The Ministry of Economy and public institution Enterprise Lithuania conducted an analysis, dividing the most important markets for economic cooperation into three categories.
Development markets include: Sweden, Norway, Germany, United Kingdom, and France; promising markets are the USA, China, Israel, Japan, and Ukraine; markets to prospect are the United Arab Emirates, Canada, Turkey, and South Africa.
Economy Minister Evaldas Gustas said that “fourteen highest potential export markets were singled out and ten main markets among them were selected to actively promote development”.
Demand parameters as a development potential and purchasing power were important criteria in selecting the priority markets. Lithuanian industry’s competitive position, business needs and opinions were also taken into account.
Foreign Affairs Minister Linas Linkevičius said that “knowledge of perspective sectors, institutions and resources in the priority markets will allow institutions involved in economic diplomacy to act in a coordinated manner and to reach the best results in export development, attracting foreign investments and tourists to Lithuania“.
Mr. Linkevičius said that “business is very important in this process, because the key objective of economic diplomacy is to help Lithuanian businesses find promising markets and establish their businesses there. Thus, collective effort of all institutions will be geared towards reaching these export promotion goals.”
The objective is to attract more foreign investors to Lithuania as well as to reach export growth.
Economic Diplomacy Council consists of ministers of foreign affairs, economy, agriculture and communications and representatives of five associate business organisations and the prime minister’s deputies.