An agreement was signed today in Milan between the Life Sciences Cluster of the Region of Lombardy and the association LithuaniaBIO. This will strengthen the partnership to attract investment, promote technological innovation and encourage entrepreneurial initiatives.
"The agreement will allow us to develop life science projects. We want to double the GDP generated by life sciences from 2.5% to 5% in the next few years. We have a strong ecosystem in this sector - clusters are being established in Lithuania, about 60 start-ups have been established, and a number of globally recognised companies are operating in Lithuania. We certainly have a lot to offer to our partners in Italy and a lot to be proud of," said Minister of the Economy and Innovation, A. Armonaitė.
The Lithuanian Biotechnology Association (now LithuaniaBIO), founded in 2003, brings together 36 legal entities and 9 scientific institutions, and its main objectives are to promote biotechnology research, trade and product development.
"This cooperation will help Lithuanian and Lombard companies active in life sciences to find new opportunities for collaboration, product development, commercialisation and financing. The Lithuanian biotechnology sector has exceptional competences, such as gene editing or gene therapy technologies, metabolic engineering and others, which could be of interest to Lombard companies. Our association could be an excellent platform for Italian companies looking for new business or scientific opportunities in our country. We aim to establish relationships that could turn into reliable business models in the future," says Tomas Andrejauskas, President of LithuaniaBIO Association.
Lithuania has great potential for life sciences research and production, accounting for around 2.5% of GDP and well above the EU average. The strategic goal is to achieve a life sciences share of 5% of GDP by 2030.
The Lithuanian business delegation, led by the Minister A.Armonaitė and comprising around two dozen representatives of Lithuanian companies, associations and research centres, is meeting existing and potential partners in Italy.
Last year, the bilateral trade turnover between Lithuania and Italy amounted to EUR 2.8 billion, and direct Italian investments in Lithuania amounted to around EUR 47 million.
