Taiwan floats $ 200m fund to counter Chinese pressure in Lithuania | Corona virus epidemic

The offer comes at a time when the Baltic state wants to retaliate from Beijing by allowing a representative office under Taiwan’s name.

Taiwan has pledged to establish a $ 200 million investment fund in Lithuania and open its markets to the Baltic states in light of China’s economic pressure.

The offer comes at a time when Lithuania is experiencing trade tensions and declining diplomatic ties with China after allowing the embassy to open its headquarters under Taiwan, which Beijing sees as a breach of its Chinese policy.

Taiwan will use the money to invest in semiconductors, lasers, biotechnologies and research in Lithuania, Eric Huang, head of the Taiwanese Representative Office in Vilnius, told a news conference Wednesday. It will also send a team to assess Lithuania’s ambitions to set up semi-conductor companies, he said.

“It ‘s time for us to help you with your problems,” Taiwan’s Deputy Foreign Minister Harry Ho-jen Tseng told a news conference.

Lithuania wants to strengthen its economic ties with Taiwan and hopes to participate in the semiconductor sector in Taiwan from last year, when it left the Chinese + 171 1 model. bloc.

‘Unprecedented financial pressure’

The Taiwan National Development Council and the Lithuanian Ministry of Finance have been in discussions to discuss funding for the Taiwan National Development Fund. Huang’s largest bank-funded fund is in operation, Huang said.

In terms of trade, Taiwan is also trying to rehabilitate 120 Lithuanian vessels that have been stopped at Chinese ports and open up the island’s Lithuanian milk and wheat market, Huang said. The Taiwanese company also bought 20,400 bottles of Lithuanian rum which China refused to import, according to the South China Morning Post.

“Taiwan is committed to accelerating the process of Lithuania as Lithuania faces unprecedented economic crisis in the world trade history,” Huang said.

The dispute has sparked political turmoil at home in Lithuania, with President Gitanas Nauseda criticizing the government on Tuesday for opening an office in Taiwan, saying it was wrong to use democracy on the island.

Tseng defended the verdict: “Yes, there is a meaning in the name,” he said. “Taipei is simply a metaphor for a city or a capital. From the Taiwanese language, it is very clear who you are.”