Ulaanbaatar
Ambassador Ričardas Šlepavičius: Lithuania Open to Cooperate with Mongolia
Economy
Ulaanbaatar, May 28, 2024
/MONTSAME/. “Mongolia and Lithuania have possibilities to cooperate in
many sectors on a wide scale. Lithuania is open to jointly seek opportunities
for cooperation,” highlighted Ambassador of the Republic of Lithuania to
Mongolia, Ričardas Šlepavičius during a meeting with Mongolian business
representatives.
The Ambassador elaborated on Lithuania's economic landscape and
business opportunities, exploring avenues for bilateral cooperation between the
two countries.
Notably, Lithuania supplies petroleum and chemical products to
Mongolia, while Mongolia exports wool and woolen goods to Lithuania. Moreover,
Lithuania serves as an important gateway for Mongolia to access European Union
markets.
Although Lithuania is smaller than Mongolia in terms of territory, it has a population of 2.8 million, which is relatively close to Mongolia. As of 2023, the Lithuanian GDP per capita is EUR 25 thousand. Additionally, due to the relatively small size of the Lithuanian domestic market, it utilizes opportunities from foreign partners and investments, as explained by the Ambassador.
Lithuania pays great attention to foreign direct investment, with 20 percent of investment projects coming from the United States of America and 13 percent from the United Kingdom. Over the past 10 years, in addition to manufacturing, the IT sector has attracted substantial investment, the Ambassador highlighted. Therefore, the country has started implementing policies focused on the "Smart Sector" such as IT and ICT.
During a meeting with the ambassador, D. Enkhtuvshin, the President of the Mongolian National Chamber of Commerce and Industry, underscored the potential for collaboration between Mongolia and Lithuania across multiple economic sectors and trade avenues. The two parties expressed their commitment to enhancing bilateral trade and fostering business exchanges and agreed to organize business forums and sectoral meetings in Lithuania.
