I think the potential is very big in telecommunication, satellites, finance. I know you are very strong in fintech. We are also very strong in fintech. We are competitors in this field, but I think competition is good for both countries, so we can enhance and do even better in that field," he told reporters after meeting with President Dalia Grybauskaitė.

The Lithuanian president also thinks that there are a lot of business and economic areas where the two countries can cooperate.

"This is the first time that we see such a large business delegation from Luxembourg in Lithuania. More than 40 business people. Both countries are very innovative and fast-developing," she said.

Lithuania and Luxembourg signed on Thursday a renewable energy deal, the first of its kind in the European Union, that will enable the Baltic country to sell a part of its renewable energy surplus for 10 million euros.