Lithuanian econmin to discuss promotion of business relations with Taiwan’s minister

VILNIUS – Lithuania’s Economy and Innovation Minister Ausrine Armonaite will on Tuesday meet remotely with Taiwan's Minister of National Development Kung Ming-hsin to discuss the promotion of business relations and the opening of a Lithuanian trade representative office in Taipei.

“Last week, Taiwan unveiled new activities of economic cooperation with Lithuania, plans to invest in Lithuania’s economy, to beef up bilateral trade. Tomorrow, together with a colleague from Taiwan, we plan to thoroughly discuss the issues important for our entrepreneurs, potential investment priorities, terms and periods,” a press release from the ministry quoted Armonaite as saying.

According to the press release, Lithuania is interested in attracting investment from Taiwan and also seeks to step up bilateral trade with the island. Lithuania’s businesses are expected to soon be given access to PC Home, one of Taiwan’s largest e-commerce platforms, and to start selling their goods online in Taiwan’s market.

In 2020, Lithuania’s exports to Taiwan came in at 19 million euros (0.1 percent of the country’s total exports) while imports from Taiwan amounted to 66 million euros (0.2 percent of total imports).

The Taiwanese Representative Office in Lithuania confirmed last week that Taiwan planned to invest 200 million US dollars (approx. EUR 176.7 mln) in the country in the near future.