Minister of Finance: Lithuania seeks to become China‘s financial service gateway to Europe

“On this occasion I would like to thank all 16+1 countries for their expressed evaluation of and support to the Lithuanian initiative. It is a perfect example that China and Central and Eastern European countries are linked by common interests, i.e. creation of attractive environment for financial innovations and promotion of development of innovative business. Having established the fintech coordination centre, we shall not only increase awareness of Lithuania, as a fintech country, worldwide and get more investment and new job places. By this, we shall also create opportunities for sharing of the newest knowledge on innovations and measures assuring financial stability, fight against money laundering and terrorism financing, cyber security and consumer protection,” Vilius Šapoka, the Minister of Finance, spoke in the summit.

The decision was made after approval of the Sofia Guidelines for Cooperation between China and Central and Eastern European Countries.

In accordance with V. Šapoka, the Minister of Finance, 16+1 format shall strengthen bilateral relations between Lithuania and China. We are ready for close cooperation in the area of financial services, especially that of financial technologies. Lithuanian wants to become a gateway for financial services of China to Europe and is ready to undertake a role of the leader.

In the 16+1 format meeting, V. Šapoka, the Minister of Finance, together with the Prime Minister of China and Prime Ministers of Central and Easter European countries also discussed on opportunities of cooperation in the area of transport and logistics, industry and the high technologies, agriculture, financial technologies, tourism, e-trade and investment as well as development of relations between EU and China.

Moreover, during the event, PI Enterprise Lithuania signed Memorandum of Understanding (MoU) with the Bank of China regarding development of business opportunities between China and Lithuania. The countries will be able to cooperate more efficiently in the areas of trade, services and industry, share relevant information and jointly organize business forums and B2B meetings among representatives of both countries.

* 16+1 format was established under the initiative of China in 2012. It is purposed for development of China’s cooperation with Central and Eastern European countries (11 EU member states including Lithuania, Latvia, Slovenia, Bulgaria, Romania, Hungary, Croatia; and 5 Balkan states including Albania, Bosnia and Herzegovina, Montenegro, Macedonia and Serbia) and strengthening of mutual strategic partnership of the countries. In the format, it is cooperated in the areas of transport, investment, financial services, agriculture, culture, education, health protection and others.