expressed by panellists and audience members alike.

After the President stepped from the podium, Audrionius Azubalis, the Minister of Foreign Affairs, stated that the main purpose of WLEF is to develop and realize goals that would make Lithuania an economic force in the Nordic and Baltic regions.

Máire Geoghegan-Quinn, European Commissioner for Research Education and Science, gave the keynote speech for the event.  She talked about a much needed EU-wide fiscal consolidation, while increasing the budget for innovative research.  She stated that the Innovation Union’s mission is funding cutting-edge research, which, according to her, is crucial for long-term economic recovery.  She said that the EU is facing an “innovation emergency”, and that cutting spending on research will only serve to hamper innovation and keep the EU in its current economic rut.  Developing new products is essential for successful business, and according to Quinn, the EU and Lithuania must be advocates of researchers, modernizing their equipment, removing obstacles of research, i.e. taxes, which will serve to keep the best and brightest minds in the EU.  She gave the example of China, which currently invests twice as much as Lithuania in innovative research; largely because of these efforts, the Chinese are experiencing an economic and innovative boom.

David Passig, a renowned professor and futurist from Israel, introduced the first roundtable discussion session by presenting possible future scenarios and their potential effects on business practices.  According to Passig, many scientists including himself, are convinced that humanity is on the verge of a “singularity event” that will be similar to when humans learned that the world is round rather than flat. One disturbing trend that Passig pointed out is that humanity is not producing enough mothers, creating a lack of young people; this trend, which is expected to continue, will have devastating effects on creativity and innovation in business.

The subsequent roundtable discussion focused on Lithuania’s competitive strategy for the current decade. The panel brought up that biotechnology is a strong field in Lithuania and must remain well-funded. Also, telecommunications is emerging as another strong field, providing many business opportunities and jobs in Lithuania.  They stressed the importance of Lithuania’s businesses and leaders to always be looking to attract investors, both foreign and domestic.  Striving to improve Lithuania’s technological research facilities, culture, education, and overall image, will lure investors, as well as foreign experts willing to live and perform research in Lithuania.  

Lithuania is above the European average in the number of higher-educated people, but a diploma isn’t everything; Lithuania needs young, talented entrepreneurs.  Lithuania must focus on giving its students real-life career experience.  The panel unanimously agreed that more internship programs must be established for university and high-school students; this strategy would get the youth of Lithuania to start thinking like entrepreneurs. A message must be sent to the youth that, even though LT is a young capitalistic country (only 20 years ago freed from Soviet occupation) and was hit hard by the global crisis, it is growing and improving economically. Opportunities for young people will begin opening up in the near future. 
Also, the panel suggested to work toward adopting the British university loan system as a model for Lithuanian higher education. Students would then receive more time and leeway in repaying their loans.  When asked what Lithuania should focus on during its road to economic recovery, David Passig said, “Three things: education, education, education,” and the audience responded with enthusiastic applause.  Judging from the topics of focus at WLEF, the Lithuanian youth should look forward to a better education experience, in which they will receive the knowledge and tools to succeed in their native land.
Alan Malus introduced the next discussion session.  He briefly talked about Thermo Fisher Scientific, a US-based company for which he currently sits as Vice-President, and explained its recent $260 million buyout of Fermentas, a Lithuanian-based company.  Becoming attractive and valuable enough to be bought out was part of Fermentas’ business plan, and Malus cited the talented and highly-educated Lithuanian employees working for Fermentas as one of the reasons for making the $260 million investment.

The subsequent roundtable discussion focused on suggesting business strategies for Lithuanian companies that would get Lithuania on the road to economic recovery.  The consensus was that Lithuania must escape its small domestic market and provide goods and services that can compete in the regional and, better yet, global economy.  Lithuanian businesses must utilize Lithuanians living abroad to better understand foreign markets and learn how to utilize them most effectively.  The panellists insisted on strengthening the higher-education system and creating an attractive business environment, which are factors that draw venture capitalists and big-time investors like Thermo Fisher Scientific.  Because Lithuanian companies struggle due to lack of investment capital, it was suggested by the panel that Lithuania must establish a stable source of local capital and funds.  That way, companies become much more appealing to big-time investors.
Eugenijus Butkus, Chairman of the Research Council of Lithuania, introduced the third round of discussions.  He gave an overview of the 5 Valleys Plan, and the roundtable panel elaborated on the details and goals of the plan.  Basically, the 5 Valleys Plan will establish five new scientific research centers, an investment that will cost over 2 billion Litas.  The EU, the state, and private investors will fund the plan.  The main reason for this plan is to create a synergy between science and business, stimulating innovation.  Another goal is to solve the costly problem of Lithuanian scientists having to go abroad to do research.  If achieved, this plan will create jobs and curb emigration and possibly bring emigrants back to their native land.

