A new era is entering the economic relations between Türkiye and Lithuania. As part of her visit to Vilnius, which starts tomorrow, Minister of Trade Ruhsar Pekcan will sign the first Joint Economic and Trade Committee (JETCO) Protocol between the two countries with Lithuanian Energy Minister and JETCO Co-chairman Zygimantas Vaiciunas.
Minister Pekcan will be accompanied by a delegation of business people during her contacts, which will start tomorrow in Vilnius, the capital of Lithuania. Pekcan, who will attend the “JETCO 1st Term Meeting” and the “Turkey-Lithuania Business and Investment Forum”, will also hold bilateral meetings.
At the JETCO meeting, the Turkish delegation will be chaired by Minister Pekcan, and the Lithuanian delegation will be chaired by Lithuanian Minister of Energy and JETCO Co-chairman Zygimantas Vaiciunas. At the meeting, development of bilateral commercial relations, investment and contracting issues will be discussed. At the meeting, where the measures to be taken to increase trade between the two countries in a balanced manner will be determined, cooperation opportunities in energy, transportation, SMEs, science and technology, environment, agriculture, health and tourism will be evaluated.
Following the meeting, the JETCO Protocol will be signed between the two countries.
Business and Investment Forum will be held
On the other hand, a Business and Investment Forum will be held simultaneously with the JETCO meeting, with the broad participation of business people from both countries. Pekcan and Vaiciunas will address business people here. Within the scope of the forum, a memorandum of understanding is expected to be signed between the Foreign Economic Relations Board (DEIK) and Lithuania’s equivalent organization, Enterprise Lithuania. Pekcan will also meet with Lithuanian Foreign Minister Linas Linkevicius and Minister of Transport and Communications Jaroslav Narkevic.
The trade volume between Türkiye and Lithuania amounted to 562.2 million dollars last year. Turkish contractors have 7 contracting projects worth 222.7 million dollars in Lithuania.
Talks will increase Turkey’s exports of services provided through tourism
DEİK Turkey-Lithuania Business Council President Gökhan Yavuzer told the AA correspondent that many company representatives from Lithuania and Turkey will attend the meetings in question.
Stating that non-governmental organizations such as the Turkish Contractors Association (TMB) and Anatolian Lions Businessmen Association (ASKON) will participate in the meetings, Yavuzer stated that they expect the negotiations to continue cooperation, especially on technology issues. Yavuzer emphasized that in addition to the shipping and technology sectors from Turkey, home appliance manufacturers and tourism sector companies will also participate in the meetings.
Pointing out that Lithuania has great potential in terms of Turkey’s tourism revenues, Yavuzer stated that 200 thousand Lithuanian tourists visited Turkey in 2018, and this figure increased to 240 thousand in 2019. Yavuzer pointed out that the increase in visits provided an additional service export of 160 million dollars on average, and stated that negotiations will be held to increase the number of Lithuanian tourists to Turkey.
It will create a basis for investments for cooperation in third countries
On the other hand, Yavuzer stated that Turkish companies that want to increase their exports to the Baltic countries also want to invest in Lithuania and said, “This location is very important for developing the European and Russian markets. Lithuanian officials and business people are encouraged to evaluate cooperation opportunities in third countries and to encourage Turkey’s “We will invite them to our country to understand their work in this direction.” said.
Yavuzer reported that Turkey’s exports to Lithuania have significant potential in knitted clothing, non-woven clothing, fresh fruit, machinery, iron and steel goods and electrical devices. He noted that machinery, plastics, electrical devices and measuring devices and medical products come to the fore in this country’s exports to Turkey.
Drawing attention to the importance of the meetings in question for the two countries, Yavuzer said, “The JETCO protocol to be signed between Turkey and Lithuania will provide the basis for both the development of the trade of the two countries and the cooperation of Turkish and Lithuanian business people to export to third countries.” he said.
