President Dalia Grybauskaitė and Grand Duke Henri of Luxembourg opened the first ever Lithuania-Luxembourg business forum aimed at providing fresh opportunities to strengthen bilateral business contacts and promote economic cooperation with one of the most advanced and entrepreneurial countries in Europe.

Friday, October 26, Vilnius – Taking part in the forum is a large business delegation made up of representatives working in Luxembourg’s information technologies, transport, and finances as well as more than 70 business people from Lithuania.

According to the President, Lithuania and Luxembourg are perfect examples of how small but innovative, flexible and open countries can establish themselves and compete on the global market. There are new avenues for cooperation to be explored not only in those sectors where we are traditionally strong, but also across such areas as modern financial technologies, telecommunications, information and cyber security.

Lithuania and Luxembourg: There are new avenues for cooperation

Luxembourg is a leading financial center in Europe. Lithuania is on its way to be at the forefront of financial technologies in the region. Therefore, a wide range of cooperation possibilities open up in financial services. Lithuania could become an attractive option to Luxembourg – whose financial sector creates one-third of its GDP – for setting up technological and services centers.

Lithuania sees Luxembourg as a very important export market for services, especially in the field of transport. Lithuania is among the largest providers of transport services in Europe. Closer cooperation links with Luxembourg’s logistics industry would be greatly beneficial to Lithuanian companies.

The rapidly growing trade also reflects considerable potential for economic cooperation between Lithuania and Luxembourg whose trade volumes have increased fourfold over recent years. Luxembourg companies invest in financial and insurance activities, real estate operations and transport in Lithuania, with direct investments amounting to almost 150 million euros.