Lithuania and Kazakhstan strengthen economic cooperation

Date

2019 03 05

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At the 12th meeting of the Lithuanian-Kazakh Intergovernmental Commission on Trade and Economic Cooperation (the Commission), held at the Ministry of the Economy and Innovation of Lithuania it was decided to strengthen bilateral economic relations, develop cooperation in the field of transport in order to increase the volumes of transported cargos and to implement joint projects. Possibilities to attract more tourists and to develop cooperation in the fields of agriculture, energy, information technology, health and other areas were also discussed.

Bilateral cooperation provisions between Lithuania and Kazakhstan were laid down in a protocol signed by the Heads of both parties of the Commission, Virginijus Sinkevičius, Minister of the Economy and Innovation of the Republic of Lithuania, and Kanat Bayedilov, Vice-Minister of Finance of the Republic of Kazakhstan.

‘There is close economic cooperation between Lithuania and Kazakhstan but there is still room for strengthening it. Two decisions — a direct flight connecting Vilnius and Astana and the provision of investment guarantee to the Lithuanian business investing to Kazakhstan — were implemented last year to encourage business cooperation between the two countries. The cooperation guidelines agreed today will contribute to further cooperation in trade, logistics and tourism,’ says Minister of the Economy and Innovation Virginijus Sinkevičius.

In 2018, the main exports of Lithuanian companies to Kazakhstan were machinery and mechanical appliances (22.3 %), electrical machinery, equipment and parts thereof (15.5 %), ground vehicles (10.5 %), iron and steel products (6.1 %). In 2018, the highest imports from Kazakhstan to Lithuania were mineral fuels (97 %).

In 2018, the trade turnover between Lithuania and Kazakhstan amounted to EUR 1.227 billion, Lithuania’s exports to Kazakhstan — to EUR 378.1 million and imports from Kazakhstan amounted to EUR 849.3 million. Kazakhstan was the 19th largest export and 13th import partner in 2018.

At the end of Q3 of 2018, Kazakhstan’s foreign direct investment in Lithuania amounted to EUR 8.89 million and Lithuania’s investment in Kazakhstan amounted to EUR 3.29 million. Kazakhstan ranked 37th by foreign direct investment in Lithuania, and 26th by Lithuania’s foreign direct investment abroad.