The government is to establish a US$200 million fund for investment in central and eastern Europe, prioritizing applications beneficial for Taiwan and Lithuania, the Ministry of Foreign Affairs said yesterday.
The fund was first announced by Representative to Lithuania Eric Huang (黃鈞耀) at an online news conference on Wednesday after Lithuanian President Gitanas Nauseda a day earlier said that the name of the Taiwanese Representative Office in Lithuania was a “mistake.”
After his remarks sparked heated discussions, Nauseda yesterday wrote on Twitter: “I have always supported facilitation of economic ties & establishing non-diplomatic trade offices in Lithuania and in #Taipei. [Lithuania] is a sovereign democratic country that respects international commitments and has a right to develop ties with other countries and regions worldwide.”
Photo courtesy of the Ministry of Foreign Affairs
The funds would go to industries that Taiwan and Lithuania consider strategically important for their economic and technological developments, Huang was quoted as saying in a ministry news release on Wednesday.
The fund’s use is not limited to Lithuania, ministry spokeswoman Joanne Ou (歐江安) told a news briefing in Taipei yesterday.
The National Development Council, which is to establish the fund, is deliberating with other agencies in Taiwan and Lithuania about investment details, Ou said.
Asked if there is any precedent to use national funds to invest in other countries, Ou said that the council in 2012 established a joint venture investment fund with New Zealand, adding that the new fund targets industries.
The fund is aimed at promoting the development of semiconductors, biotechnology, laser technology and other strategic industries in central and eastern European countries, while the government would prioritize applications by Taiwanese industries that are interested in establishing new bases in Lithuania, she said.
Qualified business projects proposed by Lithuania or other central and eastern European countries would be granted an opportunity to join the initiative, she said.
Taipei and Vilnius have communicated about facilitating imports of Lithuanian grains, dairy and meat products to Taiwan, Ou said, adding that the ministry has asked other agencies to help with the matter.
Meanwhile, the Lithuanian government has completed legislative amendment procedures required to open a representative office in Taiwan and it is making preparations as planned, Ou said.
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