Department of Trade and Industry (DTI) Secretary Alfredo Pascual has urged Lithuanian companies to look into investing in the Philippines.

Pascual met a high-level delegation of business leaders from Lithuania, led by visiting Foreign Affairs Minister Gabrielius Landsbergis, in Taguig City on Thursday.

The trade chief said the country’s strong economic growth and solid macroeconomic fundamentals make the Philippines an attractive destination for foreign investors.

“I am confident that investors can rely on our young and talented Filipino workforce and our rich natural resources. The Philippines’ strategic location provides easy access to key markets,” Pascual added.

Pascual urged Lithuanian firms to invest particularly in the renewable energy (RE) sector given the Marcos administration’s push for clean energy transition and Lithuania’s expertise in RE technologies.

“Lithuania’s transition towards renewable energy sources and sustainable practices sets a benchmark we aim to emulate. The Philippines is pursuing enhancing our renewable energy capabilities to ensure energy security and sustainability. Your expertise in developing advanced energy solutions, including wind and solar technologies, is very interesting to us,” Pascual said.

He also encouraged Lithuanian businesses to explore opportunities in digital technology in the Philippines.

“Lithuania’s prowess in digital technology is well recognized. Your advancements in software development, fintech, and cybersecurity are commendable,” the DTI chief said.

“We are particularly interested in how Lithuanian technologies can help us improve e-governance and digital literacy, which are vital for our digital economy’s expansion,” he added.

In terms of trade, Pascual aims to further boost the bilateral ties between the Philippines and Lithuania.

In 2023, the countries’ two-way trade surged to USD223.78 million from USD20.79 million in 2022 given the Philippines’ imports of aerospace and pharmaceuticals from Lithuania.

On the other hand, Philippine exports to Lithuania only stood at USD9.67 million in 2023, which slipped from 2022 level of USD9.9 million.

“The Philippines remains a key exporter of high-quality goods to Lithuania, ranging from electronics to agricultural products. We are committed to supplying Lithuania with the best the Philippines offers. Notably, our exports of carrageenan and seaweed have shown significant growth, highlighting the demand for our marine and agri-based products,” Pascual said.

“We are keen to expand our trade in sectors such as information technology and business process management, where Lithuania’s expertise and our capacity can effectively synergize,” he added. (PNA)