Country's investment in Lithuania announced

By Azernews

By Leman Mammadova

Azerbaijan and Lithuania enjoy great relations and strive to bring them to a higher level by implementing projects in various sectors.

Azerbaijan's direct investments in Lithuania amounted to 1.82 million euros in the first quarter of 2019, Lithuanian Ministry of the Economy and Innovation told Trend.

Meanwhile, Lithuania’s direct investments in Azerbaijan amounted to 0.36 million euros in the reporting period.

“New business opportunities are highly appreciated by the Lithuanian government, which is constantly working to attract new foreign investment,” said the ministry.

Speaking of the bilateral trade, the ministry noted that last year, Azerbaijan ranked 65th in terms of bilateral trade (56th in export and 76th in import) among 204 trade partners of Lithuania.

The trade turnover between Lithuania and Azerbaijan amounted to $22 million in 2018, according to the State Statistical Committee of Azerbaijan.

The ministry described the Azerbaijani-Lithuanian Intergovernmental Commission, which is coordinated by the ministries of foreign affairs, as an efficient tool for development of bilateral trade between the countries.

The Azerbaijani-Lithuanian Intergovernmental Commission, which has been functioning since 2010, made a considerable contribution to further deepening bilateral relations between the two countries and supported the implementation of many projects in political, economic and humanitarian spheres.

The ministry noted that although the current investment between the two countries is not high, the willingness to improve the business environment will further enhance investment cooperation.

Open to cooperation initiatives with Azerbaijan, Lithuania sees great prospects for cooperation in various areas, for example, in the food industry, furniture, electrical machinery and equipment, various services, including financial services, information and transport services.

Lithuania is interested in cooperation with Azerbaijan, particularly in the transport sphere. Being on the EU border with the CIS, Lithuania delivers access to huge potential markets.

Lithuanian side considers that Baku-Tbilisi-Kars railway will strengthen cooperation in transport sphere between Azerbaijan and Lithuania.

The country is currently implementing the Viking project. It is a joint project of Lithuania, Belarus and Ukraine railways, connecting Baltic and Black sea ports. Additional cargo flows can be attracted by adding Azerbaijan and Georgia to this route. Therefore, in May 2016, Azerbaijan signed a protocol on Azerbaijan Railways CJSC's joining the Viking train project. Baku-Tbilisi-Kars railway line will be very useful to strengthen cooperation between two countries in the transport field.

Exchange of experience between Lithuania’s Klaipeda Seaport and Azerbaijan’s Baku Sea Trade Port would also be beneficial for both parties.

Earlier, Lithuanian Ambassador to Azerbaijan Valdas Lastauskas said that ICT is the major priority for cooperation with Azerbaijan and both countries also have a potential for further cooperation in agricultural sector.