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Lithuania's cooperation with Japan will boost high-tech business development

Date

2022 10 27

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Karolis3.jpg
Laimos Penek nuotr.

Karolis Žemaitis, Deputy Minister of the Economy and Innovation, who has travelled to Japan with a delegation of the Lithuanian government and business, stresses the need to strengthen bilateral economic relations between Lithuania and Japan, and to increase the intensity of bilateral meetings beyond the pre-pandemic level. Lithuania will give the highest priority to high value-added businesses and exports of innovative products.

K. Žemaitis, who together with the Prime Minister Ingrida Šimonyte participated in the Lithuanian-Japanese high-tech business event, stressed that the most promising areas for active cooperation between the two countries are in the fields of lasers and their systems, biotechnology, engineering, robotics and artificial intelligence.

"Japan is on Lithuania's list of priorities for economic cooperation, and our country considers Japan to be one of its main partners in the Asian region. Lithuania is focused on increasing the export of high-tech products, and we hope that cooperation between the companies of our countries will boost high-tech development, scientific research and exports. We should also strengthen our relations in other areas and in other ways," said Vice-Minister K. Žemaitis.

Together with the Lithuanian delegation, K. Žemaitis also participated in the Lithuanian-Japanese Food Business Forum and met with representatives of Keidanren, Japan's largest business confederation. He also met with representatives of the Japan Management Association and the country's external trade organisation. The visit also includes meetings with the heads of Hitachi, JETRO, the Japan Medical Research and Development Agency and the Heads of Japanese Ministry of Economy, Trade and Industry.

Japan is included in Lithuania's priority markets for foreign direct investment, as well as in the priority markets for exports and innovation cooperation. To further strengthen our economic diplomacy,  Ministry of the Economy and Innovation has launched a competition for the post of Commercial Attaché in Japan. The new attaché is expected to start work later this year.

According to the Vice-Minister, traditional industrial sectors such as food, high-quality textiles, furniture and chemical products are equally important in expanding trade with Japan. 

Exports of Lithuanian goods to Japan, Australia, India, South Korea, Singapore, Indonesia, Taiwan island, Vietnam, Malaysia and Thailand increased by 60% in January-August this year compared to the same period last year.  

Last year, Japan ranked 37th among Lithuania's 207 trading partners. Trade between Lithuania and Japan grew by 10% last year to EUR 166 million.