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Lithuania opens trade office in Taipei

<strong>Lithuania opens trade office in Taipei</strong>

Today, Lithuania has officially opened its trade office in Taipei. The opening has coincided with another long-awaited event – the official announcement of the first investment by the Central and Eastern European Investment Fund, Taiwania Capital, established by Taiwan in spring to boost CEE and Taiwan cooperation, including through joint ventures, investment projects and start-ups in high-tech. The fund will invest €3.5 million in the Lithuanian laser company Litilit.

Eric Huang, head of Taiwanese Representative Office in Lithuania also announced that following the agreement reached by the governments of Lithuania and Taiwan, the Industrial Technology Research Institute of Taiwan would also cooperate with Lithuania’s Teltonika IoT Group in the development of semiconductor design and manufacturing technologies. 

“Today, we are reaping the first fruit of Lithuania’s economic cooperation with Taiwan. I have no doubt that the opening of Lithuania’s trade office in Taipei will greatly add to our progress in this promising market,” said Minister for Economy and Innovation Aušrinė Armonaitė.

According to the Minister, Lithuania aims to strengthen its position in this Asian region, expanding exports of Lithuanian lasers and biotechnologies, as well as food products.

Lithuania and Taiwan are already finalising the approval procedures for the permits needed to export Lithuanian fish, eggs, and dairy products to the island. 

Exports of Lithuanian goods to the ten main trading partners in the Indo-Pacific region amounted to half a billion euros in January-August this year and were 60% up on the same period a year before. Lithuanian exports to Taiwan made up EUR 19 million.