The Lithuanian Confederation of Industrialists (LPK) and the Armenian Development Agency (ADA) signed memorandum of cooperation during Armenia-Lithuania business forum that was held in Vilnius this week.

President of the LKP Robertas Dargis said business relations between Armenia and Lithuania have not been strongly developed so far, but there is interest in finding new markets, The Baltic Course reported.

“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,” he said.

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

They memos were signed between the LKP and ADA, Armenia's Jewellery Free Economic Zone, Lithuania's Kaunas, Kedainiai and Marijampole Free Trade Zones. Kaunas Techopolis science and innovation park and Visoriai technology park will co-operate with Armenia's Enterprise Incubator Foundation. UAB Baltic Optical Disc signed an agreement with Armenia's LLC Arenergo. Lithuania's Chamber of Agriculture signed an memorandum of co-operation with the Armenian Farmer Association.

In turn, Armenia's Ambassador to Lithuania Ara Ayvazyan said by entering the Eurasian Union, Armenia does not abandon co-operation with the EU. The ambassador rejoiced that Lithuania has become the first country linking Armenia with the EU.