The Belarusian-Lithuanian Economic Forum is taking place in Vitebsk
Since the first Belarusian-Lithuanian Economic Forum, the trade turnover between Belarus and Lithuania has increased 2.4 times. This was announced by Deputy Minister of Economy Pavel Utyupin at the plenary session of the XIV Belarusian-Lithuanian Economic Forum, which opened today in Vitebsk, according to a BELTA correspondent.
According to Pavel Utyupin, holding such forums has become a good tradition and an effective mechanism for integrating Belarusian and Lithuanian businesses. "Lithuania has been and remains one of Belarus's leading trade and economic partners, with whom we consider our relations a priority," he emphasized. The volume of mutual trade has long surpassed the $1 billion mark, and by the end of 2018, it is expected to increase significantly. There are all grounds for this, Pavel Utyupin is confident.
In particular, Belarus is systematically carrying out extensive work to ensure the stability of the macroeconomic situation in the country and create a favorable business climate. In 2017, a package of regulatory acts was adopted at the head of state level, which fundamentally improve the business environment, as well as the working conditions in rural regions. "Currently, a preferential regime is in effect throughout almost the entire territory of Belarus, which Lithuanian businesses, among others, can successfully take advantage of," noted the Deputy Minister of Economy.
Today, there are over 600 enterprises with Lithuanian capital operating in Belarus. By the end of 2017, about $200 million in direct foreign investment from Lithuania was attracted, and in the first quarter of 2018 – about $60 million. The Lithuanian delegation at the XIV Belarusian-Lithuanian Economic Forum in Vitebsk included representatives of the management of state administration bodies, the Lithuanian Embassy, business associations, and enterprises in the light industry, woodworking, transport and logistics, finance, and trade sectors.
The main topics for speeches and discussions will be issues of trade and economic, investment, and interregional cooperation between Belarus and Lithuania. Belarusian-Lithuanian economic forums are held annually, alternating between Belarus and Lithuania, with the aim of developing and increasing the effectiveness of bilateral interaction in various areas, strengthening and seeking new business contacts between industry associations and companies, expanding interregional cooperation, and presenting the economic potential of leading manufacturing enterprises.
The general partner of the XIV Belarusian-Lithuanian Economic Forum is the woodworking holding VMG HOLDINGS LTD, which unites several enterprises in Lithuania, Belarus, and Ukraine.