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The Lithuanian Confederation of Industrialists (LPK) and the Armenian Development Agency (ADA), as well as other enterprises and organisations of the two countries, signed memorandums of cooperation in the frameworks of a business forum in Vilnius, the website of the magazine “The Baltic Course” reports.

“Taking into account the geopolitical situation, businessmen are interested in finding new markets,” Robertas Dargis, the President of the LKP, said.

“It is the first Lithuania-Armenia business forum but hopefully not the last one. The times are turbulent, there are a lot of changes and for Lithuanian industrialists it is important to expand their export horizons. Every country that might be of interest to us is highly important. In this aspect Armenia is interesting from economic and geographic point of view. Neighbouring with the Middle East and countries that are not our traditional markets, Armenia may bring good prospects for Lithuanian businesses,” Dargis noted.

According to Dargis, the greatest potential in Armenia is for Lithuanian IT and service providers.

The article also reminds that Armenia is joining the Custom’s Union next year. The latter will be known as the Eurasian Economic Union (EEU) from January 1, 2015. However, Ara Ayvazyan, the Ambassador of Armenia to Lithuania, considers that the membership in a union dominated by Russia was a rational choice for Armenia. Yet, it does not mean that Armenia renounces eurointegration or business relations with the European Union; just on the contrary, it hopes to develop cooperation in every possible area, he emphasised.

The ambassador rejoiced that Lithuania has become the first country linking Armenia with the EU, the article states.