Lithuania – newest member of the Eurozone

Lithuania – newest member of the Eurozone

Lithuania is a country in Northern Europe, situated along the southeastern shore of the Baltic Sea, to the east of Sweden and Denmark and bordered by Latvia, Belarus and Poland. Lithuania has an estimated population of 3 million, and its capital and largest city is Vilnius. The official language, Lithuanian, is more ancient than Greek, Latin, German, Celtic, or the Slav tongues. It belongs to the Indo-European group and is nearest to Sanscrit.

On 1 January this year, Lithuania adopted the Euro as its official currency and became the 19th member of the Eurozone. The country has been among the fastest growing economies in the European Union and is ranked 24th in the world in the Ease of Doing Business Index.

Lithuanian businesspeople take a formal approach to business. There are differences in style between government officials and older workers, who maintain formality, and entrepreneurs who willingly dispense with formality.

Women’s roles are varied throughout the country. They tend to hold the same positions as men, although their salaries may be lower. They are expected to be good wives, good mothers and good professionals. Education is important and self-sufficiency is highly valued.

Typically, Lithuanians prefer to establish a personal rapport with individuals prior to moving to business discussions. It is important not to hurry this process as it is critical to success when doing business in Lithuania.

The Lithuanian workplace is hierarchical. If you are organising a meeting, it is important to send a list of the attendees and a brief biographical account of each person to enable your hosts to invite attendees of a similar level of seniority.

Junior staff members are unlikely to contradict or challenge a more senior staff member. They will speak to their junior counterparts and only respond to questions from the more senior staff – it is advisable to follow this cultural etiquette.

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Sources: Wikipedia, Kwintessential, BBC, Culture Crossing