ASTANA, Kazakhstan, September 26. Lithuania expects strong growth of Kazakh investments in the country, Romas Austinskas, Vice President of the Lithuanian Confederation of Industrialists (Co-Chairman of the Lithuanian-Kazakhstan Business Council), told Trend.
"Mutual interest between Lithuanian and Kazakh businesses is growing. According to Lithuanian statistics, in 2022 bilateral trade turnover in goods amounted to an impressive 1.4 billion euros and in services another 197 million euros, which is an increase of 26 and 95 percent, respectively, compared to 2019. As for mutual investments, they are still small in monetary terms: Lithuanian investments in Kazakhstan at the end of 2022 amounted to 7 million euros, and Kazakh investments in Lithuania amounted to 21 million euros. However, over 170 companies of Lithuanian or joint capital with Kazakhstan operate in Kazakhstan," he said.
According to him, Lithuanian entrepreneurs in Kazakhstan invested in the production of non-alcoholic beverages, transport and logistics, customs brokerage, design, and construction services.
"Projects are being developed for possible investments in the production of materials for solar panels and electricity batteries. It is expected that Kazakhstan's investments in Lithuania will increase significantly in the near future. The HillGroup company, with Kazakh capital, will invest over 100 million euros in the creation of a production complex for processing waste oils and blending lubricants in Klaipeda city. In July 2023, the Kazakh company Kazphosphate opened its office and monoammonium phosphate warehouse at the Klaipeda intermodal terminal in Lithuania, a regional distribution center for the European market," he said.
As he noted, in general, Lithuania has created very favorable conditions for investors in industry and logistics, especially in the seven free economic zones and several industrial parks.
"Investors opening financial technology companies in Lithuania also enjoy very good conditions. In addition, a "green corridor" has been opened in Lithuania for large investors in projects of processing production, data processing, or Internet server services—accelerated procedures, permits, and zero income tax for 20 years. Agreements with the Government of Lithuania stipulate special conditions for large investment projects with the participation of both local and foreign capital—an investment volume of 20 million euros, the creation of 150 new jobs, and their retention for at least 5 years," he added.
