Lithuania needs FDI: President

VILNIUS - The President hasstated that Lithuania could be among the first countries in the European Union to emerge from thecrisis, but added that this could only happen with strong foreign direct investment(FDI) into the country.

"We seek to be amongthe first countries back on the track of economic growth, ready to continue ourten-year race toward EU economic standards. However, we understand that thiswill be possible only if we retain Lithuania's financial stability and attractmore business people willing to work and invest in Lithuania," President ValdasAdamkus said in an address to the British Chamber of Commerce on its 10thanniversary meeting.

"It is only throughstreamlined business efforts to realize its objectives and meet the changingmarket needs that we can expect to achieve economic recovery," Adamkus said.

Stifling bureaucracyand corruption have been cited by business leaders and investment experts ashampering FDI into Lithuania.

Despite this, theBritish ambassador to Lithuania again gave his support to the country.

"Lithuania has many assets as a place to dobusiness and this is a message I emphasize when meeting with Britishbusinessmen, whether here or in the UK."

"The generally openbusiness environment, developed infrastructure, good technical base, goodskills and location advantages will survive the present downturn and willprovide momentum as Lithuania emerges from recession," British Ambassador to Lithuania Simon Butt said.

Adamkus said thatthose clever enough to adapt would emerge on top after the crisis.

"At present,international trade and direct investment flows have decreased among manynations. But I have no doubt that those who will be the first to find newbusiness and investment opportunities, better use their resources and respondto altered market conditions will also be the first to benefit from economicrecovery," Adamkus said.

"We are members of the EU single market. It has given us real benefits,broadened our economic horizons and opportunities. I would say that the presenteconomic slowdown is a good opportunity to re-evaluate the advantages offeredby the common market and by such countries like Lithuania," he said.