Lithuanian President underscores the importance of cooperation between Lithuania and Sweden in energy sector

October 4, 2007 at 2:40 pm 1 comment

President Adamkus at the Swedish Business AwardsPresident of the Republic of Lithuania Valdas Adamkus attended the Swedish Business Award 2007 ceremony and delivered a speech.

President of the Republic noted that ever since Lithuania regained its independence, Lithuania and Sweden established close and constructive relations in a variety of spheres. According to the Head of State, the significance of a productive dialog between the two countries has become even more acute in today’s EU context. He said that Sweden was the third largest investor in Lithuanian economy with an estimated three-billion-litas injection throughout 2006. There are over a hundred Swedish companies operating in Lithuania and more than four hundred Lithuanian companies export their products and services to Sweden. According to the President, this creates various business opportunities, spreads intercultural awareness, and allows greater integration of our countries into global cultural and business trends.

Speaking about strong foundation in terms of cultural interaction and business, President Adamkus said he believed that both countries could consolidate their partnership in energy, especially electricity. “In doing so, not only would we strengthen the Baltic-Nordic economic ties, but we would also make our energy markets more competitive,” said the Lithuanian President noting that the electricity bridge would connect the Lithuanian and Scandinavian electricity systems and it would surely have an even greater impact.

According to the President, Lithuania has set itself a challenge of reaching the average GDP level of the EU by 2020. “This is possible to achieve if we maintain a “winning mindset” to carry through reforms, take over the best practices, and innovate through greater integration of our markets,” said the Lithuanian President.

The Head of State underlined that Sweden was able to adjust and continue leading as one of the world’s most prosperous and modern countries. However, there are some indicators of Lithuania’s economy which, President said, he was not happy about. According to Mr. Adamkus, even though Lithuania’s economy is growing fast and income rates are rising, it still face a difficult hurdle of inflation.

Saying that in the run-up to parliamentary elections, to be held in 2008, populist practices may be rising, President assured that he would require that the Lithuanian government ensured adequate policies to meet the inflation challenge and maintain the speed of reforms, and would insist on further removing obstacles for foreign investment.


Entry filed under: Baltic States, Economics, Energy, Lithuania, Northern Europe, Politics, Scandinavia, Sweden.

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