In a conversation with Mr. Karolis Zemaitis, Lithuania's Vice-Minister of Economy and Innovation, during the UAE Media Delegation at his office in Vilnius, he expressed excitement about enhancing bilateral coverage and highlighting the significance of the nation to the UAE and vice versa for Lithuanians to learn about the UAE and the region.
Lithuania is a little-known but highly advanced European nation. It has a smaller population but a significant economy. Mr. Karolis Zemaitis asserts that Lithuania has a population of 3 million people but a market of 500 million people in the European Union, meaning the nation has a comparatively small bureaucracy and tiny bureaucratic machinery but may access the vast market of the European Union.
For investors, the nation offers free economic zones all over the place. Additionally, if investors invested a particular amount of money and recruited a certain number of people, they might avoid paying taxes for the following 20 years under the green corridor plan. He also spoke about how they actively support companies of all sizes by setting up specialised agencies to assist them in growing their operations both domestically and abroad.
Mr. Karolis Zemaitis further emphasised that exports account for 90% of the nation's gross domestic product (GDP), which clarifies why the UAE and the broader Gulf area are interested in Lithuania. He claimed that there has been a considerable growth in trade partnerships. "Machinery continues to be the most significant component of imports from the Emirates to Lithuania. He added, "The Lithuanian economy has been expanding dramatically in recent years for more high-value goods and services, exported both ways. I believe this is where the potential lies for Emirates to use Lithuania as a springboard to the Lithuanian market."