News

At the meeting in Tokyo on 5 November, Lithuanian Minister of Foreign Affairs Audronius Ažubalis and Japanese Senior Vice Minister of Economy, Trade and Industry Motohisa Ikeda invited to develop a legal framework for bilateral economic cooperation through the signing of the most important economic agreements on investment protection, double taxation and scientific research.

 

The priorities of bilateral economic cooperation were also discussed and the Lithuanian investment and innovation policy was presented at the meeting, which was also attended by Vice-Minister of Economy of Lithuania Mindaugas Petrauskas.

On the same day, Minister A.Ažubalis attended the business seminar that was organized by the Lithuanian Embassy in Japan together with the EU-Japan Centre for Industrial Cooperation. The seminar focused on opportunities for investment in Lithuania and Lithuania's achievements in laser industry.

The Foreign Minister invited Japanese entrepreneurs to invest in Lithuania and to deepen cooperation in the fields of renewable sources of energy, innovation, scientific research, nano- and biotechnology.

At the seminar, presentations were given and opportunities for investment in Lithuania were presented by representatives from the Ministry of Economy of Lithuania, public organization "Invest Lithuania" and Lithuanian laser manufacturers. The latest achievements in the Lithuanian laser sector were also presented, the newest information about existing relations between Lithuania and Japan in this field was shared and possibilities to develop them were discussed.

Minister A.Ažubalis and business delegation, which included representatives from the largest Lithuanian laser manufacturing companies, paid a visit to Japan on 3-5 November.

Lithuanian laser manufacturers export almost 85 percent of their production to about 100 countries around the world. The value of export is worth about 70 million Litas per year. The greatest part of the production is sold in Europe and North America. However, Asia's fast-growing market is also targeted by laser manufacturers.

According to investment projects that are being implemented abroad, Japan, the U.S.A., Germany and the Great Britain are four most active countries. Based on data from FDI Markets unit of the international business newspaper The Financial Times that analyses international investment, four Japanese companies have invested 33.2 million EUR and created 162 jobs in Lithuania since 2003.  According to the data of the Department of Statistics under the Government of the Republic of Lithuania, Japanese direct investment in Lithuania amounted to 3 million Litas on 1st July 2010.

On 5 November, Lithuanian Minister of Foreign Affairs had a business breakfast with a long-standing friend of Lithuania, former Japanese Minister for Foreign Affairs Hirofumi Nakasone. H.Nakasone has been the chairman of Japan-Lithuania Friendship Diet Member's League at the Japanese Parliament since 2003. The meeting was also attended by Japanese parliamentarians, members of Japan-Lithuania Friendship Diet Member's League.

During the business breakfast, relations between Lithuania and Japan, and possibilities to strengthen them, as well as events marking the 20th anniversary of the re-establishment of diplomatic relations between Lithuania and Japan in 2011 were discussed.

The Minister conveyed an invitation to Hirofumi Nakasone to pay a visit to Lithuania.