onsdag 12. januar 2022

Lithuania secures extra $1B pledge from Taiwan amid China blockade

Taiwan Tuesday substantially stepped up its financial pledges to Lithuania with a $1 billion credit fund to bolster the Baltic nation in its showdown with China. The initiative came just days after Taipei announced a $200 million fund to invest in strategic sectors in Lithuania, which is facing a full trade embargo from Beijing. Reacting furiously to warming ties between Vilnius and Taipei, China is not only blocking Lithuanian goods but also products from other EU states that use Lithuanian-made components.

Taiwan's companies are the largest players in the global supply chain of microchips, a sector where the EU has proved a laggard. "Of course, the Lithuanian companies ... do have very concrete business plans when it comes to chip production here in Lithuania," Lithuanian Economy Minister Aušrinė Armonaitė said at a press conference. "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."

In the same press conference, Taiwan's Minister for National Development Kung Ming-hsin said more money could flow Vilnius' way.