A LITHUANIAN business delegation has expressed interest in collaboration with Philippine companies in aerospace and pharmaceuticals, the Department of Trade and Industry (DTI) said.
In a statement on Thursday, the DTI said the delegation was led by Foreign Affairs Minister Gabrielius Landsbergis.
“The dialogue focused on exploring avenues for bilateral cooperation and investment in promising sectors such as aerospace and pharmaceuticals, leveraging the robust relationship between the Philippines and Lithuania,” the DTI said.
The meeting, organized by the Management Association of the Philippines, was held at Shangri-La The Fort on Thursday and was also attended by Philippine business leaders as well as Lithuanian Ambassador to the Philippines Ričardas Šlepavičius.
Trade Secretary Alfredo E. Pascual said the interest in aerospace and pharmaceuticals stems from the growth in Philippine imports from Lithuania.
“Our imports from Lithuania, driven by sectors such as aerospace and pharmaceuticals, grew substantially — a testament to Lithuania’s advanced technological capabilities and alignment with the needs of the Philippine mar-ket,” Mr. Pascual said.
The DTI has reported that trade between Lithuania and the Philippines grew to $223.78 million in 2023 from $20 million in 2022. Last year, imports from Lithuania amounted to $214.12 million, against Philippine exports of $9.67 million.
Philippines exports to Lithuania include electronics and agricultural products.
The DTI added that there was also an increased demand for Philippine marine products.
The DTI said the Lithuanian delegation is also exploring investment opportunities in the information and communications technology and renewable energy. — Justine Irish D. Tabile
