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World Lithuanian Economic Forum (Photo)
June 28, 2013

LCLC was pleased to have a large representation of LCLC members and alumni at the World Lithuanian Economic Forum: James Oates, Darius Daubaras, Zilvinas Mecelis, Viktoras Jucikas, Kornelijus Celutka and Viktorija Vasiliauskaite. Below we provide a few highlights from this unique event – largest economic forum for Lithuanians living around the globe - which facilitated a dialogue between leading business professionals. You can watch the complete recording of the event on http://www.plef.lt/.

One of the LCLC founders, Mr Darius Daubaras, who currently is a senior banker at J.P. Morgan, spoke of importance for further privatisation of state-owned companies in Lithuania (such as railways, airports, electricity suppliers). Such process would have a number of positive spill-over effects for the Lithuanian economy. Specifically, Darius highlighted that privatisation would allow introduction of new investors and would ensure better governance discipline with new shareholders. As a result, there would be new composition of boards and a stronger push for 'meritocratic' ways of appointing CEOs and senior managers. With more qualified leadership, the state owned enterprises would become more efficient - higher margins, higher returns on equity, better run companies, hence, more tax revenues and dividends to the state. As well privatisations would also deepen local capital markets, which need to become liquid (and larger) in order to attract foreign investors and institutional funds. According to Darius, the government could unlock several billion of euros of value by implementing further rounds of privatisations and would inject more dynamics into the local economy.

Former LCLC president and YPan founder Viktoras Jucikas spoke about entrepreneurship and ways to start the business. According to Viktoras, his team focused on building big business from a simple idea. He shared his insights and experience at YPlan and stressed the importance of doing this by iteratively testing small assumptions in the market instead of spending a lot of time building something no one needs.

Current LCLC Board member Viktorija Vasiliauskaite spoke about Lithuanian diaspora and its readiness to share experience and connections across the globe and this way contribute back to the home country. Viktorija stressed that Lithuanians should stop thinking about Lithuania as a country which is getting smaller in terms of population. Rather, Lithuania should be regarded as a country which is increasing its global presence. There is an urge and need to think and cooperate globally and this way help our country to grow further. Viktorija also pointed out that highly experienced professionals and their skill-sets could potentially be utilized during the assignments as independent consultants/advisors/directors in variety sectors and on state owned companies advisory boards. Global Lithuanians and their skills could be further utilised while advising government in preparation of legal acts, transformation programmes, strategic projects and the like.

Viktorija also mentioned that it is essential to improve facilitation between professionals in private practise and Lithuania's universities while developing universities' programmes, sharing practical experiences, lecturing, mentoring students and young professionals. Lithuanian diasporas’ experience could also be drawn on while advising SMEs and start-up businesses in Lithuania.

LCLC is very proud that due to our club's endeavours some of these processes already kicked off via BigBrother LT, LCLC lectures, advisory work with start-ups, entrepreneurship projects and many other initiatives.