Lithuania eager to increase cooperation with Sweden’s Saab - PM

VILNIUS - Lithuania would like to increase cooperation with the Swedish defense industry leader Saab, and such joint work could not be limited to arms purchases, Prime Minister Gintautas Paluckas has said as the country is ramping up its defense spending.

"Geopolitical realities oblige our region to take more responsibility for security, to do more, faster and together. We see Sweden and Saab as long-standing, reliable, strong partners and we want to take our cooperation to a qualitatively new, higher level," a press release quoted Paluckas as saying after a meeting with Saab CEO Micael Johansson in Stockholm on Tuesday.

According to the press release, Lithuania has experience in setting up defense industry joint ventures with partner countries and is ready to build on this experience by implementing cost-effective projects, sharing experience and responsibility.

This would lead to shorter and more secure supply chains and greater cohesion between defense industries among the allies.

The Lithuanian prime minister also met with representatives of Swedish banks to discuss the business environment in Lithuania and their important role in the country's economic competitiveness and growth.

Two major Swedish-owned banks, SEB and Swedbank, operate in Lithuania.