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Address by the President of the Republic at the Lithuanian-Estonian Business Seminar on 5 October 200405.10.2004
Mr. President, thank you for your kind words.
Distinguished Ministers, Excellencies,
Dear Friends,
We have been given here, in Lithuania, a most cordial welcome. And, on top of that, our meetings so far have been most substantive. I am sure that the same businesslike spirit will prevail at the present seminar too.
Mr President, I agree completely to what you have said about the necessity of Baltic cooperation. For several reasons it is only natural that Estonia, Lithuania and Latvia are engaged in economic cooperation, one could even say that it is the most natural thing in the world. Apart from geography, we are brought closer together by similar historical experience as well as problems to be settled today.
The conditions for mutually beneficial cooperation have indeed been created long since. A free trade agreement between Estonia and Lithuania has been in force for nearly ten years. We have also concluded other essential economic agreements. I suppose that an agreement for avoidance of double taxation of investment will shortly be signed.
You, honourable businessmen, have been able to take advantage of these conditions. While foreign investors and businessmen already since the restoration of independence have preferred to regard the Baltic States as one economic space, then today, we can say from our own viewpoint, too, that the Baltic economic space has become reality. Just like President Adamkus has pointed our here, Lithuania seen from Estonia's perspective, is the most important target country for our direct investment. Nearly half of Estonian direct investments abroad have been made in Lithuania. Certainly, Nordic investments made via Estonia, for instance notably in financial sector, have played a role in it.
This is a credit to the Lithuanian economic policy and development potential. Lithuania with its rapid economic development rivals Estonia and you have experience we have to learn from. Also several highly competitive companies, which have entered Estonian markets, signal Lithuania's economic progress.
Mutual investments create preconditions also for increasing trade. In respect of foreign trade, businessmen of both our countries would benefit from an exchange of ideas and experience. While Estonia's main markets lie in the Nordic Countries, then - Lithuania's trade cooperation with these countries is fairly modest. At the same time, Lithuania's experience gained in Central European, notably Polish markets could well be of interest to Estonian businessmen. Our chambers of commerce and industry could play leading role in encouraging this kind of contacts. Our states, on their part, could contribute to it through embassies and ministries.
Since Estonia and Lithuania already have close economic relations, it is hard to believe that our membership of the European Union would bring about a great leap either in trade or investments. It is true, however, that the membership of the European single market offers a better legal framework and new opportunities to increase the volume and quality of economic cooperation. I do agree with President Adamkus: when pooling our strengths and resources, we can make a better use of the support offered by the EU and prepare the ground for improvement of economic relations.
These spheres include, among others, transport and energy sector - so, for example, the high-speed railway project Rail Baltica originating in Baltic cooperation, which later received support also from Finland and Poland, has been included in the list of high-priority infrastructure projects of the European Union. Or another example from energy sector: last summer Estonian, Latvian, Lithuanian and Finnish energy firms set up a joint-stock company in order to build between Estonia and Finland a submarine power cable called Estlink.
Energy sector is one of those fields in which the Baltic States would be well advised to deepen their cooperation instead of competing against each other, particularly considering the processes taking place in Europe's energy sector - increasing consolidation and international competition. A joint energy network of the Baltic and Nordic Countries would allow us to harness the synergy of different energy sources. These examples prove that in areas such as transport and energy we can find the most sustainable solutions only in collaboration among all the Baltic Sea States.
With these ideas in my mind, I wish you a successful continuation of your business forum and many productive meetings.
Thank you for your attention.
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