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Lithuania eyes Asia as priority export market: economy minister-designate

Xinhua, December 9, 2016 Adjust font size:

Lithuania's new government plans to increase the country's exports to Asian countries, which remain a priority market, Lithuania's newly assigned Minister of Economy Mindaugas Sinkevicius said in an interview published on Thursday.

"We can export more as a nation. Our hopes are associated with Asian markets where certain improvements have already been made," Sinkevicius said in an interview with local website vz.lt.

Commenting on the labor market in Lithuania, the minister-designate said he was in favor of bringing in employees from third countries in case of a lack of qualified workers.

"Talented, competent Lithuanian citizens must be employed first and foremost, however," Sinkevicius underlined.

He pointed to the current benefits of EU funding which also helps compensate the loss of some export markets and slowing investments. Nevertheless, Lithuania "must be prepared for various economic scenarios," Sinkevicius noted.

"One of our fundamental works is to prepare for the period after the EU funding is finished, in order to create sustainable, effective economy without EU financial support," he said.

Lithuanian GDP grew by 1.7 percent on a yearly basis in the third quarter of 2016, compared with 2.1 percent advance in the second quarter.

The European Commission expects Lithuania's GDP to expand by 2 percent in 2016.

The new Lithuanian government presented its growth program to parliament (Seimas) on Dec. 6, with the cabinet due to formally start working after a parliament vote on Dec. 13. Enditem