Assa-Irada,
22, April 2008

Lithuanian Prime Minister Gediminas Kirkilas on Tuesday invited Azerbaijani entrepreneurs to do business in the Baltic state, citing his country's need for investments from Azerbaijan. Addressing a joint business forum in Baku attended by representatives of 16 companies operating in various fields of the Lithuanian economy and 100 local entrepreneurs, he said all the needed conditions were in place for economic cooperation between the two countries.

Kirkilas noted that Lithuania has been a member of the European Union and NATO for five years. Moreover, the country is part of Europe's Schengen border-free zone, which is conducive for entry and exit, cooperation and transit.

"Lithuania is also of great interest for foreign investors. Poland, Scandinavian states, Germany and Russia have made investments in the country in different fields, while Lithuania itself is among investors in Estonia, Latvia, Moldova and Ukraine.

"There are very good conditions for investing in Lithuania. We would like to see Azerbaijan among our foreign investors as well," the premier said.

Kirkilas added that Lithuania was facing a shortage of energy resources and seeking assistance from the oil-rich South Caucasus republic to meet its needs. Economic Development Minister Heydar Babayev said in his remarks that discussions between businessmen from Azerbaijan and Lithuania, which are enjoying high-level political cooperation, will promote deepening of economic relations as well.

Babayev said bilateral trade turnover made up $17 million in 2007, citing the potential to increase the figure 10 times.

The minister said Azerbaijan exported mainly polyethylene and nuts to Lithuania last year, while the Baltic state exported equipment, installations and devices. Azerbaijan is mainly interested in Lithuania's agriculture sector and energy transportation.

"Lithuania has international seaports, and this country has gained extensive experience in the agriculture sector. Overall, Lithuania is providing considerable assistance to Azerbaijan in the certification and standardization of goods exported to EU states, and we want this assistance to continue," Babayev said.

The business forum was organized by the Azerbaijan Economic Development Ministry and Lithuanian Confederation of Industrialists.

On Monday, the two countries signed three documents on cooperation in the fields of economics, industry and energy, railway and international transportation. The signing followed talks between Azerbaijani Prime Minister Artur Rasizada and his Lithuanian counterpart.*