Lithuania Wants to Partner with India in FinTech, Biotech, and Soft Power

  • 2022-09-02

Lithuania and India have had a friendly relationship for decades, and Lithuania is looking for ways to strengthen this relationship and establish broad-base ties with the country. It plans to partner with India in emerging and rapidly growing fields such as life sciences, digital technology, Fintech, and pharmaceuticals. Lithuania is working effectively to provide an exceptional business dynamic to Indian investors.

The centuries-old linguistic ties of India and Lithuania cannot be denied. Lithuania has shown keen interest in partnering with New Delhi. This is not limited to the Life Sciences but extends to Fintech. In addition, the country is ready to be India's gateway to the Baltics.

Mykolas Majauskas, the Head of the Group for Inter-Parliamentary Relations with India, and his colleague from the Lithuanian Parliament are on a week-long visit to India. They met various RBI officials in Mumbai and other stakeholders in Bangalore. 

The primary purpose of this meeting was to discuss their assistance in Life Sciences and Fintech. While talking to ET, Majauskas stated, “India will open its Embassy in Lithuania this year. We have Fintech and Life Sciences expertise and are willing to partner in India. We're also experts in Crypto exchanges and are more than happy to share our expertise.”

Also read: Lithuania to set up a body to coordinate Ukraine reconstruction efforts.

This news might not be new to your ears that Lithuania is one of the members of the European Union that are pretty few, to be precise, which support legal financial tractions through cryptocurrency. Moreover, to make it more official, it has been issued an official permit to conduct and regulate cryptocurrency businesses by the state (FCIS).

The Lithuanian government is well-recognized in e-money licensing and the traditional financial sector. Another prominent feature of this government is that it offers affordable and transparent virtual money authorization. The government has been doing everything needed to make its true ECN broker side the most successful. It has introduced new rules and regulations to prevent terrorism and money laundering in the crypto market.

The meeting of Majauskas with RBI officials in Mumbai to take their time to explore the Fintech sectors. "India is a superpower, and there are significant business collaboration possibilities," says Majauskas. "Indian IT companies may also start establishing back offices in Lithuania. Biotech and Green Hydrogen cooperation opportunities exist as well."

As mentioned, Lithuania is ready to be India's bridge to the Baltic region. According to the lawmaker, India can be connected to the three Baltics, including Lithuania, Latvia, and Estonia, with the help of a platform.

Many of us are unaware of both states' numerous linguistic similarities. Lawmaker insists, “We want to promote this bond. Currently, there are about 1000 Indian students in Lithuania. The delegation hosted multiple meetings with the External Affairs Minister, BJP party members, MEA officials, and RBI officials from Mumbai to increase this number. There was also a visit to Bangalore.

As Indian companies are trying to make their position more firm in Europe, Lithuania is offering them a gateway to the larger markets in the region, being the hub of Fintech.