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Minister for Economy Evaldas Gustas in Israel: targeted investments build sustainable economy

Date

2015 10 21

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At the 7th Global Lithuanian Economic Forum, which was held in Tel Aviv, Minister for Economy Evaldas Gustas made a presentation on the relevant topic ‘Investment environment at national level and international competitiveness: the determining factors’, which attracted a great deal of interest from the audience.  This year, innovation and science and business cooperation were the dominant topics at the Global Lithuanian Economic Forum.

Minister Evaldas Gustas informed the Forum participants about the investment environment of Lithuania and the implemented reforms in the field of business environment. Discussions were held about economic cooperation perspectives between Lithuania and Israel. The Minister for Economy noted that recently Lithuania has been demonstrating strong interest in Israel as a potential partner and advisor in enhancing Lithuania’s science and technology penetration to commercial markets and in improving the national investment environment and competitiveness.

‘The promotion of economic competitiveness through export development and investments to the economy, which were very much encouraged by the Government, was the foundation that enabled the successful and sustainable recovery of Lithuania from the economic recession. We very well understand the importance of attracting foreign investors who can help us improve business environment in our Region; we therefore  make considerable efforts to educate the labour force, regulate labour relations and reduce administrative burden on business,’ these were the insights Minister Gustas shared with the Global Lithuanian Economic Forum participants. 

Minister Gustas said that the considerable number of Lithuania’s population which has gained higher education and the favourable system of science and technology parks enables encouraging conditions for the development of R&D. Success is also inspired by the rapidly developed system of clusters, including technological, industrial clusters and clusters of creative industries, which are being created and successfully operate in Lithuania.

‘It is important to note that the International Life Science Baltics Forum organised together with our partners from Israel, has become a decisive factor in strengthening our bilateral relations. I am positive about Lithuania’s possibilities to offer favourable business environment for Israeli investments as well as for cooperation in the field of smart technology and biotechnology,’ said Minister Gustas.

Last year, direct Israeli investments to Lithuania made EUR 15.26 million. Israel ranked 30th in terms of direct investment amounts in Lithuania. 

In 2014, the trade turnover between Lithuania and Israel made EUR 43.9 million, export – EUR 23.4 million and import – EUR 20.5 million. Compared to 2013, the trade turnover increased by 24 percent, export reduced by 5 percent and import grew by 95 percent. In 2014, among foreign trade partners of Lithuania, Israel ranked 50th in terms of trade turnover, 51st – in terms of export and 44th – in terms of import. In the first half of 2015, Lithuanian exports to Israel made EUR 17.4 million and grew by 61.2 percent compared to the corresponding period of the previous year.