Wallenberg ‘impressed’ by Lithuania’s ability to switch to new markets

Wallenberg said this during a meeting with Lithuanian Prime Minister Algirdas Butkevičius in Vilnius on Thursday, the government’s press office said in a press release.

Butkevičius said that Lithuania had managed to maintain GDP growth in the face of Russia’s aggression.

“In the light of the current geopolitical uncertainties, Lithuania’s economy has proven its resilience as the country today is one of the fastest growing economies in the European Union,” the PM said.

“Taking into consideration Russia’s aggression and embargo, Lithuania’s GDP nevertheless remains growing and in 2015 it is expected to increase by 2.5 percent, while in 2016 – by more than 3 percent,” Algirdas Butkevičius said.

Butkevičius highlighted that foreign capital feels safe in Lithuania as last year the country attracted two and a half times more investment projects than other Central and Eastern European countries. “This shows that investors trust us,” the prime minister said.

The Wallenberg family control a vast business empire made up of large stakes in many of Sweden’s biggest multinational companies, including Saab, Electrolux, Ericsson and AstraZeneca. Atlas Copco, SEB and ABB are also on the list of their investments.