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More active attraction of investors and tourists to Lithuania, the promotion of Lithuanian exports and protection of Lithuanian business interests abroad were among the goals of the country’s economic diplomacy that were enlisted by Lithuanian Minister of Foreign Affairs Audronius Ažubalis at the ongoing annual convention of Lithuanian economic diplomats in Vilnius on 6 June.

Lithuanian economic diplomats, commercial attachés and representatives from Enterprise Lithuania abroad assembled at the Lithuanian Exhibition and Congress Centre LITEXPO.

At the opening of the convention, the Minister stressed that active economic diplomacy brought specific benefits for the state and business. According to him, the application of the protection measures that were taken with a diplomatic effort ensure up to 120 million Litas additional annual income to Lithuanian producers, due to the suspension of customs duties Lithuanian companies save up to 6.5 million Litas per year.

“Even today, on 6 June, Ukraine’s Interdepartmental Commission on International Trade adopted a favourable to Lithuania decision that it will not take any measures trying to restrict the import refrigerators to Ukraine. This decision will help the Lithuanian refrigerator manufacturer Snaigė to maintain its position on the Ukrainian market. That is also the achievement of Lithuanian diplomats,” the Minister said.

According to him, diplomats contribute to the vast majority of foreign investment projects in Lithuania by initiating them and participating in their implementation.

“We have concluded all the key investment promotion and protection agreements. Economic cooperation became a traditional part of every bilateral visit that we initiate,” A.Ažubalis said.

Japanese RIKEN Innovation Centre and Lithuanian Centre for Physical Sciences and Technology opened cooperation in research and innovation after the Minister headed a business mission to Japan. Last month A.Ažubalis visited China with tourism industry delegation and now tourism agencies are already negotiating regarding the visits of first tourist groups from China to Lithuania this summer.

“We are glad that Lithuanian diplomats actively participate in the process of attracting foreign investors to Lithuania, but we should not relax. There is a big competition in the field of investments in the region. The winner is not the one who offers better terms, but the one who makes the offer faster and more attractively,” A.Ažubalis said.

He encouraged diplomats to actively hold meetings with business leaders and to establish direct contacts, because this helped to attract world-class companies to Lithuania.

“Its a double win every time when we attract investors with great reputation, because this encourages other solid companies to take interest in us,” he said.

According to A.Ažubalis, Embassies are increasingly more actively aiming to attract tourism flows to Lithuania. Even though the number of incoming tourists grew by 40 percent this year, the Minister encouraged diplomats to aim for more.

“Why could not we together with other institutions have a more ambitious goal, let’s say tourism sector could strive for 10 percent contribution to GDP in the next five years,” the Minister said.

On 6-8 June at the ongoing annual meeting, Lithuania’s economic diplomats abroad discuss the country’s economy, economic growth and prospects of attracting investment, also actions that are necessary to guarantee economic and energy security, services provision in business-to-business scenarios.

Lithuania’s associated business structures will have a possibility to voice what kind of assistance they expect from diplomats and what measures could increase exports of Lithuanian companies and establish business contacts.

During the event, company “Versli Lietuva” is organizing a Business Communication Fair, during which businesses representatives will have an opportunity to directly meet Lithuanian economic diplomats and commercial attachés working abroad, to get answers to the questions of interest about new markets, and assess their possibilities and perspectives.

On 8 June, participants of the meeting will travel to Klaipėda and Šiauliai, where they will present the Lithuanian economic diplomacy to local entrepreneurs.