The foreign ministry says that Taiwan will establish an investment fund for ventures in central and eastern Europe, and use this capital to support Lithuania. This statement came on Thursday, in response to suggestions from lawmakers that Taiwan create a fund for buying more Lithuanian products.
Taiwanese companies have purchased many goods from Lithuania in response to these exports being rejected from their intended recipient, China. Since January, China has rejected a shipment of 20,400 bottles of Lithuanian rum and also banned its beef and dairy products. Companies in Taiwan have stepped up to buy large quantities of these products to offset the economic cost to Lithuania.
Foreign Ministry spokesperson Joanne Ou says Lithuania has asserted its own autonomy by refusing to bend to pressure from China and continuing to build stronger ties with Taiwan. The foreign ministry has thanked Lithuania, and says it wants to help Lithuania overcome the challenges posed by Chinese trade bans.
Ou says that Taiwan will forge stronger economic bonds with Lithuania. She also says the National Development Council is working out the details for how to manage the new central and eastern European investment fund. Ou says the council plans to use these funds to support Lithuania in developing its semiconductor, laser, and biomedical industries.