S’pore, Lithuania can boost ties in digital economy, advanced manufacturing and tech: Tan See Leng
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Republic of Lithuania PM Ingrida Simonyte, and Minister for Manpower and Second Minister for Trade and Industry Tan See Leng were at the Lithuania-Singapore Business Forum on May 31.
PHOTOS: BLOOMBERG, LIANHE ZAOBAO
SINGAPORE – Digital economy, advanced manufacturing,and technology are some of the areas businesses in Singapore and Lithuania can come together to further boost their growing trade and investment ties, said Minister for Manpower and Second Minister for Trade and Industry Tan See Leng.
Speaking at the Lithuania-Singapore Business Forum on May 31, Dr Tan said the two countries share values of resilience, creativity and the pursuit of open and rules-based trade, and their economic ties are underpinned by the EU-Singapore Free Trade Agreement.
Since the agreement came into force in 2019, bilateral services trade between the two countries has increased by nearly two-thirds to almost US$150 million (S$202 million) in 2022.
“The strong growth in our trade and investment linkages underscore the significant commercial opportunities within our markets and regions,” he said.
Dr Tan added that Lithuanian businesses can use Singapore’s strong trade and transport connectivity to tap on other economic opportunities within South-east Asia and the larger Asia-Pacific region.
Meanwhile, Singapore businesses can invest in Lithuania, which boasts an US$80 billion economy with a population of only around 2.8 million, with robust information technology and biotechnology sectors backed by a vibrant hub for tech start-ups and entrepreneurship in its capital Vilnius, he said.
Lithuania’s commitment to education and research has also developed a highly skilled workforce, attracting investments from global multinational corporations or MNCs such as Thermo Fisher, Continental and Western Union, Dr Tan noted.
“Singapore and Lithuania can serve as gateways into our respective regions, and facilitate greater economic linkages between South-east Asia and the Baltics.”
Dr Tan hoped businesses in both the countries would benefit from the EU-Singapore Digital Trade Agreement, currently in an advanced stage of negotiations.
“This agreement will establish rules governing core aspects of the digital economy, such as cross-border data flows, electronic invoicing, and e-authentication.”
Having a common set of rules and operating principles will help facilitate innovation, increase efficiency, boost digital economies’ competitiveness, and create more opportunities for all stakeholders, he said.
He mentioned Singapore life science tools manufacturer Esco Lifesciences’ initiative to venture into Lithuania and hoped more Singapore companies will follow in Esco’s footsteps.
Ms Ingrida Simonyte, Prime Minister of the Republic of Lithuania, said her government’s highest priority is to promote investment into research and development, and innovation, and build a vibrant start-up ecosystem.
“Currently, Lithuania is home to nearly 1,000 start-ups, primarily focused on technology: software, fintech, and life sciences. Those are three sectors attracting the most interest from Singapore businesses in Lithuania too,” she said.
She said Singapore businesses should explore opportunities in Lithuania and use it as a potential gateway to the EU market of 500 million consumers.
