Economic relations between Taiwan and Lithuania have taken significant strides in the year since the Baltic nation opened a trade office in Taiwan as part of its economic diversification strategy, a Lithuanian official said in an interview.
Lithuanian Vice Minister of Economy and Innovation Karolis Zemaitis told the Central News Agency that major progress has been made regarding collaboration on semiconductors and lasers, it reported yesterday.
“When it comes to semiconductor cooperation, I would highlight the Taiwanese capital investment announcement to Lithuanian companies,” Zemaitis said, referring to an agreement signed in January by the Industrial Technology Research Institute (ITRI) and Lithuanian semiconductor company Teltonika.
Photo: Reuters
Under the agreement, Taiwan would help the company build an experimental 8-inch semiconductor wafer production line, laying the foundation for semiconductor development in Lithuania, Taipei said.
Another step forward was the Ultrafast Laser Technology Research and Innovation Center in southern Taiwan, which was established in September by Taiwan and Lithuania, a global leader in laser technology, Zemaitis said.
With a population of about 2.8 million people, Lithuania has experienced rapid development over the past 30 years, creating high expectations within society for quick results, in contrast with Asian cultures, which are more “long term,” he said.
One possible source of momentum is a US$200 million fund set up by Taiwan in January 2021 specifically for ventures in central and eastern Europe.
A partial focus of the fund is to prioritize applications that bring mutual benefits to Taiwan and Lithuania.
The National Development Fund, which is responsible for the project, has said that five investment projects — two in Lithuania, two in Slovakia and one in Slovenia — worth about NT$653 million (US$20.1 million) have been approved.
The projects in Lithuania involve companies specializing in computational precision and laser technology.
Also in January 2021, Taiwan initiated a US$1 billion credit program to support collaborative projects between Taiwanese companies, and firms in Lithuania and neighboring countries.
Solitek, a Lithuanian solar photovoltaic manufacturer, has received 8 million euros (US$8.46 million) through the credit program, and three Taiwanese companies have benefited as well, National Development Council data showed.
The investment programs are a result of Lithuania pushing for closer economic ties with Taiwan and other Asian nations after China launched a series of punitive measures against the Baltic country for allowing Taiwan to open a representative office in Vilnius in 2021 that used the word “Taiwanese” in its name.
China retaliated by blocking Lithuanian exports to China.
Nonetheless, Lithuania stood firm, and the Lithuanian trade office in Taipei opened its doors on Nov. 7 last year, with Paulius Lukauskas, formerly an adviser to Lithuanian Prime Minister Ingrida Simonyte, appointed as its head.
Earlier this year, the Dispute Settlement Body of the WTO established a panel to examine the measures Beijing took that affected trade in goods and services with Lithuania.
“We will see how this process” goes, Zemaitis said, adding that the best way to mitigate the pressure is through diversification, especially in Asia, where he has been busy since taking office last year.
Lithuania has opened embassies in South Korea, Singapore and Australia, where it did not have embassies, he said.
It has also sought to bolster trade with Asia, especially with like-minded partners such as Taiwan, Japan, Singapore and South Korea, he added.
When it comes to Lithuania’s strategy in Asia, “we are focusing more on the, as we call them, like-minded democracies with whom we agree in most cases in the international arena, be it the European Union countries, be it NATO, be it [Organisation for Economic Co-operation and Development] OECD and other formats where fundamental rights are respected,” he said.
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