Taiwan, Lithuania to expand economic cooperation

Taiwan and Lithuania announced in a press conference the new steps they are going to take in order to strengthen bilateral economic and technological cooperation, and that will improve the resilience of the supply chain for both democracies, announced the Taiwan Representative Office in Lithuania .

According to the office, the Central and Eastern Europe Loan Fund of the National Development Council has approved a financing proposal of 8 million euros for the Lithuanian solar panel company SoliTek; while the Investment Fund for Central and Eastern Europe ratified an investment proposal of 3.5 million euros for the start-up company of artificial intelligence tools for medical imaging Oxipit.

The statement also announced the official launch of the Taiwan-Lithuania cooperation in semiconductor technology, through which the Industrial Technology Research Institute (ITRI) will help the company Teltonika Networks to develop its capabilities in this sector. For this initiative, the Ministry of Foreign Relations will contribute 10 million euros.

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Foreign Minister Jaushieh Joseph Wu stated in a recorded video message that Taiwan and Lithuania are on the front lines against authoritarian expansion and share the same firm belief in freedom and democracy.

The €10 million pledge is a great example of how members of the free world support each other to drive economic growth and build democratic and resilient supply chains, Wu added.

Echoing Wu’s remarks, Eric Jiun-yaw Huang, Taiwan’s representative in Lithuania, said semiconductors are a key technology for the free world.

As the industry leader, Taiwan is willing to enhance bilateral cooperation with Lithuania in this sector. He also announced that the government has given permission to import meat products from Lithuania.

The office will continue to work with the European Union member state on other mutually beneficial projects, the representative added.