Taiwan to launch $1 billion Lithuania credit fund amid Beijing pressure – Reuters

January 11, 2022 by No Comments

Taiwan National Development Council Minister Kung Ming-hsin poses during an interview with Reuters in Taipei, Taiwan, April 23, 2021. REUTERS/Ben Blanchard

Register now for FREE unlimited access to Reuters.com

VILNIUS, Jan 11 (Reuters) – Taiwan will launch a $1 billion credit programme to help fund joint projects between Lithuanian and Taiwanese companies in six business categories, a Taiwan government minister said on Tuesday.

Lithuania is under pressure from China 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 has downgraded diplomatic ties with Vilnius, and is pressuring companies, such as German car parts giant Continental (CONG.DE) to stop 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 to invest in Lithuanian industries and boost bilateral trade as it tries to fend off China’s diplomatic pressure on the Baltic state.

Register now for FREE unlimited access to Reuters.com

“The investment and credit funds will help us strengthen the cooperation,” Taiwan’s National Development Council Minister Kung Ming-hsin told an online news conference.

The credit fund will focus on developing semiconductor talent and facilitating semiconductor development, as well as biotechnologies, satellites, finance and scientific research, said Kung.

Lithuania’s Economy and Innovations Minister Ausrine …….

Source: https://www.reuters.com/world/asia-pacific/taiwan-launch-1-bln-lithuania-credit-fund-amid-beijing-pressure-2022-01-11/

Tags:

Leave a Comment

Your email address will not be published.