A. Armonaitė and UK Minister to discuss closer defence cooperation
Minister of the Economy and Innovation Aušrinė Armonaitė will meet with UK Minister for Industry and Security Alan Mak to discuss the reconstruction of Ukraine and closer bilateral economic cooperation. The meeting will focus on investment in Lithuania's defence industry.
"The UK is one of Lithuania's most important economic and political partners and we see the potential to strengthen cooperation in the field of defence and security and to jointly implement projects to rebuild Ukraine's infrastructure. We also seek a closer partnership in high value-added sectors such as life sciences, smart engineering and defence innovation," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
Lithuania supports Ukraine in energy, critical and socially sensitive infrastructure, education and other areas. That is why our country is already looking for strategic partners in the reconstruction of Ukraine's critical and socially sensitive infrastructure. Lithuania was one of the first countries to start reconstruction projects in Ukraine, so we see an opportunity to work with the UK in this area.
The meeting will also discuss investment in Lithuanian defence innovation. UK investment would help accelerate the development of innovation in the defence and security industry and strengthen the bilateral defence partnership between Lithuania and the UK.
The defence sector is one of the fastest growing in Lithuania. The total turnover of defence companies in 2022 was around €700 million. It has almost doubled between 2018 and 2023. Last year, there were 85 defence companies in Lithuania.
The Minister will also discuss cooperation in the field of health technologies - biotechnology, medical technology and clinical trials.
During her visit, the minister met with executives from BlackRock, the Bank of London and Revolut Bank, and is scheduled to meet with Thredd and Builder.ai.