ISLAMABAD -  Lithuania is keen to promote bilateral trade and economic relations with Pakistan, as it considers Pakistan a promising country for business relations.

Audrius Bruzga, ambassador of Lithuania for Pakistan based in Turkey, said this while addressing the business community at Islamabad Chamber of Commerce and Industry. He was accompanied by Muhammad Masud Khan, honorary consul general of Lithuania in Pakistan, and Kristina Babiciene, second secretary of Lithuanian embassy.

He said Lithuania was well-integrated with European Union and it wanted to reach out to Pakistan for more cooperation in multiple fields. He said that Lithuania had advanced technology and expertise in solar energy while it was generating more than 56% of its energy through renewable sources. He said that Lithuania could help Pakistan in overcoming its energy crisis. He said that ICCI should form a delegation for Lithuania to explore new areas of mutual cooperation.

Speaking on the occasion, Khalid Malik, senior vice president of the Islamabad Chamber of Commerce and Industry, said that diplomatic relations between Pakistan and Lithuania were established in 1994 and both countries had held many consultations to improve bilateral relations in many areas, including economic, trade, investment, education, science and technology.

However, he said, bilateral trade between Pakistan and Lithuania was negligible, as there was no direct interaction between private sectors of both countries. He stressed that Pakistan and Lithuania should focus on frequent exchange of trade delegations and market information to explore new avenues of mutual cooperation.

He identified textiles, furniture, food processing, petroleum refining, chemicals, agriculture machinery, electronics, information technology and medical science as potential areas of bilateral cooperation between both countries. He said to realise actual potential of mutual collaboration, both countries should work on establishing direct links between their private sectors.

He said that Lithuania was doing more than 80 percent of its total trade with EU and Central Asian countries. He urged that Lithuania should enhance its imports from Pakistan as many Pakistani products could meet the needs of its consumers at competitive prices.

He said that Pakistan was offering lucrative incentives to foreign investors in various sectors of its economy while CPEC was going to create many new opportunities for foreign investors in Pakistan. He emphasised that Lithuanian investors should be persuaded to explore Pakistan and joint ventures and investment.

Masud Khan said that Lithuania had achieved remarkable progress as it transformed itself from an agricultural to high tech economy within a short span of 27 years. He said that Pakistan could learn a lot from Lithuania for improving its economy. Kristina Babiciene gave a detailed presentation on the economy of Lithuania. It was highlighted that Lithuania had set up seven free economic zones for investment and foreign investors were given attractive tax incentives.