Lithuania's Foreign Minister Landsbergis: Lithuania could become a starting point for Korean companies, enabling them to expand more rapidly into the European market
During his official visit to the Republic of Korea on 12 January, the Minister of Foreign Affairs of Lithuania Gabrielius Landsbergis said that in the light of changing geopolitical reality, not only political partnership was important, but also a practical element — new markets, investment, and economic cooperation with reliable partners.
At the meeting with the Minister for Trade Dukgeun Ahn, Landsbergis stressed that Lithuania and the Republic of Korea were like-minded countries united by shared values, respect for the rules-based order, human rights principles and the goal of maintaining peace and security in the region and the world. "We understand businesses need a stable environment for investment and a smart future. Lithuania has maintained and maintains the position that dependence on authoritarian regimes is harmful and without any prospect," Lithuania's Foreign Minister said.
"Back in 2008, Lithuania understood that it needed energy independence from Russia. It was secured by the liquefied natural gas (LNG) terminal, and the storage vessel Independence, which was built in South Korea. As a member of NATO and the EU, Lithuania is a safe place to invest and offers incentives for large-scale production investments. Moreover, I believe Lithuania can become a starting point for Korean companies, enabling them to expand more rapidly into the European market," Landsbergis said.
Landsbergis and the Trade Minister discussed bilateral economic cooperation in high-added value areas, such as life sciences, lasers, semiconductors, the defence industry, and information and communication technologies. Lithuania has already strengthened its economic representation in South Korea this year, so the Foreign Minister invited South Korea to open its trade representation office in Lithuania.
On Thursday, along with the CEOs of Klaipėdos Nafta Darius Šilenskis and In Balance Grid Simonas Stankus, Landsbergis met with heads of SK Inc., SK E&S, SK Signet, and SUPEX Council, owned by SK Group, the second largest South Korean chaebol. The meeting focused on the possibility of cooperation in the fields of high-tech and energy, implementing joint projects relating to the management of liquefied natural gas (LNG) terminals in Europe and the Indo-Pacific region, as well as expanding the European electric vehicle charging infrastructure.
Landsbergis visited the National Assembly of the Republic of Korea, where he met with the Foreign Affairs and Unification Committee Chair Kim Tae-ho. The politicians discussed support for Ukraine, the consequences of Russia's war on regional and global security, security challenges posed by North Korea, and bilateral cooperation at the United Nations.
The Republic of Korea is a strategically important country for Lithuania in the Indo-Pacific region. As Lithuania diversified supply chains in developed and stable markets in Asia and Oceania, trade between Lithuania and Korea grew by 39 % in 2021. In January-October 2022, trade increased by 26 % compared to the same period in the previous year.
In 2021, Lithuania and Korea marked the 30th anniversary of their diplomatic relations. Lithuania opened its embassy in Seoul in the same year.
Subscribe to our newsletters
- Useful links
- Weekly news from Lithuania
- Lithuanian Foreign Policy Review