Turkey, Lithuania set $1 billion trade volume target

Turkey and Lithuania are looking to double the bilateral trade volume from its current level, Turkey's trade minister said on Jan. 31. 

"Our trade volume with Lithuania is around $562 million, which is very low. We aim to increase it to $1 billion as a first stage," Ruhsar Pekcan said.

The minister's remarks came during the Turkey-Lithuania Business Forum in Lithuania's capital Vilnius.

Pointing to Lithuania's success in innovation, technology, FinTech, communications, and information technology, Pekcan said the ministry backs the cooperation of firms from both sides.

She also highlighted the potential of health tourism.

Lithuanian Energy Minister Zygimantas Vaiciunas said the country is a springboard for Turkish companies to reach Baltic states.

Turkey can be a gateway to Asian countries for Lithuania, Vaiciunas said, adding: "Actually, we want to close this gap."

Nail Olpak, the head of Turkey's Foreign Economic Relations Board (DEIK), stressed that Turkish companies use Lithuania's investments in R&D infrastructure and information technology valleys.

Ankara and Vilnius also brokered a Joint Economic and Trade Commission (JETCO) protocol on Jan. 31, in a bid to enhance economic cooperation between the two countries. 

The protocol was signed between Pekcan and Vaiciunas.

"We have cooperation opportunities in the fields of technology, innovation, communication, and IT as well," she added.

The minister also said that Turkey has requested Lithuania's support in updating its customs union treaty with the EU, adding that Lithuania has a similar view.

Vaiciunas said cooperation with Turkey in agriculture, technology, and trade benefits both countries.