Georgia ranked 50 in terms of bilateral trade (53 in export and 47 in import) among all trade partners of Lithuania in 2020, which made Georgia the biggest trade partner of Lithuania in the South Caucasus region, the Ministry of Foreign Affairs of the Republic of Lithuania reported.
According to the ministry, Lithuania’s direct investments in Georgia in 2020 amounted to 4.7 million euros, while Georgia’s direct investments in Lithuania amounted to 8.2 million euros.
The economic relations between Lithuania and Georgia in 2020 were hit by the COVID-19 pandemic and bilateral trade decreased by 6.7%, from 68.2 million euros in 2019 to 63.6 million euros in 2020.
However, the current year turned out to be much more successful, when the trade turnover during the first three quarters of 2021 reached 63 million euros, up by 37%.
However, the economic cooperation between Lithuania and Georgia could be intensified, the source noted.
Lithuania sees engineering, chemicals, and food industries as the most promising sectors to develop economic relations with Georgia.
“We hope to expand and intensify economic cooperation with Georgia in various fields. For example, Lithuanian food producers are highly interested in the Georgian market, they plan a business mission to Georgia next year if the situation allows,” the ministry said.
“We also hope to intensify tourism exchange. The direct flight operating between Lithuanian capital Vilnius and Georgian city Kutaisi create favorable conditions for that,” the source noted. (Trend/Business World Magazine)
