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Taiwan to launch $1 billion Lithuania credit fund amid Beijing pressure -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Taiwan National Development Council Minister Kung Minghsin in Taipei Taiwan on April 23, 2021. REUTERS/Ben Blanchard

VILNIUS (Reuters – Taiwan will start a $1B credit programme in order to finance joint projects between Lithuanian businesses and Taiwanese business companies. This was announced by a Taiwanese government minister on Tuesday.

Lithuania is under pressure from China https://www.reuters.com/world/asia-pacific/china-downgrades-its-diplomatic-ties-with-lithuania-over-taiwan-issue-2021-11-21 which claims democratically ruled Taiwan as its own territory, to reverse a decision last year to allow the island to open a de-facto embassy in Vilnius under its own name.

China is threatening companies like Continental, a German auto parts company, to cease using Lithuanian-made components. It has also blocked Lithuanian cargos from entering China.Taiwan last week announced plans to set up a separate $200 million fund https://www.reuters.com/world/europe/taiwan-set-up-200-mln-fund-invest-lithuania-amid-dispute-with-china-2022-01-05 to invest in Lithuanian industries and boost bilateral trade as it tries to fend off China’s diplomatic pressure on the Baltic state.

Kung Minghsin (Taiwan’s National Development Council Minister) stated that the credit funds and investments will strengthen our cooperation at an online news conference.

Kung stated that the credit fund would be used to develop semiconductor talent, facilitate semiconductor development and finance scientific research.

Ausrine Aronaite (Minister of Economy and Innovations in Lithuania) stated that the country would open in Taiwan a representative office for trade in spring.

She stated that Taiwanese companies need laser projects. “Hopefully our laser companies in Taiwan will soon find partners and we will be happy to facilitate this partnership.”

Taiwanese representations abroad, other than the unrecognized Somaliland are named after Taipei’s capital.

The U.S. has expressed its strong support to Lithuanian diplomats, calling China’s pressure “economic Coercion”.

Lithuania’s foreign minister said that he will discuss Chinese pressure with European Union counterparts Friday.

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