Sustainable Development and Knowledge Based Economy Creation Initiatives in Lithuania

Abstract: The future of the European Union lies in the sustainable development and in the creation of the knowledge based society and knowledge based economy. This means that key issues that require strategic decisions are to be considered as issues of creation of the knowl-edge based society and knowledge based economy. This publication analyzes a new approach towards the way how long term strategies designed to create knowledge based economy in the European Union should be prepared. This approach is a result of scientific research the object of which has been creation of the knowledge based economy in the situation of the enlargement of the European Union. The objective of the completed research has been the proof of the fact that key priorities for creation of the knowledge based economy is the urge of technological ad-vancement and enhancement of compatibility and productivity using such opportunities as spe-cialization of national and regional economies, creation of clusters and their networks, as well as the development of so called economic “oases ” and hyper-clusters in the entire economic space of the European Union, in Lithuania as well as in other countries