Lithuania opened its trade representative office in Taiwan on November 7, the Economy and Innovation Ministry announced.
“Today, we welcome the first achievements of Lithuania’s economic cooperation with Taiwan. I have no doubt that with the opening of Lithuania’s trade representative office in Taipei, our work with this promising market will intensify,” Economy Minister Ausrine Armonaite said.
Paulius Lukauskas will head Lithuania’s representative office in Taiwan. He was appointed to the post in August, and the opening of the office was initially planned for September.
The institution will be called the Lithuanian Trade Representative Office in Taipei, not Taiwan, in line with international practice to avoid any hint of state-level relations with the island that China regards as part of its territory.
Lithuanian officials also stress that it will be a trade office, not a diplomatic one.
The ministry also said that Lithuania and Taiwan had already completed the approval procedures for the export of Lithuanian fish, eggs and milk to Taiwan.
On November 7, the first investment of the Taiwan-established Central and Eastern European Investment Fund (CEEIF) was also officially announced in Vilnius. The Taiwanese fund will invest $3.5 million in Litilit, a Lithuanian laser company.
Taiwan is also expected to announce its cooperation with Lithuania’s semiconductor industry and the Lithuanian company Teltonika, a semiconductor producer.
According to the ministry, Taiwan’s Export-Import Bank (Eximbank) plans to provide a loan of 9 million euros for two joint Lithuanian-Taiwanese companies in the near future.
“Taiwanese business investment is very welcome in Lithuania. Taiwan continues to pursue its ambitious goal of launching semiconductor production in Lithuania and further strengthening its laser and other innovative technology manufacturing sector,” Armonaite said.
Taiwan opened its representative office under the island’s name in Vilnius last fall. China viewed this step as Lithuania’s support for Taiwan’s independence and downgraded its diplomatic ties with Lithuania, as well as imposed trade restrictions. (LRT/Business World Magazine)
