Lithuania and Armenia strengthen economic cooperation Business
“Lithuania and Armenia are two strong growing economies. We are committed to developing mutually beneficial relations in various fields. In terms of economy, we aim for Lithuanian exports to Armenia to grow even more. In addition, we would like to transfer good practices in the field of digitization to Armenia and develop cooperation in sectors creating high added value”, says Aušrinė Armonaitė, Minister of Economy and Innovation.
At the meeting of the TVC of Lithuania and Armenia, the minister discussed the prospects of exporting the production of Lithuanian economic sectors to Armenia. These are clothing, chemical and food industries, machinery and equipment manufacturing.
The minister also identified the advantages of Lithuania’s investment environment and the most important initiatives for the representatives of Armenia: the green corridor, the benefits of the free economic zone, etc. The purpose of these measures is not only to attract both large and small investors to Lithuania, but also to stimulate investments in areas such as advanced manufacturing, life sciences, information and communication technologies, and financial technologies.
According to the data of the Lithuanian Statistics Department, in the months of January-August of this year, Armenia was the 55th trading partner of Lithuania in terms of turnover of trade in goods. Compared to the same period last year, the turnover increased by 2.5 times and reached more than 57 million. euros.
During the same period, Lithuanian exports to Armenia increased even 5.4 times and amounted to 56 million. euros. Lithuania mainly exports machinery and mechanical equipment, vehicles and chemical products to Armenia.
The first meeting of the TVC of Lithuania and Armenia was held in Vilnius in 2015, and the second in 2017. in Yerevan.