VILNIUS (Reuters) – Taiwan will launch a $1 billion credit score programme to assist fund joint tasks between Lithuanian and Taiwanese firms in six enterprise classes, a Taiwan authorities minister mentioned on Tuesday.
Lithuania is beneath stress from China right here which claims democratically dominated Taiwan as its personal territory, to reverse a choice final 12 months to permit the island to open a de-facto embassy in Vilnius beneath its personal identify.
China has downgraded diplomatic ties with Vilnius, and is pressuring firms, equivalent to German automotive elements big Continental to cease utilizing Lithuanian-made elements. It has additionally blocked Lithuanian cargos from getting into China.Taiwan final week introduced plans to arrange a separate $200 million fund right here to spend money on Lithuanian industries and enhance bilateral commerce because it tries to fend off China’s diplomatic stress on the Baltic state.
“The funding and credit score funds will assist us strengthen the cooperation,” Taiwan’s Nationwide Growth Council Minister Kung Ming-hsin informed a web based information convention.
The credit score fund will give attention to growing semiconductor expertise and facilitating semiconductor growth, in addition to biotechnologies, satellites, finance and scientific analysis, mentioned Kung.
Lithuania’s Economic system and Improvements Minister Ausrine Armonaite mentioned her nation deliberate to open a commerce illustration workplace in Taiwan within the spring.
“Taiwanese firms are in want of laser tasks, hopefully our laser firms will quickly discover companions in Taiwan and we might be very comfortable to facilitate the partnership”, she mentioned.
Taiwanese representations in different nations, besides the unrecognized Somaliland, are named after Taiwan’s capital Taipei.
U.S. diplomats have expressed robust help for Lithuania, calling China’s stress “financial coercion”.
Lithuania’s Overseas Minister mentioned he would focus on the Chinese language stress along with his European Union counterparts on Friday.
Reporting by Andrius Sytas, modifying by by Terje Solsvik, Bernadette Baum and Tomasz Janowski