News

On 7 November, new achievements of economic cooperation between Lithuania and Taiwan were announced. Lithuania's high-tech enterprise Teltonika agreed with the Taiwanese Industrial Technology Research Institute (ITRI) on the development of the semiconductor industry in Lithuania, while Taiwan's national-level investment firm Taiwania Capital approved the investment in the production of optical devices. In the near future, Lithuanian milk, fish and egg products will be authorised to export to Taiwan. It is likely that the export of Lithuanian beef will also be granted this year.

“The agreements between Lithuania and Taiwan pave the way for the development of the semiconductor industry and further development of Lithuania's laser sector. Hopefully, new permits for Lithuanian agricultural and food products will significantly boost exports to Taiwan. There is also great potential to further develop economic ties with Taiwan," said the Minister of Foreign Affairs of Lithuania Gabrielius Landsbergis.

According to the Foreign Minister, the new agreements between Lithuania and Taiwan show that the Government’s chosen direction of strategic diversification and deepening cooperation with the Indo-Pacific region proved successful and opens up great opportunities for Lithuanian business.

On 17 August 2022, the Lithuanian Government's Commission - the Economic Diplomacy Council - approved priority export, investment and inbound tourism markets, including Taiwan. In 2021, trade in goods between Lithuania and Taiwan grew by 31 per cent, reaching EUR 111.4 million, of which exports to Taiwan amounted to EUR 21.8 million and increased by 14 %. There is also a positive export dynamic this year.  During January-August this year, exports to Taiwan grew by 33 per cent, from EUR 15 million to EUR 19 million, compared to the same period last year. 79 % of all exports to Taiwan were of Lithuanian origin.  

Exports of Lithuanian goods to ten countries of the Indo-Pacific region (Australia, Japan, India, South Korea, Singapore, Indonesia, Taiwan, Vietnam, Malaysia and Thailand) increased by 60 % in January-August 2022, compared to the same period last year and reached EUR 502 million.