Energy, EU – Baltic States, Legislation, Lithuania, Markets and Companies

Photo: urm.lt

He spoke, as Lithuania continues searching for new markets after the 2014 food embargo declared by Russia. Vilnius is readying to open an embassy in the United Arab Emirates, the second-largest economy of the Persian Gulf.

"In terms of trade, I think that's an area where we should work far better on," the minister said at a joint news conference with Lithuania's Foreign Minister Linas Linkevicius.

According to data provided by the Statistics Department, mutual trade between Lithuania and the United Arab Emirates last year amounted to nearly 82 million euros, including almost 77 million euros in Lithuania's exports.

The mutual trade between Lithuania and the United Arab Emirates is growing due to the increase in Lithuanian grain and furniture exports. Lithuania's businessmen are also searching for opportunities to export other food products, especially meat and dairy products.

Lithuania's foreign minister, Linkevicius, said the country was also interested in cooperation in fields of information technologies and natural sciences. The UAE minister emphasized willingness to cooperate in renewable energy.

Lithuanian diplomats view the UAE market as one of the dozen of priority markets. Business interests caused Lithuania to consider plans of opening an embassy in the United Arab Emirates.

"We are very honored that we will see a strong Lithuanian presence in Dubai until 2020," said the UAE minister.

Lithuania's current Ambassador to the United Arab Emirates Arvydas Daunoravicius resides in Egypt, while UAE diplomatic envoy for Lithuania works from the embassy in Poland.