Off the wire
• Pakistan denies as "bogus" Taliban claim of shooting army helicopter  • Roundup: Cyprus' international lenders conclude sixth economic review  • Contest on Chinese language held in Yerevan  • 50 injured when storm hits dome erected for Indian PM's rally  • 1st LD Writethru: Two-minute silence across Britain to mark 70th anniversary of VE Day  • Nigerian leader congratulates British PM on re-election  • Spanish government to extend financial aid for automobile sector  • Contaminated milk pulled from shelves in Finland  • China, Russia vow to deepen practical cooperation  • French stock market jumps 2.48 pct on Friday  
You are here: 　 Home

Roundup: Lithuanian gov't, China Merchants Group sign 3 memoranda on cooperation

Xinhua, May 9, 2015 Adjust font size:

The Lithuanian government and China Merchants Group, one of the largest state-owned corporations of People's Republic of China, signed three memoranda of understanding on Friday aimed at further strengthening economic cooperation between the two countries.

The memoranda were signed with Kaunas Free Economic Zone, Lithuanian Railways and Port of Klaipeda, the Lithuanian government said in a statement. Chinese investment possibilities in Lithuania were also discussed during the meeting between Lithuanian Prime Minister Algirdas Butkevicius and the Chinese company.

"I would like to emphasize that Lithuania is ready to further develop bilateral economic and trade relations with China," Butkevicius was quoted as saying in a statement.

According to Butkevicius, the memoranda mark the first steps towards joint targets in the logistics sector.

Li Jianhong, chairman of the Chinese state corporation, said that Lithuania had huge investment potential.

The delegation of China Merchants Group told Xinhua the memorandum with Kaunas Free Economic Zone was aimed at making joint plans and strategies in order to make Kaunas and Minsk, the capital of neighboring Belarus, two centers of trade in the Baltic region, Western Europe and Commonwealth of Independent States (CIS) countries.

According to China Merchants Group representatives, a logistic corridor between Asia and Europe, via Lithuania, should be created in the future.

Closer cooperation with Lithuanian Railways is intended to contribute to better use of the existing logistics centers in Vilnius and Kaunas, while existing projects and new development plans will be discussed with Klaipeda's seaport operator.

"We have made clear that our future cooperation with the Lithuanian side will include investment and operation of seaport, cooperation on railways and logistics, and cooperation on cross-border free trade zone," the Chinese delegation told Xinhua.

Based on data from Statistics Lithuania, Lithuanian and Chinese trade turnover amounted to 786.4 million euros (about 883.4 million U.S. dollars) in 2014, with exports from Lithuania to China reaching 102.1 million euros and imports from China, 666.3 million euros. In comparison with 2013, bilateral trade turnover increased 17.6 percent.

According to Lithuania's economy ministry, Chinese aggregated foreign direct investments in Lithuania amounted to 2.18 million euros in 2014. Endit