"Due to the diversification of markets, changes in foreign economic policies, the international trade situation, broken value chains and the geopolitical situation in the region, we have added 8 more countries to the list of priority markets for export and innovation cooperation: Vietnam, Australia, Indonesia, Malaysia, India, Nigeria, South Africa and Turkey, and we are proposing to add Japan and South Korea to the list of FDI countries," said Minister of the Economy and Innovation Aušrinė Armonaitė.
The priority markets are divided into three groups: export and innovation, tourism and FDI attraction.
The list of priority markets for export and innovation cooperation includes Germany, France, the UK, Sweden, the USA, Israel, the Netherlands, Norway, Taiwan, Denmark, Finland, Singapore, Italy, Switzerland, Japan, South Korea, Belgium, Ireland, the UAE, Ukraine, Spain, Canada, Estonia and Poland.
FDI attraction lists so far include Germany, UK, USA, Switzerland, Sweden, Norway, Denmark, Finland, Singapore, Taiwan.
It is planned to strengthen Lithuania's economic representation in these regions, to intensify economic diplomacy visits and events, to target the activities of the Innovation Agency, and to implement support measures to help Lithuanian business representatives to participate more actively in joint projects and to present attractive sectors of Lithuania to potential investors.
A. Armonaitė also stated that Lithuania could increase its role in the future reconstruction of Ukraine after the war, and that the Ministry has currently prepared several assistance measures for Lithuanian companies facing difficulties due to the Russian invasion of Ukraine.
These include support in the form of guarantees for working capital and investment loans and leasing transactions. For Ukrainian businesses that decide to set up operations in our country after 24 February this year, Lithuania will provide subsidies for establishment and job creation. From 1 July, the costs of attracting the missing highly qualified specialists will be compensated. This measure also applies to professionals fleeing the war from Ukraine.
A month ago, the Ministry of the Economy and Innovation organised an international conference "Rebuild Ukraine", which provided a roadmap for the reconstruction of Ukraine's infrastructure and economy.
"The message from me and my team is simple - Lithuania can show leadership by providing not only military and political support to Ukraine and its people, but also proposals to rebuild Ukraine's infrastructure and economy," said the Minister.
The Economic Diplomacy Council (EDC) provides the Government with proposals in the field of economic diplomacy on strategic and priority directions of Lithuania's economic foreign policy, as well as on the improvement of the system of representation of Lithuanian economic interests abroad. The Council is composed of the Ministers of Foreign Affairs, Economy and Innovation, Agriculture, Transport and Communications, and Education, Science and Sport, the Head of the International Relations and European Union Group at the Government Chancellery, the heads of 12 associated business organisations and the Global Lithuanian Leaders Association.
The list of priority inbound tourism markets includes 20 countries with the highest tourist arrivals. South Korea and Taiwan were proposed to replace China. Countries are divided into three groups according to the level of marketing activity, with each group having a different marketing strategy targeted to achieve the best results. The focus is on Germany, Poland, the United Kingdom and Israel.
