Islamabad, 15 March 2023 (TDI): Ricardas Degutis, Ambassador of Lithuania based in Turkiye, visited the Islamabad Chamber of Commerce and Industry (ICCI). During his visit, he met with Faad Waheed, Senior Vice President of ICCI.

During the meeting, Faad Waheed reiterated that Lithuania is a key European Union (EU) economy on which Pakistan should focus in order to develop commerce and exports to the EU market.

He stated that Lithuania’s yearly imports exceed USD 30 billion and that Pakistan has a tremendous possibility to export a variety of products to Lithuania, including pharmaceuticals, electrical equipment, plastics, and articles.

He further underscored that Pakistan and Lithuania have a lot of potentials to collaborate in agriculture, science & technology, information technology, the industrial sector & other disciplines to share experience & produce mutually beneficial outcomes.

The Senior Vice President of ICCI stated that various areas of Pakistan’s economy, including oil & gas, mining & minerals, energy & automobiles, provide excellent opportunities for foreign investment & urged Lithuanian businesses to consider investment & joint ventures in Pakistan.

He suggested that Lithuania establish an Embassy in Pakistan to help develop trade and economic links between the two countries.

While Ambassador Ricardas Degutis on his part stated that the bilateral trade between Lithuania and Pakistan is quite low, which can be enhanced through strengthening economic links between both nations’ private sectors.

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He stated that Lithuanian exports include a wide range of products, including machinery, furniture, bedding and mattresses, mineral fuels & oils, electrical apparatus, cars, and various chemical products, all of which are suitable for export to Pakistan.

Likewise, the Ambassador pointed out that Lithuania is now spending more on Life Sciences, providing excellent potential for partnership with Pakistan.

In this vein, he shared that his country intends to hold a Life Sciences Conference in September of this year and has asked Pakistani scientists to attend.

Engr. Muhammad Azhar ul Islam Zafar, Vice President of ICCI also spoke at the occasion underlining the importance of regular trade delegation exchanges between the two countries in order to discover new areas of mutual cooperation.

Vaida Stankeviciene, Deputy Chief of Mission of Lithuania, and Masud Khan, Honorary Consul General of Lithuania in Pakistan, were also present at the occasion.

It is pertinent to note that Masud Khan Honorary Consul General of Lithuania in Pakistan, Ch. Javed Iqbal, Hamayun Kabir, Ch. Muhammad Ali, Munizeh Majid, and Rizwan Chheena also spoke at the occasion and shared useful ideas for enhancing trade and economic relations between Pakistan and Lithuania.