Lithuania will get $1.2B from Taiwan for joint business projects. High tech is the priority

Taiwan announced a launch of a $1 billion credit program to help fund joint business projects between Lithuanian and Taiwanese companies. The initiative came a week after Taiwan declared its plans to set up a $200 million fund to invest in strategic sectors in Lithuania, including high tech, Reuters informs.

• Taiwan stepped up its financial pledges to Lithuania to bolster the country in its showdown with China, which claims democratically ruled Taiwan as its own territory, so the island’s Embassy in Vilnius must be closed.
• Taiwan’s companies are the largest players in the global supply chain of microchips. The $1 billion credit fund will focus on six business areas, including semiconductor talent, semiconductor development, biotechnology, satellites, finance, and scientific research.

“We want Lithuania to participate in these very important value chains regarding chip manufacturing, that will be in huge, big demand in years to come,”

Lithuanian Economy Minister Ausrine Armonaite said.

• Taiwan will also invest a separate $200 million fund in Lithuanian strategic industries facing a full trade embargo from Beijing. China is not only blocking Lithuanian goods but also products from other EU states that use Lithuanian-made components.