Lithuania and Turkey will discuss economic cooperation

Date

2020 01 31

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Today, representatives of Lithuania and Turkey will discuss prospects for economic cooperation. During the first meeting of Turkey-Lithuania Joint Economic and Trade Commission (JETCO), consideration will be given to promoting trade growth and  establishing links between large and also small and medium-sized enterprises.

Minister of Energy, acting Minister of the Economy and Innovation Žygimantas Vaičiūnas and Minister of Trade for Turkey Ruhsar Pekcan co-chairing the meeting, will sign a protocol providing for specific areas for cooperation between the countries.

‘The fact that from the three Baltic States the Turkish Trade Minister has chosen Lithuania for her visit shows growing interest in both the entire region and the business potential of our country in particular. The focus will be on bilateral trade and investment as well as cooperation in the fields of energy, transport, innovation, technology and tourism. We hope this meeting will be a good start for new areas and opportunities of cooperation," says acting Minister of the Economy and Innovation Žygimantas Vaičiūnas.

According to Mr Vaičiūnas, Turkey could be interested in the Lithuanian FinTech ecosystem; our country is already widely recognised as one of the most attractive countries in the EU for financial technology business development. Providers of financial services arriving in Lithuania and operating internationally demonstrate that the conditions for taking up activities in Lithuania are favourable: from regulation to infrastructure.

Also, Lithuania and Turkey have intentions to cooperate in the field of science and technology by exploring closer links between the Agency for Science, Innovation and Technology and the Scientific and Technological Research Council of Turkey and carry out joint research projects.

Results are already visible in some areas with regular contacts already taking place between Lithuania and Turkey’s start-up ecosystems; Startup Lithuania works closely with colleagues from Startup Istanbul, ITU Ari Startup  Acceleerator and TeknoparkIzmir. Thanks to the Startup Visa Lithuania programme, Turkish start-ups have submitted 19 applications, 10 of which have been approved, one company has  already been set up and 5 others are in the process of completing establishment procedures.

Lithuanian tourists have already discovered Turkish resorts. To develop tourism potential the intergovernmental agreement on cooperation in the field of tourism is intended to be renewed in the future.

Today, Vilnius will also host a Lithuanian-Turkish Business Forum co-organised by public body Enterprise Lithuania and the Foreign Economic Relations Board of Turkey, bringing together companies from the food and beverage, information technology, textiles, tourism, chemical industry, automotive parts and logistics sectors.

Between January and October 2019, Turkey ranked 25th  among Lithuania’s 204 foreign trade partners in terms of turnover for goods, 23rd in terms of exports and 27th in terms of imports. Between January and October 2019, Lithuania and Turkey’s trade turnover increased by 10.9 % to reach EUR 349.3 million. Lithuania’s exports to Turkey grew by 19 %, reaching EUR 201.7 million.