At the meeting, the President and the Speaker discussed the possibilities for strengthening of bilateral relations, economic cooperation, EU-Korean relations, geopolitical situation, and global security.
The President highlighted Korea’s exceptional role in helping Lithuania secure its energy independence. Storage facility Independence built by Korean shipbuilders for Klaipėda LNG terminal does not only a guarantee energy security for our country but the entire region as well, ensuring safe and alternative gas supply, fair competition and lower prices for consumers.
The President also emphasized that the Republic of Korea is Lithuania’s fourth largest trading partner in Asia. This year, 100 students from South Korea studied at Lithuanian universities, and last year, 9,000 Korean tourists visited Lithuania. It shows the growing interest of business and people in expanding economic and cultural ties, promoting study exchange and political dialogue.
Lithuania supports additional consultation format (3+1) among the three Baltic States and the Republic of Korea and the establishment of the joint economic committee. Lithuania also seeks to finalize bilateral agreements on cooperation in culture, art, education, science, youth, and sports areas as well as on work and travel programme for young people.
According to the President, South Korean investments into high technology and manufacturing sectors would be a new impetus for bilateral collaboration. Innovation, ICT, Fintech, biotechnologies and electronics are the areas that open up vast opportunities for business in both countries. Exports of Lithuanian-made lasers, IT and food products would contribute to boosting bilateral trade. Lithuanian producers already export wood, tobacco, cellulose and dairy products to Korea and certificates for chicken products are pending.
The President and the Speaker also discussed the potential of the EU-Korea Free Trade Agreement signed in 2010 that should be used effectively for the development of bilateral relations. The EU is the largest investor in Korea and the third largest South Korea’s trading partner.
The meeting also focused on the security situation in the Korean Peninsula and global area. According to the President, peace, nuclear disarmament and stability on the Korean Peninsula is a shared interest of the international community, therefore Lithuania supports efforts to ensure this.
