China’s giant China Merchants Group confirms its plans to invest in Lithuania

Date

2016 03 22

Rating
1
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On Tuesday, at the final leg of his visit to Hong Kong and before going to Boao, Prime Minister Algirdas Butkevičius met with the Chairman of the Board of China Merchants Group (CMG), Jian Li Hong.

“Lithuania and China have many opportunities to take further the bilateral economic and trade relations, so the conclusion of agreements between the CMG and Lithuanian companies during my last visit to China in November 2015 was yet another step towards closer partnership”, said the Lithuanian Prime Minister. “I am happy that China has chosen Lithuania as the place for Silk Road Strategy, planning to set up “one road, one economic cooperation” centre in Lithuania.

CMG leader said that Lithuania was becoming a closer partner of China as well as CMG. He said that Hong Kong-based China's huge industrial corporation chose Lithuania as a base for further expansion into the Central and Eastern European countries. CMG Corporation establishes its representation in Vilnius, and its company engaged in port activities is setting up in Klaipėda. CMG is planning to appoint its representatives to Lithuania in the near future.

Jian Li Hong said that CMG would develop three types of activities in Lithuania: port-related activities, serving as the hub for shipments from Asia to Europe and backwards, close cooperation with Lithuanian Railways for import and export of goods, and logistic activities related to bilateral trade. “The opening of our business in Lithuania will provide additional possibilities for economic cooperation between Lithuania and China, and the port of Klaipėda will serve us as a gateway to the Baltic Sea”, said the Chairman of CMG.

The Prime Minister welcomed CMG plans to invest in Klaipėda port container terminal, and said that a detailed plan for further development of the port and the CMG activities in Lithuania had already been under development. The Prime Minister added that Lithuania was ready to cooperate in providing further assistance needed for CMG companies as regards their investment activities.

During the Prime Minister’s working visit to China in November last year, agreements were signed between the Klaipėda Free Economic Zone and CMG, as well as the Klaipėda State Seaport Authority and CMG.

China Merchants Group is one of the largest Chinese state-owned companies, the leader among China's state port operators. The company also provides services in the fields of banking, securities, insurance and brokerage, fund management and, securities issues, online securities trading services, and acts as a direct investment management services platform. The company was founded in 1872, with its headquarters located in Hong Kong.