China Business Promotion Delegation, organized by Trade Development Bureau of Chinese Ministry of Commerce and China International Contractors Association, arrived at Lithuania on August 30 for a two-day business discussions and exchange. Some entrepreneur members of the Chinese delegation and Lithuania entrepreneur representatives attended China-Lithuania Entrepreneur Symposium, which was co-sponsored by Chinese Ministry of Commerce and Lithuanian Ministry of Economy, on August 31.

Mr. Hui Liangyu, Vice Premier of China State Council, attended the Symposium and delivered important speech on further promoting China-Lithuania trade and economic cooperation. Deputy Minister of Commerce Gao Hucheng chaired the Symposium. Minister of Foreign Affairs of Lithuania Vygaudas U?ackas and Minister of Economy Dainius Kreivys also spoke at the Symposium. Entrepreneur representatives of the two countries from sector of biotechnology, finance, electronics, infrastructure and other fields introduced the progress of their cooperation, and hoped to further extend cooperation.

Gao Hucheng said the business community can serve as a bridge of friendship between China and Lithuania, and is also a major driving force in relationship of the two countries. Chinese Ministry of Commerce will as always closely work together with related departments of Lithuania, so as to create more favorable and convenient conditions for enterprises of both sides. He hopes the entrepreneurs of the two countries can seize the opportunities, increase communication, and promote cooperation of mutual benefit in all fields.

Before the Symposium, entrepreneurs of the two countries held trade talks at the Ministry of Economy of Lithuania. Chinese and Lithuanian trade promotion agencies made presentations on economic situation, investment environment and enterprises & cooperative projects to entrepreneurs from the two sides. Over 120 entrepreneurs from 71 Lithuanian enterprises actively conducted matchmaking negotiations with nearly 50 entrepreneurs from 34 Chinese enterprises. In about three-hour negotiation, the two sides strengthened understanding and explored cooperation opportunities, and signed contracts and letter of intent in new and hi-tech areas such as light industry, mineral, foodstuff, textile, pharmaceutical and medical appliance, and electronic equipment.

In order to further promote China-Lithuania trade and economic cooperation, the two governments and trade promotion agencies, on the basis of fully communication, signed a series of agreements, namely, Memorandum of Understanding on Promoting Investment Cooperation between Ministry of Commerce PRC and Ministry of Economy of the Republic of Lithuania, Articles of Association for China–Lithuania Economic and Trade Cooperation Committee, and Memorandum of Understanding on Cooperation between Trade Development Bureau of Ministry of Commerce of PRC and Lithuanian Development Agency.

Lithuania is China's largest trading partner in Baltic Region. In recent years, China-Lithuania trade cooperation has developed well. Bilateral trade maintains rapid growth, and the trade volume exceeded $1 billion in 2008 for the first time. Trade structure keeps improving, and the proportion of electronic and new and hi-tech products increases steadily. Cooperation between China and Lithuania has kept expanding, and break-through was made in telecommunication and container testing equipment, and labor service.