Asia's largest cross-border payment settlement operator IZP Technologies Group plans to establish its activities in Lithuania, the company together with Lithuania's central bank announced on Monday.
The Bank of Lithuania and China's IZP Technologies Group signed memorandum of understanding which indicates intensifying trade relations between Lithuania and the world's second largest economy, Lithuanian officials stressed.
"Europe's intensifying trade relations with the world's second largest Chinese economy lead to the need for the development of payment and settlement infrastructure in the region," Marius Jurgilas, board member of the Bank of Lithuania, was quoted as saying in the bank's statement.
"The cooperation will facilitate the trade between Lithuania, and even the whole Europe, with China, and will lower the cost of doing business," Luo Feng, Chairman of the Board and President of IZP Technologies Group, told Xinhua on Monday.
Lithuanian President Dalia Grybauskaite welcomed the growing mutual interest for closer economic cooperation between China and Lithuania.
"We should exploit the potential of cooperation with one of the largest economies in the world; it will advance our economic growth and the well-being of our people," Grybauskaite was quoted as saying in a separate statement on Monday.
According to Lithuanian central bank, the IZP Technologies Group's affiliate Globebill is considering the possibility to develop financial services business in Lithuania.
