Lithuania needs FDI: President

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

"We seek to be among the first countries back on the track of economic growth, ready to continue our ten-year race toward EU economic standards. However, we understand that this will be possible only if we retain Lithuania's financial stability and attract more business people willing to work and invest in Lithuania," President Valdas Adamkus said in an address to the British Chamber of Commerce on its 10th anniversary meeting.

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

Stifling bureaucracy and corruption have been cited by business leaders and investment experts as hampering FDI into Lithuania.

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

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

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

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

"At present, international trade and direct investment flows have decreased among many nations. But I have no doubt that those who will be the first to find new business and investment opportunities, better use their resources and respond to altered market conditions will also be the first to benefit from economic recovery," 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 present economic slowdown is a good opportunity to re-evaluate the advantages offered by the common market and by such countries like Lithuania," he said.