Trade relations Taiwan is stepping up economic cooperation with Lithuania – $ 1 billion in funding for joint ventures

Taiwan plans to finance a joint venture with Lithuania with a $ 1 billion (approximately € 900 million) loan, according to Reuters.

The loan from Taiwan will finance, among other things, semiconductor manufacturing and development, biotechnology and satellites.

A week ago, Taiwan said to invest $ 200 million development of trade relations between the two countries and Lithuanian industry.

“Investment and credit resources will help us strengthen cooperation,” the Taiwan National Development Council Minister said Kung Ming-Hsin said in an online broadcast.

Lithuanian Minister of Economy and Innovation Aušrinė Armonaitė has said that Lithuania plans to open an office in Taiwan in the spring to promote trade relations between the two countries.

Taiwan and the warming of Lithuanian relations has caused outrage in China.

Taiwan is virtually independent, but China thinks it is part of China. One of the biggest dreams of China’s leading Communist Party is to one day join Taiwan with mainland China.

Last summer, Lithuania allowed Taiwan to set up its own mission in Vilnius. This infuriated the Chinese administration. Taiwan is virtually independent, but one of the biggest dreams of China’s leading Communist Party is to one day join Taiwan in mainland China.

Spokesman for the Chinese Ministry of Foreign Affairs Wang Wenbin commented on Taiwan’s financial plans on Wednesday. Wenbin said Taiwanese “dollar diplomacy” has been doomed to failure.

China has launched a trade war against Lithuania. Among other things, the great power has blocked the entry of Lithuanian cargo into the country, froze Lithuanian bank accounts and withdrawn its diplomats.

The President of Lithuania Gitan Nauseda has since tried to soften the relationship. He said there was a mistakethat Taiwan was allowed to open its own mission in Lithuania under Taiwan’s name.

In addition, China has tried to put pressure on Western companies, such as the German Continental, to stop using Lithuanian components. United States has given its support to Lithuania and called on the EU to respond to China’s actions.

Lithuanian Minister of Foreign Affairs Gabriel Landsbergis has said it will address pressure from China at an informal meeting of EU foreign ministers on Friday.