Priorities of Azerbaijan-Lithuania co-op: from transport to energy

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Azerbaijan is being regarded as an important economic partner of Lithuania and there is great potential for the development of Azerbaijani-Lithuanian economic relations, in particular in the field of oil and gas, transport, food and other industries, Economy Minister of Lithuania Virginijus Sinkevičius said in an exclusive interview with Trend.

“Cumulative foreign direct investments from Azerbaijan in Lithuania were 1.86 million euros at the end of 2017. The main investment has been made in private purchases and sales of real estate, accommodation and catering services, also professional and academic activities sector,” said the minister.

“Lithuania is an attractive location for transport and logistics projects due to its extremely convenient position. Moreover, there are great opportunities for developing bilateral cooperation in the fields of engineering, electronics, biotech, ICT, research and development, where Lithuania has a big potential and can offer attractive investment packages for investors in establishing manufacturing and services companies in Lithuania,” noted Sinkevičius.

“High-quality manufacturing, deep technical expertise and well-educated workforce (for instance, near 100 percent proficiency in English among young professionals, leading in the EU for mathematics, science and technology graduates per capita, leading in the CEE for the quality of math and science education) are the most important benefits of the investment environment in Lithuania,” added the official.

According to Azerbaijan’s State Customs Committee, trade turnover with Lithuania amounted to almost $26.2 million in 2017. The two countries’ trade turnover rose by 51.8 percent during the year.