"Japanese companies are interested in opportunities to invest and expand in Lithuania and the European Union, and our companies are interested in entering the Japanese market and becoming more established in the Pacific region. Lithuania and Japan share the same view on the war in Ukraine, threats to peace and democracy in the world, and we would like to take advantage of this by building closer economic relations," said Minister of the Economy and Innovation A. Armonaitė.
At the meeting with the Minister, Japanese business representatives expressed their interest in cooperating not only with innovative Lithuanian start-ups or industrial companies producing innovative products, but also in participating in important Lithuanian infrastructure projects, such as the construction of the European Rail Baltica railway or the development of renewable energy projects.
At an event organised jointly with the Japan International Trade Organisation (JETRO), the Minister presented our country's innovation and business environment to representatives of Japanese companies and took part in a discussion on the perspectives of cooperation with Japanese businesses. JETRO also signed a Memorandum of Cooperation with the Innovation Agency. Lithuania invites JETRO to open a representative office in Vilnius and thus activate business relations between the two countries.
A. Armonaitė also met with the Japanese Business Confederation "Keidanren". This is the largest economic organisation in Japan, uniting all the largest Japanese companies and industrial associations. The meeting focused on how to strengthen cooperation between businesses in the two countries and encourage investment in innovative products.
Lithuania aims to strengthen economic cooperation with Japan in the life sciences, space and engineering industries, as well as in the creation and development of laser technologies and financial technologies. Lithuania can become a platform for Japan to strengthen its position in Europe.
In 2022, trade between Lithuania and Japan grew by 16% and amounted to EUR 191 million. Exports to Japan amounted to €104 million (33% growth), while imports amounted to €87 million.