President of the Republic of Lithuania

Expanding avenues for Lithuanian goods to the billion-strong Chinese market

2018-11-05

Monday, November 5, Shanghai – President Dalia Grybauskaitė attended the opening of the First China International Import Expo and visited Lithuania’s pavilions to meet with the Lithuanian business delegation.

Dalia Grybauskaitė is currently in China at the invitation of President Xi Jinping and the Chinese government. Taking part in the Expo opening ceremony were OECD Secretary General Ángel Gurría, IMF Managing Director Christine Legarde, President of the World Bank Jim Yong Kim, and WTO Director-General Roberto Azevêdo.

The huge world exhibition, which has gathered 2800 enterprises from 130 countries, has been launched after China announced the opening of its markets to foreign imports. China is looking for high quality products and intends to import ten trillion dollars worth of goods and services in the next five years.

According to the President, the initiative – which was set in motion against the background of geopolitical and trade tensions – serves the interests of Lithuania and the entire European Union. The new situation creates new opportunities for Lithuanian businesses. Lithuania needs to diversify its trade in order not to be too dependent on any one country. If international tensions start building up, Lithuania could always find a solution in new markets for its goods.

The meeting between the Lithuanian and Chinese presidents, scheduled for today, should make a substantially positive impact on bilateral trade.

Eighteen Lithuanian companies will display their products in two Expo pavilions. In one of them, Chinese consumers and visitors will be able to taste Lithuanian foods: bread, dairy products, sauces, and dressings. The second pavilion will display Lithuanian-made clothing, textiles and interior accessories.

China’s opening and growing market, its increasing demand for quality goods create wide-ranging opportunities for high-caliber Lithuanian businesses.

Lithuanian food industries are interested in exporting beef and poultry to China. The President will raise the issue of food certification at the highest level during her meeting with President Xi Jinping.

In addition to traditional sectors, Lithuania also sees a unique potential for cooperation in the fields of lasers, Fintech, and life sciences. China is Lithuania's third largest market for lasers. With rapidly developing financial technologies and a 40-percent sectoral growth on the year, Lithuania is emerging as a Fintech leader in Europe. During her visit to Shanghai, Dalia Grybauskaitė will deliver a speech and introduce Lithuania’s technological potential at a special Fintech event.

Lithuanian businesses are interested in investing in China, including its furniture sector. Therefore, Lithuania strongly advocates the signing of an agreement on the protection of investment between the EU and China, which would be highly relevant for the whole of Europe.

President Dalia Grybauskaitė will launch one of the three international forums on trade and investment. In her remarks at the forum, she will highlight the importance of multilateral trade and China’s openness to European investments.

China is Lithuania’s biggest trading partner in Asia. Last year, their bilateral trade turnover increased by 20 percent and totaled one billion euros. In 2017, Lithuanian exports to China grew by almost 50 percent.

Press Service of the President

Last updated 2018.11.05 10:43

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