Young people filled the audience on the second day of WLEF 2011, and the day’s speeches and discussions were directed toward the youth of Lithuania; the speakers and panellists gave sound advice on starting a successful career in business.  Because successful entrepreneurship has enormous economic benefits, Lithuania is making strong efforts to aid the youth in developing a sound business sense.  The panellists and speakers specifically focused on how a businessperson can be successful in Lithuania, trying to inspire youths to stay in their homeland. 

Ilja Laurs, CEO of GetJar, introduced the day’s first discussion section by pointing out factors that play into a successful business in Lithuania.  He said that Lithuania has strong human capital, having a large amount of highly educated people who are technically skilled and business savvy.  Lithuanian businesses, according to Laurs, should focus more on increasing their value rather than on their profit margins, as well as get listed on the stock exchange.  These actions will increase their attractiveness to investors of all types.  He also urged the nation of Lithuania to fight business corruption, because young, talented students view the Lithuanian business atmosphere as hostile and see emigration as a more favorable option for starting their careers.

The panel for the subsequent roundtable discussion consisted of successful young entrepreneurs and businesspeople, who shared their success stories and advice.  Some of the panellists encouraged travelling and working abroad, picking up business ideas, and then coming back to Lithuania to employ those ideas.  They recommended getting into IT and internet businesses, as they are growing fields with potential for being competitive in the global marketplace.  Also, they implored using social networking websites as marketing tools, as they greatly enhance a business’s chance of success. 

After the panellists were finished discussing, the moderator probed the audience for questions.  One of the audience members, a Lithuanian professor, began passionately urging the panellists and fellow audience members to encourage native Lithuanians to stay in Lithuania at all costs, as Lithuania is experiencing a youth diaspora.  The panellists argued that emigration is not necessarily a bad thing, as many Lithuanians are starting to return to their native land with business experience from abroad. These types of actions must be encouraged, and Lithuania must work hard to become a place that its natives desire to come back to and work.  Strong opinions on this issue exist in Lithuania, and this brief moment at WLEF is a microcosm of the nation’s concern about emigration.

Andrius Francas, country manager of Strategic Staffing Solutions in Lithuania, introduced the next topic: where does a successful career start?  As the youth unemployment rate has skyrocketed, this next session consisted of brainstorming concrete solutions for this economically devastating problem.  He listed job fields that are growing, such as: manufacturing, IT, and telecommunications. Also, he discouraged studying management and law, as they are impractical undergraduate majors.  For example, if one studies law in Lithuania, they cannot practice law anywhere else in the EU.  He stressed that good grades in school are not enough.  Students must travel, volunteer, and seek internships, as these actions will give them real-life job experience, which is much more valuable than only learning business theory in the classroom.

The roundtable discussion that followed echoed Francas’ thoughts.  Students need to seek real-life job experience to compliment their diploma.  A diploma is not enough, and the education system in Lithuania must provide its students useful experience in different career fields.  Schools must urge students to think about their career goals before they graduate and enter the workforce.  Actions are being taken by the Lithuanian Business Confederation | ICC Lithuania and education institutions alike, as they are organizing many leadership and business fairs and retreats, hoping to spark the youth to develop a passion for a certain field, as well as teaching them valuable business skills.
Tomas Buzas, a successful Lithuanian working in the UK, introduced the next discussion session.  He focused on the idea of world citizenship and how Lithuanians can embrace this idea and what it would mean to the future of Lithuania’s economic stability.  He probed the audience to come up with a definition of a true Lithuanian and asked them to brainstorm what Lithuanian emigrants can do to aid their homeland.

The roundtable panel stressed the importance of encouraging circulation, which means Lithuanians going abroad, picking up valuable skills and experience, and then bringing them back to LT.  The people that follow this type of path end up greatly aiding Lithuania’s economy.  The panel also stressed the need to improve Lithuania’s image and to break up negative stereotypes, hopefully sparking tourism.  The panellists were then asked to share their feelings about emigration and the relative lack of nationalistic pride.  They responded by saying that they, along with many others, feel a very strong emotional connection to Lithuania.  They brought up the example of Sweden and their similar problem with emigration in the past.  Many Swedes started coming back with capital and built-up the Swedish economy, and they felt that the same will happen with Lithuania if the right actions are taken.

The rest of the day consisted of a “coffee table” discussion, which was an informal interaction between the panellists and audience members.  Each panellist took a seat at one of the many tables scattered around the meeting hall and engaged in question and answer dialogue.  The young university students in attendance received a chance to meet with the inspirational speakers and panellists, as intended by the Lithuanian Business Confederation | ICC Lithuania.  Many are laboring to get Lithuania back on track economically, and events like WLEF are invaluable to this effort.