Last week Lithuanian-Norwegian Chamber of Commerce had its Annual General Assembly and a seminar about the status quo and learnings about the Norwegian companies in Lithuania and Lithuanian companies in Norway. Gathering was open for all who are interested in Lithuanian-Norwegian business cooperation.We had a pleasure to welcome nearly 40 representatives from different companies from both Lithuania and Norway and the Headquarters of DNB in Oslo.The goal of the gathering was to exchange learnings and give better insights in the status of the Norwegian investments in Lithuania, but also learn more about how Lithuanian companies in Norway are viewing the challenges and advantages of working in the Norwegian market.

Former Ambassador of Norway to Lithuania Mr Leif Arne Ulland shared some valuable insights into the status of Norwegian investments in Norway. According to the recent data the Norway is soon to be the 4th biggest investment country in Lithuania. Lithuania exports 5 times more to Norway, than Norway to Lithuania. However, Lithuania is an important transit country for Norwegian product going to other countries, such like Kazakhstan. Lithuanian investments in Norway are rather marginal and results to bare 0.93 mil. LTL. About 45% of the Norwegian investments are based in Vilnius. Norway has a strong business presence via collaboration called “Team Norway”, gathering Norwegian Embassy in Norway, Honorary Consuls in Lithuania, Norwegian-Lithuanian Chamber of Commerce and business people with a long experience doing business between the two countries. Mr. Ulland stressed the importance of establishing such a collaboration in Norway, also the need of establishing “Team Lithuania” network.

Many of our guests were impressed with the presentations of two Lithuanian business professionals Ausra Vankeviciute from Staticus Norway AS and Paulius Kvedaras from Kvedaru Ukis.

Ausra Vankeviciute is a CEO of a Lithuanian steel construction company with 390 employees and a turnover over 35 MLN EUR. She explained that Staticus became so successful in Norway only because they were met with trust by many Norwegian institutions and companies. Ms Vankeviciute stressed the importance of focusing on quality, not quantity, and having the right certificates for the job that the company wants to do. In 2013 Staticus was voted to be Lithuanian Exporter of the year.

Paulius Kvedaras represented a family business from Lithuanian – Kvedaru Ukis, with an established and sound business in Lithuania. However due to the changing political landscape Kvedaru Ukis decided to explore the business possibilities in Scandinavia, and first and foremost in Norway. Mr Kvedaras admitted that it is not easy to find the information about the Norwegian market in English, but was impressed with the competence and service level he met in his encounter with the Norwegian Custom Office. His presentation of how Kvedaru Ukis is executing market research about Norway impressed even the most experienced business professionals in the audience. Some of them even applauded Mr Kvedaras for a perfect schoolbook example of how to do a market research.

After the presentations everybody had a chance to get to know each other closer by sharing a platter of the most delicious tapas and Spanish vine, specially selected for the occasion by, Hjørdis B. Rasmussen from DNB, who assisted LNCC in organising this great event. Big thanks to Ms Rasmussen.

Quite a few of our guests found relevant business contacts during the gathering. This makes our event a total success for the Lithuanian-Norwegian Chamber of Commerce, especially because our goal is to establish a lasting business network in Norway, that could gather business professionals from both countries and in this way strengthen the business relations between Norway and Lithuania.