Malta Enterprise has signed a Memorandum of Understanding with Enterprise Lithuania, the business promotion agency in the largest of the Baltic States.
The MOU with Enterprise Lithuania, which paves the way for increased collaboration to facilitate trade and investment between the two countries, was signed on the sides of a Business Forum held in Vilnius during the State Visit by the President of Malta H.E. Dr George Abela.
Another MOU was signed between the Malta Chamber of Commerce, Enterprise and Industry, whose representatives also formed part of the delegation, and the Association of Lithuanian Chambers of Commerce, Industry and Crafts.
Besides strengthening bilateral relations, the business forum also served to highlight business opportunities that could be exploited, particularly within those sectors being targeted by both countries for further growth.
It was also noted how Malta and Lithuania are both located on the periphery of the European Union, which they had joined together in 2004, and can thus act as a gateway providing access to their respective neighbouring markets.
Besides networking sessions and various business-to-business meetings, a number of site visits were organised to give delegates the opportunity to view the business environment in Lithuania and companies during their operations.
From Lithuania, the State Visit then moved to nearby Estonia, where a similar programme awaited the delegates who accompanied the President of Malta.
A number of presentations were again delivered to promote Malta as an ideal location for trade and investment, acting as a gateway to other markets in the Euro-Med region particularly in North Africa. The advantages Malta offers to Baltic enterprises were also highlighted, with details amongst others on the country’s efficient tax system as well as its connectivity to other markets.
With present trade flows between Malta and the two Baltic countries being marginal, the possibilities to increase mutually beneficial trade and services-related relations are undoubtedly significant. In this respect, other business delegations that could be held in future to enhance the commercial relationships were discussed and encouarged.