Baltic, Business, EU – Baltic States, Forum

In 2016 Flanders decided to open an economic representation of Flanders in Lithuania to enhance & develop the trade relations between Flanders & the Baltic States. Thomas Castrel, the economic representative of Flanders Investment & Trade (FIT) in Vilnius, is now introducing 16 export companies in the Baltics. The trade delegation visits Tallinn, Riga & Vilnius. Not less than 155 b2b meeting are scheduled with local entrepreneurs.  

Focus on construction, textile, logistics, retail and food & beverages Estonia, Latvia & Lithuania are Flanders’ 65th, 68th, 41th export market. The permanent office in Vilnius Lithuania specifically works on opportunities in industries like construction, textile, logistics, retail and food & beverages. For the new economic representation team of Flanders in the Baltics this trade mission is as of 2016 the first big trade promotion event In 2019 events like “Rail Baltica Seminar” in Brussels & b2b meetings for start-ups at Latitude59 conference in Tallinn are on the agenda. 

Sustainability and high quality 

Flanders Investment & trade specialized in market exploration & b2b-matchmaking set up 155 individual matches between Flemish companies and local entrepreneurs in the Baltics.  In Estonia the trade mission is also supported by Enterprise Europe Network, Mrs. Merit Fimberg-Espuch and the Chamber of Commerce in Tallinn, Mrs. Piret Potisepp. 

Thomas Castrel, economic representative of Flanders Investment & Trade (FIT) in Vilnius: “ Some products from Flanders do extremely well and are even in high demand, whilst other techniques ( f.i. galvanizing with hot zinc) seem to be new. The markets seem very price sensitive, although as the markets are more maturing we can feel the profound interest in investing in sustainable high - quality products from the EU and Flanders and this to make higher profits in the long run.” 

All companies from Flanders will get an insight into the markets via seminars hosted by the Estonian Chamber of Commerce in Tallinn, the Latvian Development Agency (LIAA) in Riga, whilst in Vilnius Mr. Aleksandr Izgorodin, economic advisor with SME Finance will talk about the possibilities in the Lithuanian market. Experts will disclose the working of the different markets & the upcoming opportunities. 

Knowhow from Flanders meets Lithuanian ambition  

In February 2018 Brolis Semiconductors took home the Newcomer of the Year Trophy 2018 at Flanders Investment & Trade’s Foreign Investment Trophy event. The Lithuanian entrepreneurs received the trophy as an acknowledgment of their very first site on Flanders’ soil. Brolis decided to set up an R&D company in Flanders after years of fruitful collaboration with the Photonics research group of Ghent University. 

About Flanders Investment & Trade Flanders, the Northern region of Belgium, is the economic engine of the country responsible for 83,8% of all Belgian export. Flanders Investment & Trade supports the international activities of Flemish companies and assists foreign companies looking to set up or expand operations in Flanders.

About bilateral trade Flanders - Baltics

▪ In 2017 Flemish annual exports to the Baltic States amounted to € 1.39 billion, up by 10% year on year. In 2018 — from January to May — Flanders exported € 628 million worth of goods to the Baltic States, a 8% increase compared with the same period a year earlier. ▪ Lithuania is the most important market (800 million euros), followed by Estonia (296 million euros) and Latvia (295 million euros). ▪ In the period 2007-2017, Flemish exports to Lithuania, Estonia and Latvia increased by 87%, 47% and 49% respectively. In the period 2007-2017, Flemish exports to the Baltic States increased by 68%.