Lithuania sees growing interest of business community in co-op with Uzbekistan

Business Materials 19 May 2021 10:16 (UTC +04:00)
Lithuania sees growing interest of business community in co-op with Uzbekistan

BAKU, Azerbaijan, May 19

By Klavdiya Romakayeva - Trend:

Lithuania sees growing interest and very specific requests from the business community about possibilities in Uzbekistan, the Embassy of Lithuania in Russia and in Uzbekistan told Trend.

According to the ministry, Lithuania accesses trade-economic relations with Uzbekistan truly positively as well as the development of political ties with the country.

“We see constantly rising interest from our companies to work on the local Uzbek and regional markets. Our business is actively requesting us to provide more and more information on Uzbekistan, its economy, and possibilities,” the ministry noted.

At the same time, the COVID-19 pandemic had a negative effect on the bilateral trade – trade turnover between the countries in 2020 decreased by 22 percent to 153.5 million euros. However, the import from Uzbekistan to Lithuania has grown by an impressive 31 percent.

The ministry stressed that the current trade relations do not completely reflect the full economic potential that Lithuania and Uzbekistan have.

“Nevertheless, the situation is dynamic, and we are optimistic about the future possibilities especially in the context of post-COVID-19 recovery,” the ministry said.

In addition, the ministry noted that as Lithuania and Uzbekistan are both market economies, it is up to business communities to develop commercial projects.

“Our job is to facilitate contacts of business communities, make sure there are no institutional barriers for the cooperation, customs procedures and technical regulations are clear and provide information on procedures in Lithuania for Uzbek businesses and information about Uzbekistan market for Lithuanian companies,” the ministry stressed.

It is reported that there are certain projects of Lithuanian investors in Uzbekistan involving transportation, automotive chemistry. Also, potential projects are being considered by some Lithuanian financial technology companies.


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