Lithuania’s oldest beer brewer is exploring the Taiwanese market in the wake of a naming row over a newly opened Taiwanese representative office in Vilnius that led to a ban on products from the Baltic state in China.
During an interview earlier this month, Volfas Engelman chief executive officer Marius Horbacauskas said that his company had entered the Taiwan market in the middle of 2020, and while sales were poor for the first year, with only 8,000 liters sold, there was a boom last year, with beer exports to Taiwan increasing 23-fold.
Horbacauskas said he is thrilled that Taiwanese like his company’s products.
“For us, it is a very big motivation,” he said.
The skyrocketing sales might have something to do with a campaign launched by Taipei to support Lithuanian products, which have been boycotted in China.
Ties between Vilnius and Beijing soured after Lithuania in November last year allowed Taiwan to open an overseas representative office that included the word “Taiwanese” in its name.
Beijing has sought to impose a political cost on Lithuania for allowing the office to use the name.
Recent measures have included recalling its ambassador to Lithuania, downgrading diplomatic relations, expelling the Lithuanian ambassador to China, as well as suspending direct freight rail services and banning Lithuanian products from entering the Chinese market.
To show solidarity with Lithuania and to offset Chinese economic pressure on the Baltic state, the Ministry of Foreign Affairs invited Taiwanese in the lead-up to Christmas to support Lithuanian businesses and buy Volfas Engelman’s beers.
Representative to Lithuania Eric Huang (黃鈞耀) visited the brewery late last month to discuss further expansion of the company’s exports to Taiwan.
Horbacauskas said that the company’s products entered the Chinese market seven years ago.
Last year, it sold 1.2 million liters of beer in China and the business was growing until it all stopped in October, he said.
“All of the orders till the end of the year were canceled,” he said. “Our partner [in China] said that they cannot buy, because the Lithuanian products are [being] kicked out from the retail shelves, [because] products of Lithuanian origin are not welcome anymore.”
He said that he is not a political person and was not sure what the future held for the company in China.
However, “if we see that some people love us more, love should be mutual, so if we have similar values, why don’t we focus on that side,” he said, referring to Taiwan.
Horbacauskas said that he is proud of his company’s beers and would love to share them with Taiwanese.
“It’s our passion which we put into the products,” he said, adding that drinking beer is a “universal language.”
In Italy’s storied gold-making hubs, jewelers are reworking their designs to trim gold content as they race to blunt the effect of record prices and appeal to shoppers watching their budgets. Gold prices hit a record high on Thursday, surging near US$5,600 an ounce, more than double a year ago as geopolitical concerns and jitters over trade pushed investors toward the safe-haven asset. The rally is putting undue pressure on small artisans as they face mounting demands from customers, including international brands, to produce cheaper items, from signature pieces to wedding rings, according to interviews with four independent jewelers in Italy’s main
Macronix International Co (旺宏), the world’s biggest NOR flash memory supplier, yesterday said it would spend NT$22 billion (US$699.1 million) on capacity expansion this year to increase its production of mid-to-low-density memory chips as the world’s major memorychip suppliers are phasing out the market. The company said its planned capital expenditures are about 11 times higher than the NT$1.8 billion it spent on new facilities and equipment last year. A majority of this year’s outlay would be allocated to step up capacity of multi-level cell (MLC) NAND flash memory chips, which are used in embedded multimedia cards (eMMC), a managed
Japanese Prime Minister Sanae Takaichi has talked up the benefits of a weaker yen in a campaign speech, adopting a tone at odds with her finance ministry, which has refused to rule out any options to counter excessive foreign exchange volatility. Takaichi later softened her stance, saying she did not have a preference for the yen’s direction. “People say the weak yen is bad right now, but for export industries, it’s a major opportunity,” Takaichi said on Saturday at a rally for Liberal Democratic Party candidate Daishiro Yamagiwa in Kanagawa Prefecture ahead of a snap election on Sunday. “Whether it’s selling food or
In the wake of strong global demand for AI applications, Taiwan’s export-oriented economy accelerated with the composite index of economic indicators flashing the first “red” light in December for one year, indicating the economy is in booming mode, the National Development Council (NDC) said yesterday. Moreover, the index of leading indicators, which gauges the potential state of the economy over the next six months, also moved higher in December amid growing optimism over the outlook, the NDC said. In December, the index of economic indicators rose one point from a month earlier to 38, at the lower end of the “red” light.