President of the Republic of Lithuania

The President launched international forum on trade and investment in China

2018-11-05

Monday, November 5, Shanghai In her opening speech at the Trade and Investment Forum in Shanghai, President Dalia Grybauskaitė highlighted the benefits of an open world economy, welcomed the opening up of China’s market – which created new opportunities for Lithuanian exports – and specified the obstacles that should be lifted in order to make international trade more dynamic and investments safe.

The forum launched by President Dalia Grybauskaitė is one of the three main events at the First China International Import Expo that brought together over 2800 enterprises from 130 countries, including Lithuania. The Expo is expected to attract an overall of 150 thousand visitors.

Speaking at the Forum, the President underlined that against the background of international trade tensions, economic openness was the driver of global growth, which was incompatible with ongoing protectionism and isolationism posing a serious threat to the global trading system.

Dalia Grybauskaitė pointed out that transparent investment and strict compliance with international agreements were the best response to the slowing world economy. Therefore, China’s proposed reforms to open its market were very welcome.

China is sending a signal of opening up to the world by holding a huge international import exposition. Earlier, it announced about measures to lift restrictions on financial services, unveiled a shortened negative list for foreign investment and eased conditions for imports needed by Chinese consumers.

However, the President said, this is not yet enough. She reminded about the European Union’s proposal that China should intensify the opening-up measures: waive the requirement for foreign companies to invest only through joint ventures with local businesses, ensure the protection of intellectual property and open its public procurement market to foreign investors.

China’s plans to import ten trillion dollars worth of goods and services in the next five years create tremendous opportunities for Lithuanian businesses that truly have things to offer to the billion-strong Chinese market seeking high-quality goods.

Chinese delegations we greatly interested in Lithuanian foods at the AgroBalt display. At the Life Sciences Forum, they showed interest in cooperation in the field of biotechnologies. Lithuania currently exports furniture, timber products, lasers, chemical products, and foodstuffs to China. There are very good export prospects for Lithuanian high technologies and traditional industrial goods.

In 2017, Lithuanian exports to China grew by 50 percent; but it amounted to only 180 million euros. Meanwhile, China’s exports to Lithuania exceeded 820 million euros during the same period.

Eighteen Lithuanian companies are displaying their products in two expo pavilions in Shanghai.

Press Service of the President

Last updated 2018.11.05 13:36

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