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Lithuania’s Foreign Minister Landsbergis welcomes the agreement with Taiwan on the semiconductor industry in Lithuania

Created: 2023.01.18 / Updated: 2023.01.18 16:28
      Lithuania’s Foreign Minister Landsbergis welcomes the agreement with Taiwan on the semiconductor industry in Lithuania
      Lithuania’s Foreign Minister Landsbergis welcomes the agreement with Taiwan on the semiconductor industry in Lithuania
      Lithuania’s Foreign Minister Landsbergis welcomes the agreement with Taiwan on the semiconductor industry in Lithuania
      Lithuania’s Foreign Minister Landsbergis welcomes the agreement with Taiwan on the semiconductor industry in Lithuania

      On 18 January, new agreements on economic cooperation between Lithuania and Taiwan were announced, including a contract between the Lithuanian Teltonika IoT Group and Taiwan’s Industrial Technology Research Institute (ITRI) on the transfer of semiconductor chip technology, new investment and export permits.

      “Decisions on strategic diversification and strengthening relations with Taiwan are delivering excellent results. The agreement on the transfer of semiconductor technology can be called historical. It opens up opportunities for developing a new high-value-added industry in Lithuania. Taiwan’s new investment and export permits will allow us to strengthen our laser and biotechnology manufacturing sector further and export high-quality Lithuanian beef products,” said the Minister of Foreign Affairs of Lithuania Gabrielius Landsbergis.

      On Wednesday, it was announced that Taiwan’s Central and Eastern Europe Investment Fund would invest in the Lithuanian company operating in the life sciences market Oxipit. The fund’s first investment in Litilit, an industrial femtosecond laser start-up based in Lithuania, was announced in November 2022. It was also announced that SoliTek Cells would be the first Lithuanian company to use a $1 billion loan fund for joint Lithuanian and Taiwanese business projects.

      Representatives of Lithuania’s meat industry have also received good news. The competent Taiwanese authority has granted permits for the export of Lithuanian beef and beef products. Since November last year, Lithuanian producers of fish, milk and egg products have also been allowed to export them. Currently, export permits for poultry production and Lithuanian origin for triticale, rye seed, rape seed and beans are underway.

      On 17 August 2022, the Government Commission and 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 amounted to EUR 21.8 million (an increase of 14 %). 2022 has also seen positive export dynamics. During January-November of 2022, exports to Taiwan grew by 32 % (from EUR 19,51 million to EUR 25,72 million) compared to the same period of the previous year. 77 % of all products exported to Taiwan were of Lithuanian origin.

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