Lithuania intends to establish closer cooperation with South Korea in the field of high value-added technologies. To this end, Deputy Minister of the Economy and Innovation Jovita Neliupšienė, together with Lithuanian business representatives, is visiting South Korea to present the advantages of Lithuania's biotechnology and life sciences sector, as well as the country's potential in the laser, financial technology, startup, tourism and traditional industry sectors.

On 26 July, Vice-Minister of Energy Albinas Zananavičius attended the extraordinary meeting of the European Union (EU) Transport, Telecommunications and Energy Council in Brussels, where representatives of the EU Member States discussed the most pressing issues of energy supply in preparation for the upcoming winter season.

Despite the challenges caused by Russia's war against Ukraine, the Lithuanian economy is showing resilience – according to the International Monetary Fund (IMF), economic growth will remain positive this year and should reach 1.8 %. Significant inflationary pressure felt in 2022 should weaken next year, as energy and raw material prices stabilize. The IMF emphasizes that in the near term it is important to focus on targeted support for the most vulnerable groups of the society, and in the longer term to continue the implementation of structural reforms, strengthening the economic growth potential and resistance to shocks.

The construction of the Rail Baltica railway bridge over the Neris River is about to gain momentum: today, 21 July, with a ceremony near the shores of the Neris River in Jonava district, the construction of the bridge was launched. To protect the Natura 2000 site, a complex engineering structure will not have a single support in the water and will be the longest railway bridge in the Baltic States. The bridge over the Neris River which is very important for the construction of the railway line to Latvia is planned to be built in 2.5 years.

In the first half of this year, Lithuanian Airports operated more than 2.3 million passengers, 24,000 flights, and transported about 9.9 thousand tonnes of cargo. Aviation experts say that the current trends can be described as a period of growth rather than recovery.

Lithuanian Airports has signed a design work contract with Kelprojektas, which will prepare a project for the expansion of the northern apron of Kaunas Airport. The project will create additional aircraft parking and engine testing areas, which will increase the number of aircraft parking spaces at Kaunas Airport by more than 50%. The value of the design work is almost EUR 89 thousand (excluding VAT). It is expected that the building permit will be issued by mid-February 2023, with contract works starting next year.

The Bank of Lithuania published the audited data of electronic money institution (EMI) and payment institution (PI) sector for 2021: the institutions had almost 10 million customers and revenues grew 3.5 times. In the context of supervision of the sector, the central bank assessed the growing risks and focused on individual inspections and sectoral analyses, which covered around 70 market participants.

Used cooking oil, synthetic fuel or even hydrogen should gradually become the norm as aviation fuel to help EU become climate neutral by 2050, said MEPs on Thursday.

As Lithuania pursues a rapid transition to renewable energy, the first nation-wide study to be carried out on the development of the hydrogen sector shows that Lithuania has the potential to become a significant player in the development and transportation of hydrogen resources in Europe. The study was presented at an event held at the Ministry of Energy by consulting companies Baringa Consulting Limited and Civitta, which conducted the study in cooperation with Lithuanian gas transmission system operator Amber Grid and the EPSO-G Group.

The Minister of the Economy and Innovation Aušrinė Armonaitė, who is visiting the US city of Philadelphia, will present the investment environment in Lithuania, possibilities to promote mutual trade and economic relations in meetings with representatives of the Pennsylvania state, the Lithuanian business community in the US and Canada, and Lithuanian honorary consuls.