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Roundup: Swedish King highlights economic cooperation during visit to Lithuania

Xinhua, October 8, 2015 Adjust font size:

Sweden's King Carl XVI Gustaf highlighted the importance of ties between Lithuania and Sweden here on Wednesday, during a meeting with the highest officials of the Baltic state.

Lithuanian President Dalia Grybauskaite and the Royal couple, King Carl XVI Gustaf and Queen Silvia, discussed bilateral cooperation on the first day of their three-day state visit. Grybauskaite highlighted the results of the country's decision to take Nordic direction since the first Royal visit to Lithuania 23 years ago.

"During the first Swedish Royal state visit, we were in the process of building our statehood. Today Lithuania has successfully established itself in one of the most advanced European regions," Grybauskaite said in a statement.

"We are equal partners with Sweden, we work together for the security and good of our people," she added.

The Lithuanian president expressed her hope that the Royal visit would strengthen ties between the countries both at a state level and through people-to-people contacts.

Among geopolitical issues, both sides touched upon the refugee crisis, as well as the Baltic Sea's ecology and protection. During the Royal visit, ecology issues of the Baltic Sea are to receive special attention.

Additionally, both sides discussed the countries development of NordBalt, a 453-km-long cross-border electricity link project, to connect Lithuania with Sweden and open the European electricity market for the Baltic state.

During their visit in Lithuania, the Royal family will visit the reconstructed transformer substation in Klaipeda port town, which is an integral part of the Nordbalt power link.

BUSINESS TIES

King Carl Gustaf XVI and Grybauskaite will also open a bilateral business forum on Thursday. Strong business ties between the two countries are being reflected by the delegation of representatives from 30 of the largest Swedish companies accompanying the Royal family and meetings held amid the visit.

On the first day of the visit, Swedish business delegation met with Algirdas Butkevicius, Lithuania's prime minister.

"I am pleased to note that Lithuania and Sweden have markedly strengthened their cooperation in trade and investment over the recent years," Butkevicius was quoted as saying to the meeting in the press release.

Evaldas Gustas, Lithuania's minister of economy, met his counterpart Mikael Damberg to discuss bilateral cooperation in the fields of investment, innovation and trade.

Gustas highlighted that closer cooperation with Sweden could increase Lithuania's achievements in innovation, increase exports, thus dampening the negative consequences of Russia's food embargo.

Lithuania's inclination to Swedish business is influenced by the presence of Swedish companies in the country. Swedish investors have made the largest foreign direct investments into Lithuanian economy. At the end of the second quarter, 3.1 billion euros (3.49 billion U.S. dollars) or 24 percent of cumulative foreign direct investment in Lithuania, were invested by Swedish companies.

Lithuania's two largest banks in terms of assets, revenue and profit are fully owned by Swedish financial groups. Endit