DTI woos Lithuanian companies to invest in ICT, renewable sectors

A high-level delegation of business leaders from Lithuania, led by Foreign Affairs Minister Gabrielius Landsbergis, is exploring investment opportunities in the information communications technology (ICT) and renewable energy sectors of the Philippines.Department of Trade and Industry (DTI) Secretary Alfredo Pascual and officials of the Management Association of the Philippines (MAP) met with the Lithuanian delegation at Shangri-La the Fort in Taguig City.The meeting focused on exploring avenues for bilateral cooperation and investment in promising sectors such as aerospace and pharmaceutics, leveraging the robust relationship between the Philippines and Lithuania.“Our imports from Lithuania, driven by sectors such as aerospace and pharmaceuticals, grew substantially—a testament to Lithuania’s advanced technological capabilities and alignment with the needs of the Philippine market,” said Pascual.The Philippines saw increased imports from Lithuania throughout 2023, attributed to Lithuania’s expertise in cutting-edge technologies, particularly in aerospace and pharmaceuticals, which aligns with the demands of the Philippine market.The two-way trade is further bolstered by the Philippines’ strong export performance, with high-quality goods, ranging from electronics to agricultural products, consistently finding a market in Lithuania.There was also significant growth in carrageenan and seaweed exports, which increased the demand for Philippine marine and agri-based products, according to the DTI.The Philippines is experiencing a robust economic growth, driven by renewable energy projects and the information technology and business process management (IT-BPM) sector.Investment promotion agencies approved record investments amounting to P1.47 trillion in 2023, while foreign investment approvals also tripled compared to 2022.“This dialogue symbolizes a meeting of minds; it represents bridging our two cultures, rich in history and ambition. It is an opportunity to build business relationships and lasting friendships that transcend geographical and economic boundaries,” said Pascual.