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Lithuania and South Korea Will Cooperate in the Fields of Trade and Industry

Date

2022 10 27

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The Memorandum of Understanding (MOU) signed on Wednesday in Vilnius by Minister of Economy and Innovation Aušrinė Armonaitė and Minister for Trade from the Ministry of Trade, Industry and Energy of the Republic of Korea Dukgeun Ahn provides for closer cooperation between the two countries in the fields of trade and industry.  

The MOU underlines the important role of business, innovation, technology and trade in development of the economies of the two countries and the mutual economic benefits. It also states that the aim is to promote efficient and dynamic cooperation between high value-added areas.  

‘We feel a great mutual interest and willingness of the Lithuanian and South Korean businesses to develop business relations. Lithuania is interested in attracting investments from South Korea, we aim to increase the volume of trade and we see the greatest potential in the fields of lasers, life sciences and biotechnologies, start-ups, nanotechnologies and e-commerce,’ said Minister of the Economy and Innovation A. Armonaitė. 

It has been planned that the Parties will set up the Joint Industry and Trade Cooperation Committee to identify the specific areas, projects and programmes for cooperation for the purposes of implementation of the measures. The Joint Committee will meet every two years or alternately in Lithuania and the Republic of Korea at the request of either country. 

According to the Minister, cooperation with South Korea will open up great opportunities not only for Lithuania’s advanced and innovative product manufacturing and financial technology sectors but also for science.  

‘The cooperation with South Korea opens up greater opportunities for us to further diversify our exports and to take better advantage of the potential of the Asian markets. We seek to build stronger relations not only with South Korea and Japan but also with Singapore and other countries in the region,’ said Ms Armonaitė.  

Exports of the Lithuanian-origin goods to Australia, Japan, India, South Korea, Singapore, Indonesia, Taiwan, Vietnam, Malaysia and Thailand in January-August 2022 increased by 60% as compared with the same period last year. Volumes grew from EUR 313 million to EUR 502 million.  

In August, South Korea was included on the list of priority markets for export and innovation cooperation and in 2021 trade in goods between Lithuania and South Korea grew by 36%.  

The Minister highlighted the successful Lithuanian business missions to South Korea which helped to establish useful contacts: the representatives of Startup Lithuania participated in the Nextrise conference in June and presented the opportunities for Korean start-ups to expand in the EU, Lithuanian laser companies presented their latest technologies at the Laser Korea exhibition in July, and a letter of intent was signed between the Lithuanian Laser Association and the Korean Laser Processing Society. 

Lithuanian biotechnology companies also took part in the Bioplus-Interphex exhibition in August during which a cooperation protocol was signed between the Lithuanian Biotechnology Association and Korea Bio.  

Ms Armonaitė also invited Mr Ahn and a delegation of South Korean biotechnologists to visit on 20-21 September next year. The delegation will visit Vilnius on 20-21 September when attending the event Life Science Baltic. This is the only Baltic Life Science Forum which brings leaders in the field together.  

Last month, the Lithuanian Minister met with the heads of SK Group, the second largest South Korean business corporation, in Vilnius and invited them to invest in Lithuania.  

Lithuania has consistently sought for closer economic relations with South Korea. The Embassy of our country has operated there since the last autumn and this September the Lithuanian Commercial Attaché also started to work there.