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After a meeting between the finance ministers of Lithuania, Latvia, and Estonia yesterday, Lithuania’s Finance Minister Rimantas Šadžius says he would like to see closer interaction between the Baltic countries.

The current exchange of information is insufficient, but the countries are willing to repair the situation as Lithuania prepares to take leadership of the EU Presidency and Latvia prepares to adopt the Euro.

“These meetings, which were launched in 2007, became traditional once we saw that all three neighbouring countries are the members of the European Union. However, that interaction, exchange of information, and understanding of what is going on in the neighbouring country are insufficient. Hence today we will seek to find out, to share what is going on. Of course, it’s natural that the issue of the euro will prevail,” Šadžius said in an interview to the radio station ‘Žinių Radijas’ on Thursday.

The adoption of the Euro is one issue which could benefit greatly from closer communications: as Estonia adopted the single currency in 2011, they will be able to advise Latvia and Lithuania on the adoption process, who will join in 2014 and 2015, respectively.

The three ministers were also scheduled to discuss the economy and how to make the Baltic states more attractive to foreign investors. We recently blogged about the opportunities a Baltic airline would bring to the area, with the three countries coming together to establish low-cost and frequent flights coming to the Baltic region. Opening up air routes and being accessible is one key factor to being attractive to foreign investors.

The finance ministers should also see translation as an opportunity, rather than a barrier, when opening up to foreign investors. Translation oils the wheels of international business and Henry Fox can provide you with a global network of linguists not just revered for being multilingual, but also for their specialist knowledge that spans a range of sectors – from legal, to technical, commercial, and scientific documents. Get in touch with us for a free quote.

Photo by Š. Mažeika, courtesy of The Lithuania Tribune

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