A. Armonaitė: "Lithuania can help Sakhartvel to open the EU market more widely"


2023 02 06


Minister of the Economy and Innovation Aušrinė Armonaitė, meeting today with Deputy Prime Minister Levan Davitashvili, Minister of the Economy and Sustainable Development of Sakhartvel, stressed that Lithuania has consistently supported Sakhartvel's European and transatlantic integration efforts. According to the Minister, our country's favourable investment and business environment can help Sakhartvel's start-ups and businesses to open up the EU market more widely.

At today's meeting of the Intergovernmental Commission for Economic Cooperation between Lithuania and Sakhartvel, it was underlined that this is an excellent opportunity to review the bilateral agenda and to explore new areas of cooperation.

"Although Lithuania and Sakhartvel are separated by about 3000 kilometres, we are nations that value freedom and fight bravely for it. The potential of our countries is enormous and we should strive to connect and strengthen our economies even more strongly," said Minister of the Economy and Innovation A. Armonaitė.

She stressed that Lithuania is open to cooperation in innovation, digitalisation, high-tech and other areas that are important for the economic and social development of each country. This promotes transparency in government, the introduction of innovative solutions in the public sector and reduces bureaucratic burdens.

According to the Minister, Lithuania's political and economic stability, its membership of the European Union and the Eurozone, and the favourable business and regulatory environment for exporting companies of Sakhartvel, could make it an attractive place to do business, providing access to the European Union market of more than 500 million people.  

Lithuania is consistently expanding its digital services, with a number of international service centres being established, which can add value to the export-oriented business in Sakhartvel.

Lithuania offers attractive conditions for innovative start-ups in Sakhartvel to grow, meet potential partners, tech talent and become part of the European start-up community.

According to A. Armonaitė, we should also raise the awareness of our countries' potential by organising bilateral trade missions, business forums and meetings, as well as by participating in specialised exhibitions and trade fairs, sharing trade and entrepreneurship experience and information. The importance of promoting bilateral tourism was also discussed. 

Bilateral trade turnover with Sakhartvel increased by almost 49% between January and November 2022 compared to the same period in 2021, amounting to around  EUR 116 million. Direct investment in Lithuania from Sakhartvel amounts to around EUR 9.4 million.  

The current level of trade could also be boosted by an expansion of the range of goods traded between the two countries. For example, Lithuania is ready to offer a wide range of Lithuanian products to the Sakhartvel market: meat and dairy products, confectionery, cereal products, beer, animal feed preparations and other agricultural products.