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May 12, 2017  12:35

Lithuanian economists see Armenia as the best platform to enter EAEU market

Armenia is the only CIS country that is of increasing interest to Lithuanian businessmen”, Aleksandr Izgorodin, the economic analyst at Confederation of Industrialists of Lithuania and Lithuanian Innovation Center, said in his latest presentation about Lithuanian trade tendencies and perspectives during the Competitiveness Forum, the Development Foundation of Armenia (DFA) told.

STEPANAKERT, MAY 12,  ARTSAKHPRESS-ARMENPRESS:  Lithuanian businessmen consider Armenia the most effective platform through which to enter the market of the Eurasian Economic Union (EAEU). “This opens new corridors in the development of trade and attracting investments from the Baltic States to Armenia, as it is the gateway to the major CIS and six Arab markets. Despite the geographical distance, Armenia and Lithuania have a lot in common; both are small economies, place an emphasis on human capital, have a lack of natural resources and a similar country positioning”, Izgorodin stated.

According to the representative of DFA in the Baltic States, Rena Saribekian, economic ties between Lithuania and Armenia in different sectors have been developing constantly since 2014. “Today, the Lithuanian textile industry is looking for opportunities to outsource services; we believe that Armenia's progress in the field could meet these expectations, making it a good regional hub”, Saribekian said.

Lithuanian businessmen are also interested in developing bilateral relationships in the IT, start-up, innovation and renewable energy, food and processing sectors.

Furthermore, the IT, textile, science and technology sectors have already attracted potential investors and a business delegation representing the pharmaceutical and food industry distributors will visit Armenia this autumn.

Statistics. According to the Lithuanian Department of Statistics, trade turnover between Armenia and Lithuania comprised almost €23.7 million and increased by 28.8% between 2015 and 2016. Lithuanian exports to Armenia increased by 30.2%, while Armenian exports to Lithuania increased by 16.2%, to a total of €2.1 million. Armenia mainly exports brandy, cigarettes, wine, and medicine.

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