Faad Waheed, Senior Vice President, Islamabad Chamber of Commerce and Industry said that Lithuania is an important economy of the European Union and Pakistan should focus on it to promote trade and exports with EU market. He said that Lithuania’s annual imports are over USD 30 billion and Pakistan has good opportunity to export many products to Lithuania including pharmaceutical products, electrical equipment, plastics and articles. He said this while talking to H.E. Ricardas Degutis, Ambassador of Lithuania, based in Turkiye, during his visit to Islamabad Chamber of Commerce and Industry. Ms. Vaida Stankeviciene Deputy Head of Mission and Masud Khan Honorary Consul General of Lithuania in Pakistan also accompanied him at the occasion.
Faad Waheed said that Pakistan and Lithuania have good potential to cooperate with each other in agriculture, science & technology, information technology, industrial sector and other fields to share expertise with each other and achieve mutually beneficial outcomes. He said that many sectors of Pakistan’s economy offer great prospects for foreign investment including oil & gas, mines & minerals, energy, automobile and stressed that Lithuanian investors should explore investment and JVs in Pakistan. He said that Lithuania should open its embassy in Pakistan that would help boost trade and economic relations between the two countries.
Speaking at the occasion, H.E. Ricardas Degutis, Ambassador of Lithuania said that the bilateral trade between Lithuania and Pakistan is quite low which can be improved by promoting business linkages between the private sectors of both countries. He said that Lithuania is exporting many products including machinery, furniture, bedding & mattresses, mineral fuels & oils, electrical machinery, vehicles & miscellaneous chemical products and many of them can be exported to Pakistan. He said that Lithuania is now investing more in Life Sciences which offers a good opportunity for collaboration with Pakistan. He said that Lithuania is planning to organize a Life Sciences Conference in September this year and invited Pakistan professionals to attend it.
Engr. Muhammad Azhar ul Islam Zafar, Vice President ICCI emphasized the regular exchange of trade delegations to explore new areas of mutual cooperation between Pakistan and Lithuania.
Masud Khan Honorary Consul General of Lithuania in Pakistan, Ch. Javed Iqbal, Hamayun Kabir, Ch. Muhammad Ali, Ms. Munizeh Majid, Rizwan Chheena and others also spoke at the occasion and shared useful ideas for enhancing trade and economic relations between Pakistan and Lithuania.