“Taiwan will launch a USD 1 bn (EUR 0,88 bn) credit programme to help fund joint projects between Lithuanian and Taiwanese companies in six business categories,” a Taiwanese government minister announced on Tuesday.
Lithuania is under pressure from China, which claims democratically ruled Taiwan as its own territory, to reverse a decision last year to allow the island to open a de-facto embassy in Vilnius under its own name.
China has downgraded diplomatic ties with Vilnius and is pressuring companies, such as German car parts giant Continental to stop using Lithuanian-made components. It has also blocked Lithuanian cargos from entering China.
Taiwan last week announced plans to set up a separate USD 200 mln (EUR 176,5 mln) fund to invest in Lithuanian industries and boost bilateral trade as it tries to fend off China’s diplomatic pressure on the Baltic state.
“The investment and credit funds will help us strengthen the cooperation,” Kung Ming-hsin, Taiwan’s National Development Council Minister, said during an online news conference.
Just had a meeting with NDC Minister Kung 🇹🇼 We recognise & value the Taiwanese investment plans in Lithuania 🇱🇹 Now it is very important to have a clear agenda that would lead to tangible results. Looking forward to the next steps! pic.twitter.com/WKNkoFmElH— Ausrine Armonaite (@ArmonaiteA) January 11, 2022
“Taiwanese companies are in need of laser projects, hopefully, our laser companies will soon find partners in Taiwan, and we will be very happy to facilitate the partnership,” she said.
If all procedures run smoothly, Lithuanian🇱🇹 trade representation in Taipei will start operating this spring! Happy to have shared this news with NDC Minister Kung today!🇹🇼— Ausrine Armonaite (@ArmonaiteA) January 11, 2022