PH, Lithuania to boost economic ties
Manila Times
26 April 2024
THE Department of Trade and Industry (DTI) is seeking to foster stronger economic ties between the Philippines and Lithuania, particularly in the digital technology and energy sectors.
During the meeting with the Lithuanian delegation led by Foreign Affairs Minister Gabrielius Landsbergis on Thursday, Trade Secretary Alfredo Pascual also said that they aim to expand opportunities for bilateral cooperation and investment in aerospace and pharmaceutics.
"We are keen to expand our trade in sectors such as Information Technology and Business Process Management, where Lithuania's expertise and our capacity can effectively synergize," said Pascual.
He presented the Philippines' growing digital market, which offers a good opportunity for Lithuania's advancements in software development, fintech and cybersecurity.
"We are particularly interested in how Lithuanian technologies can help us improve e-governance and digital literacy, which are vital for our digital economy's expansion," said the trade chief.
Pascual also said that Lithuania's shift to renewable energy and sustainable practices serves as a benchmark, as the Philippines also aims to enhance its renewable energy capacities.
He also lauded Lithuania's expertise in energy solutions, particularly in wind and solar technologies.
In 2023, Lithuania ranked 42nd as the Philippines' trading partner. Pascual said that the Philippines remains a key exporter of high-quality goods to Lithuania, ranging from electronics to agricultural products.
Imports from Lithuania, meanwhile, were driven by sectors such as aerospace and pharmaceuticals.
Moreover, the DTI said that the Philippines serves as a gateway to the Asean markets, especially with its strategic location.
Pascual also affirmed their commitment to support foreign investments that drive technological advancements and sustainable practices.
"The growth in our digital infrastructure in recent years has been made possible by fostering an environment that values technological empowerment and open economic policies," he said.
"We look forward to exploring synergies to help the Philippines accelerate our energy transformation," said Pascual.
Additionally, the trade chief said that the dialogue between the Philippines and Lithuania underscores the bridging of two cultures and is an opportunity to build business relationships.
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