News

On 18-20 January, the Ministry of Foreign Affairs of Lithuania in cooperation with the Association of Lithuanian Chambers of Commerce, Industry and Crafts is holding a business mission of the young Egyptian entrepreneurs club to Lithuania.

The mission aims to provide information about the Egyptian business and investment environment, to establish closer economic and trade relations between Lithuania and Egypt, and to promote business contacts among Lithuanian and Egyptian companies.

On 18 January, a business seminar and business fair are taking place at the Radisson Blu Hotel Lietuva. The event is attended by Egyptian Ambassador to Lithuania Nabil Habashi. Over 20 Lithuanian business representatives have also registered to participate in the event.

On 19 January, meetings of the Egyptian entrepreneurs’ delegation are scheduled at the public organization “Invest Lithuania” that promotes investment opportunities, the Lithuanian State Department of Tourism and the Ministry of Agriculture. Issues of bilateral trade and economic co-operation will be discussed during these meetings.

The Egyptian entrepreneurs represent the sectors of textile, food retail, construction and real estate, financial brokerage, maritime transport, retail, education and training, and consulting services.

In January-September 2010, the turnover of bilateral Lithuanian-Egyptian trade totalled to EUR 19.87 million, the trade balance was positive (EUR 15.06 million). Lithuania’s exports during this period, compared with the same period in 2009, fell by nearly 20 percent. Main exported goods to Egypt were tobacco and tobacco products (EUR 11.15 million), ferrous metals and articles thereof (EUR 3.33 million), electrical machinery and equipment (EUR 0.70) million and vehicles (EUR 0.64 million). During this period, the volume of imports from Egypt fell by more than half to EUR 2.40 million. Imports are dominated by edible fruit and nuts (EUR 1.91 million), tea (EUR 0.07 million), electrical machinery and equipment (EUR 0.07 million).