Lithuania is the largest economy out of the three Baltic states and is set to become the 19th country in the European Union to adopt the euro.

Earlier this month, EU Economic and Monetary Affairs Commissioner Olli Rehn said at a press conference that "Lithuania's readiness to adopt the euro reflects its long-standing pursuit of prudent fiscal policies and serious economic reforms."

"This reform momentum, driven partly by Lithuania's EU accession 10 years ago, has led, in fact, to a striking increase in the prosperity of Lithuanians."

Meanwhile, Arvydas Arnasius, Acting Director General at Invest Lithuania told IBTimes TV that the country is primed to draw in more business from abroad and is an optimal place for more foreign direct investment (FDI).

He adds that companies that decide to build their business in the country would benefit from a six year break from corporation tax, which is at 15% currently, in a bid to bring in more firms to set up shop.

While many manufacturers, such as ThermoFisher Scientific and CIE Automotive, have established a big presence in Lithuania already, Arnasius said that the country isn't looking for groups to "take advantage of cheap labour" but to focus on the highly educated workforce it can offer.

Over the year, several companies have started produce sophisticated biotech products like pharmaceutical substances, components for molecular diagnostics and laser equipment in the country.

According to Invest Lithuania, 92% of the population speaks a foreign language and 52% speaks at least two foreign languages.

On top of this, Lithuania is ranked as number one in the EU for having the bloc's most educated labour pool as over half of the population has a university degree.

The World Bank also ranked the country for having a near 50 / 50 gender split in the workforce.