Lithuania is looking to expand ties with India in high-growth areas and Indian firms can use the Baltic nation as a gateway to expand presence in Europe, according to its ambassador Julius Pranevicius, who recently said his government is keen on expanding collaboration with India in financial services, life sciences, digital technology and pharmaceuticals.

Promising to offer a dynamic business environment to Indian investors, the envoy told a news agency the ‘young’ government of Prime Minister Ingrida Simonyte is leading Lithuania with ‘new energy and dynamism’ with a focus on high-growth areas for economic growth, and the relations with India stand high on its priority.

The Baltic nation has fast emerged as a burgeoning financial technology hub in the world with leading global financial services and digital technologies companies setting up bases in the country.

Lithuania’s new dispensation, which assumed office in December, is being hailed as one of the world’s most gender-balanced and young governments. Out of 15 members in the cabinet, seven are women and nine ministers are under 40.
The ambassador said there has been a steady increase in leading financial technology firms setting up bases in Lithuania as a result of the Brexit, and Indian companies too can take advantage of the favourable investment climate in his country.
“Lithuania is a young dynamic country which is trying to focus on innovative and high-tech areas to spur growth. I think the image of the young country has been further strengthened by the new gender-balanced and young government,” Pranevicius said.

“We expect that 5 percent of our GDP will come from the life sciences sector and we have the potential to become number one in Europe in the life sciences sector. We think both India and Lithuania can expand cooperation in the sector,” he said.

Pranevicius said Indian companies in Lithuania will be able to get faster access to the European market and their expansion will be relatively easier because of the investor-friendly regulatory environment and infrastructure.

The envoy also hoped that India and European Union would be able to move forward on the long-pending free trade agreement and said it would help in further boosting trade ties.