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Lithuania opens a trade representative office in Taipei

Date

2022 11 07

Rating
1
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Lithuania officially opened its trade representative office in Taipei on Monday. It is headed by Paulius Lukauskas, who won a tender launched by the Ministry of the Economy and Innovation. The Lithuanian Trade Representative has been working in Taipei for almost two months.  

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

The first round of the CEE Investment Fund "Taiwania Capital", established by Taiwan, was officially announced today in Vilnius. The Taiwanese fund will invest EUR3.5 million in Lithuanian laser company Litilit. The fund, which was established in spring, will be used for joint ventures, investment projects and start-ups in high-tech fields.  

"Today, we can welcome the first achievements of Lithuania's economic cooperation with Taiwan. I have no doubt that with the opening of Lithuania's trade representative office in Taipei, our work with this promising market will intensify even further," said Minister of the 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.  

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% higher than in the same period last year. Lithuanian exports to Taiwan amounted to EUR 19 million.  

EXIMBANK, Taiwan's Export-Import Bank, plans to provide a loan guarantee for two joint ventures between Lithuanian and Taiwanese companies in the near future. The total amount of the loans is EUR 9 million. INVEGA, a financial institution established by the Lithuanian Government, signed a Guarantee Facility Agreement with EXIMBANK on 23 August 2022.