Low Production Costs and High Export Potential Make Lithuania a Strategic Partner for Turkiye in Metal, Food, Telecom, and More
Lithuania, with its low production costs and high export potential, presents numerous collaboration opportunities for Turkiye in various sectors, including metal, food, telecommunications, high technology, textiles, and chemicals. Serdar Kurt, Chairman of the Foreign Economic Relations Board (DEİK)/Turkiye-Lithuania Business Council, highlighted Lithuania’s position as the largest economy in the Baltic region, making it Turkiye’s most significant trade and investment partner in the area.
Kurt emphasized the robust trade relationship between Turkiye and Lithuania, noting the impressive growth in trade volume and the significant reduction in trade deficit. “The trade relations between Turkiye and Lithuania have shown a stable upward trend in recent years, with the trade deficit significantly narrowing. The trade volume target set at $1 billion in 2020 reached $992 million in 2021, $1.2 billion in 2022, and $1.03 billion in 2023. Turkiye’s exports to Lithuania amounted to $559 million in 2022, while imports from Lithuania were $645 million. In 2023, these figures were $511 million and $522 million, respectively. Key sectors in our bilateral trade include unknitted apparel, automotive, fresh fruits, machinery, scrap metal, iron and steel products, and plastics. The trade deficit, which was $263 million in 2021, has dropped to $14 million in 2023.”
In the first four months of this year, the trade volume between the two countries nearly reached $350 million. Kurt expressed optimism, stating, “A promising aspect for Turkish businesses is that Turkiye has been recording a trade surplus in March and April. This trend of a decreasing trade deficit might turn into a trade surplus by the end of the year, which is both encouraging and motivating for us.”
Kurt also pointed out Lithuania’s potential as a significant tourism market for Turkiye. “Turkiye possesses a rich cultural heritage, historical sites, and natural beauty that can attract tourists from all over Lithuania. The number of Lithuanian tourists visiting Turkiye increased steadily from 2012 to 2019, reaching a record 230,000 in 2019. Despite a decline due to the COVID-19 pandemic, the number of Lithuanian tourists rose to 251,000 in 2022 and surpassed 277,000 in 2023. These numbers indicate that we have regained the pre-pandemic upward trend, making Lithuania a highly promising market for our revitalized tourism sector,” he said.
Furthermore, Lithuania boasts a highly educated and skilled workforce in areas such as information technology, engineering, and life sciences. The country has made significant investments in modern infrastructure to support commercial operations. Kurt noted, “Lithuania has substantial renewable energy potential, particularly in wind and biomass. It offers opportunities for exporting products and services with access to the EU market. Lithuania could further develop its renewable energy sector and position itself as a leader in clean technologies, attracting investments and contributing to sustainability goals.”
In summary, Lithuania’s strategic advantages and Turkiye’s strong economic ties with the country pave the way for enhanced collaboration and mutual growth in various sectors.
Source: AA / Prepared by Irem Yildiz