VILNIUS, Sept. 23 (Xinhua) -- Two telecommunications companies have set up a joint venture in Latvia to develop a 5G network in Lithuania and Latvia, local media reported on Monday.

Bite Latvija, a Latvian subsidiary of Lithuanian telecommunications group Bite, and telecommunication company Tele2 have set up a joint venture called Centuria, local news agency BNS reported on Monday citing data from the Latvian Enterprise Register.

"The joint network is to be established by the end of 2023 with planning and preparations work to be conducted by 2021," reports BNS.

In June, Tele2 and Bite signed an agreement to create a network sharing joint venture in Latvia and Lithuania. Both companies agreed that the partnership would include sharing infrastructure of current networks, spectrum and future development of 5G.