[In photo: (L-R) MAP President Rene Almendras, DTI Secretary Alfredo Pascual, and MAP International Relations Committee Chair Junie Del Mundo]
A high-level delegation of business leaders from Lithuania, led by Foreign Affairs Minister Gabrielius Landsbergis, is exploring investment opportunities in the emerging Information Communications Technology (ICT) and Renewable Energy sectors of the Philippines.
This was disclosed by Department of Trade and Industry (DTI) Secretary Alredo Pascual following the meeting organized by the Management Association of the Philippines (MAP) International Relations Committee (IRC) and the MAP Trade, Investments, and Tourism Committee (TITC) held at Shangri-La The Fort in Taguig City.
The meeting convened key Philippine business leaders and policymakers, including Lithuanian Ambassador to the Philippines RiÄŤardas Ĺ lepaviÄŤius.
The dialogue focused on exploring avenues for bilateral cooperation and investment in promising sectors such as aerospace and pharmaceutics, leveraging the robust relationship between the Philippines and 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 market,” Secretary Pascual noted.
He reported the Philippines experienced a significant boost in imports from Lithuania throughout 2023. This surge is attributed to Lithuania’s expertise in cutting-edge technologies, particularly in aerospace and pharmaceuticals, which aligns with the demands of the Philippine market.
The two-way trade is further bolstered by the Philippines’ strong export performance, with high-quality goods, ranging from electronics to agricultural products, consistently finding a market in Lithuania. There was also significant growth in carrageenan and seaweed exports, which increased the demand for Philippine marine and agri-based products.
The meeting with Lithuanian business leaders highlighted the Philippines’ readiness to support innovative and high-value investment projects, as well as its role as a key player in the regional and global market—all while pushing for a sustainable and future-proof economy.
“This dialogue symbolizes a meeting of minds; it represents bridging our two cultures, rich in history and ambition. It is an opportunity to build business relationships and lasting friendships that transcend geographical and economic boundaries,” Secretary Pascual said.
