Virginijus Sinkevičius: China shows interest in both Lithuanian milk and lasers

Date

2019 06 07

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According to Minister of the Economy and Innovation Virginijus Sinkevičius, participating in the Chinese and Central and Eastern Europe investment and trade exhibition in Ningbo, China has become Lithuania’s most important trading partner in Asia; yet, the potential for economic cooperation with this country could grow even more rapidly. So far, China, as the export market, is particularly interested in food producers in Lithuania, but China could become one of the main technology export markets for the national companies.

‘Very often our national businesses see China as a market for exporting bread, milk or other foodstuffs. However, Chinese are increasingly keen to buy the most innovative technology products. Some of the Lithuanian innovators and producers have already found the Chinese market and have experience in working with this country already. As a result, the country’s innovation creators and engineering companies increasingly look at China and export opportunities there,’ says Minister of the Economy and Innovation Sinkevičius.

In the Chinese and Central and Eastern Europe investment and trade exhibition, considerable attention is given to the introduction of industrial production to the Chinese market. One of the priority sectors, accounting for almost 7 % of Lithuania’s total export to China, is high technology. Currently, three Lithuanian laser manufacturers (Šviesos Konversija, Ekspla and Altechna) have their own representative offices in China and are engaged in trading in their products.

In China, Minister Sinkevičius will also meet representatives of the Chinese Ministry of Trade, will participate in a Forum on the presentation of investments, trade, tourism, financial technology and other promising sectors  in terms of bilateral cooperation between China and Lithuania; also, he will make an address in the Chinese and  Central and Eastern European Investment Promotion Forum.

In 2018, the turnover of trade between Lithuania and China increased by 4.22 % to reach EUR 1,044 billion. Lithuania’s exports to China grew by 5.52 % to reach EUR 189 million. Lithuania exported mainly furniture and parts thereof, wood, lasers and other optical equipment. Exports of Lithuanian products to China grew by 7.86 % to reach EUR 141 million.

In 2018, Lithuanian imports from China increased by 3.94 % to reach EUR 855 million. Lithuania mainly imported electrical machinery and equipment, machinery and mechanical appliances, furniture and vehicles.

In 2018, China’s investment in Lithuania amounted to EUR 9.52 million (ranks 37th). Lithuania’s direct investment in China amounted to EUR 44. 51 million (ranks12th).