“Armenia is the only CIS country that is of increasing interest to Lithuanian businessmen,” noted Aleksandr Izgorodin, the economic analyst at Confederation of Industrialists of Lithuania and Lithuanian Innovation Center, in his latest presentation about Lithuanian trade tendencies and perspectives during the Competitiveness Forum. Lithuanian businessmen consider Armenia the most effective platform through which to enter the EEU market. “This opens new corridors in the development of trade and attracting investments from the Baltic States to Armenia, as it is the gateway to the major CIS and six Arab markets. Despite the geographical distance, Armenia and Lithuania have a lot in common; both are small economies, place an emphasis on human capital, have a lack of natural resources and a similar country positioning,” added Izgorodin.
According to the representative of DFA in the Baltic States, Rena Saribekian, economic ties between Lithuania and Armenia in different sectors have been developing constantly since 2014. “Today, the Lithuanian textile industry is looking for opportunities to outsource services; we believe that Armenia’s progress in the field could meet these expectations, making it a good regional hub,” claims Saribekian.
Lithuanian businessmen are also interested in developing bilateral relationships in the IT, start-up, innovation and renewable energy, food and processing sectors. Furthermore, the IT, textile, science and technology sectors have already attracted potential investors and a business delegation representing the pharmaceutical and food industry distributors will visit Armenia this fall.
Statistics. According to the Lithuanian Department of Statistics, trade turnover between Armenia and Lithuania comprised almost €23.7 million and increased by 28.8% between 2015 and 2016. Lithuanian exports to Armenia increased by 30.2%, while Armenian exports to Lithuania increased by 16.2%, to a total of €2.1 million. Armenia mainly exports brandy, cigarettes, wine, and medicine.