Minister of Economy of Lithuania Evaldas Gustas is paying a working visit to Israel. At the 7th Global Lithuanian Economic Forum in Tel Aviv the minister will present Lithuania's investment environment, its advantages and business reforms and will discuss bilateral economic cooperation prospects with Israel. Particular attention will be devoted to bilateral cooperation opportunities in the areas of science, technology and innovations as well as implementation of joint projects. Gustas will also meet with Israel's Economy Minister Aryeh Deri.
Tel Aviv
Tel Aviv
© Shutterstock nuotr.

"The annual Global Lithuanian Economic Forum provides an opportunity for our people residing in different countries to share business experience, discuss about the country's competitiveness and economic growth promotion. The forum is the place where contacts with the global market leaders are made, innovative ideas and new products introduced. Finally, it is yet another step uniting the strong international Lithuanian community," said Economy Minister Gustas.

This year the Global Lithuanian Economic Forum will focus on innovations, synergy between business and science and on strengthening economic cooperation between Lithuania and Israel. The most important achievements in research and development (R&D), the latest technologies and innovations will be introduced at the forum. The forum is an opportunity for Lithuanian and Israeli representatives to cooperate in the areas of science, technology and innovation.

Gustas says that high quality education system and well developed integrated science, studies and business centres (valleys) create favourable conditions for advancement in the areas of science, technologies and innovation and application of R&D achievements in business. High-tech products that are produced in valleys - lasers, nanotechnologies, life sciences, electronic and engineering technologies - increase Lithuania's competitiveness and enhance science and business cooperation. Cooperation between Lithuania's and Israel's clusters would help increase their internationalisation, open an opportunity to participate in joint projects and contribute to creating high value innovative products.

According to the Lithuanian minister of economy, Lithuania and Israel actively cooperate in bilateral trade, investment, tourism, research and student exchange. The two countries also organise joint events and encourage cooperation between the cities. The Global Lithuanian Economic Forum in Tel Aviv is one of the examples of successful cooperation between Israel and Lithuania.

"Israeli companies are actively interested in investment opportunities in Lithuania, while bilateral trade has growth potential. Lithuania is also looking to use export opportunities to Israel. Tourism cooperation also has good growth potential. In 2014 Lithuania was visited by 14,200 tourists from Israel, which is twice as many compared to 2013," said Minister Gustas.

In 2014, Lithuania's trade turnover with Israel totalled EUR 43.9 million - export stood at EUR 23.4 million while import at EUR 20.5 million. Compared to 2013, the trade turnover grew by 24 percent - export fell by 5 percent, but import increased by 95 percent. In 2014, based on trade turnover, Israel was 50th among Lithuania's trading partners. It was 51st based on export and 44th based on import. In the first half of 2015, Lithuania's export to Israel amounted to EUR 17.4 million, this is a 61.2 percent increase compared to the first half of 2014.

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