Economics

Lithuania and Armenia agree on closer business ties

The Lithuanian Confederation of Industrialists (LPK) and the Armenian Development Agency (ADA), as well as other enterprises and organisations of the two countries, signed memorandums of co-operation in Vilnius on Thursday, reports LETA/ELTA.

Armenia-Lithuania 1According to President of the LKP Robertas Dargis, business relations between Armenia and Lithuania have not been strongly developed so far. However, taking into account the geopolitical situation, businessmen are interested in finding new markets.

“It is the first Lithuania-Armenia business forum but hopefully not the last one. The times are turbulent, there are a lot of changes and for Lithuanian industrialists it is important to expand their export horizons. Every country that might be of interest to us is highly important. In this aspect Armenia is interesting from economic and geographic point of view. Neighbouring with the Middle East and countries that are not our traditional markets, Armenia may bring good prospects for Lithuanian businesses,” said Dargis.

According to Dargis, the greatest potential in Armenia is for Lithuanian IT and service providers. Representatives of traditional industries – furniture, textile and others – also have opportunities to operate there. Memorandums of co-operation prove this. They were signed between the LKP and ADA, Armenia’s Jewellery Free Economic Zone, Lithuania’s Kaunas, Kedainiai and Marijampole Free Trade Zones. Kaunas Techopolis science and innovation park and Visoriai technology park will co-operate with Armenia’s Enterprise Incubator Foundation. UAB Baltic Optical Disc signed an agreement with Armenia’s LLC Arenergo. Lithuania’s Chamber of Agriculture signed an memorandum of co-operation with the Armenian Farmer Association.

Next year Armenia will join the Customs Union, an organisation initiated by Russia. From 1 January 2015 it will be known as the Eurasian Economic Union (EEU). Ambassador of Armenia to Lithuania Ara Aivazian said that membership in the union dominated by Russia was a rational choice but it does not mean that Armenia renounces eurointegration or business relations with the European Union.

According to the ambassador, Armenia’s foreign policy has been balanced since independence. Armenians regard themselves a European nation. Moreover, Armenia is the starting point of Europe because Armenia is the first Christian state in the world. By entering the EEU Armenia does not abandon co-operation with the EU. On the contrary, Armenia hopes to develop co-operation in every possible area. The ambassador rejoiced that Lithuania has become the first country linking Armenia with the EU.

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